MindStream Delivers unified Oracle Hyperion Reporting Platform for Chiquita Brands
After Chiquita completed the implementation of a Global Forecasting and Planning Business Performance Management System (BPM) , the Financial Reporting Group utilized the BPM platform in which to build its Management Reporting and Statutory consolidation applications using Hyperion Financial Management . The project involved converting from Carthesis Carat platform to HFM. Data from its applications integrate directly into various BPM Planning applications, creating one cohesive, integrated environment for Business Planning and Reporting.
The Carat (Carthesis) application supported multiple financial statement reports, as well as a major source to feed its Analyst Pack (via Excel) and F-Schedules pack. While these various reports / schedules continue to be required in various forms, the goal was to streamline the process, primarily utilizing the dynamic reporting capabilities of Hyperion Reporting and Smartview by directly linking from the Microsoft Office Suite (Excel, Word, PowerPoint) to the Hyperion Financial Management application.
The Oracle / Hyperion System 11 environment , which hosts the new Financial Management reporting application, shares a common workspace with the BPM Planning environment, facilitating access to all reports across the various applications and streamlining the process in which to migrate Actual data from the Reporting application to various BPM Planning applications.
Project Goals:
- Deploy a web-based financial consolidation and reporting solution to 160 global users
- Consolidate the books of records for Chiquita on a single HFM platform while streamlining (and reducing) the multiple organizational hierarchies in Carat
- Deliver a standardized set of reports from within the new System-11 framework, Financial Reports, some previously defined in Excel
- Facilitate Geographic Reporting
- Facilitate Tax Reporting hierarchy to accommodate various reporting requirements
- Reduce the close cycle
- Strengthen internal controls surrounding financial reporting
- Streamline the standard reporting package
- Produce matching results to Carat
- Meet all current internal and external reporting needs
- Create a Statutory reporting application that will perform foreign currency translations and facilitate Equity Pickup accounting.
- Perform inter-company matching and generate e-mail prompts to business units to assist in the reconciliation process
- Provide ability to book consolidating journal entries at Parent Entity levels
- Provide ability to book Statutory adjustments that will carry forward
- Facilitate Cash Flow reporting
Partner SpotLight
Oracle
Oracle has the most comprehensive suite of integrated, global business applications that enable organizations to make better decisions, reduce cost..
Case Studies
Accumen
Thanks to the intervention of MindStream Analytics, Accumen's Finance department can now model their business with a new, more organized structure that isn't conventionally available in NetSuite.
Acme Brick
Acme Brick turned to MindStream Analytics for help implementing OneStream to replace their outdated TM1 solution.
Alterra
Alterra sought the expertise of MindStream to address the challenges they faced in their Capital Planning process.
ATCO Group
Energy conglomerate ATCO operates worldwide in utilities, power generation, and related services.
Avalon
Working with MindStream Analytics, Avalon Healthcare Solutions adopts NetSuite Planning and Budgeting to accelerate budgeting and forecasting processes.
Bayer Health Care
Bayer Healthcare implemented Hyperion Planning and Workforce Planning in 10 weeks to dramatically streamline their Income Statement budget and Workforce Planning process..
BluEarth
MindStream Analytics' partnership with BluEarth Renewables epitomizes the power of technology and collaboration.
Celgene
An Oracle Hyperion Planning Upgrade provides multi-national organization Hyperion Application optimization and stabilization.
Cleaver Brooks
OneStream XF was chosen as the platform that would transform Cleaver-Brooks' Finance processes.
CoorsTek
The collaboration between CoorsTek and MindStream resulted in significant improvements in CoorsTek's financial consolidation and reporting processes.
Elite Body Sculpture
MindStream Analytics' collaboration with Elite Body Sculpture encapsulates the transformative potential of targeted tech solutions in streamlining administrative processes.
Enlyte
Enlyte, a merger of Mitchell, Genex, and Coventry, faced challenges with disparate financial solutions and the need for combined reporting.
Flanders
MindStream Analytics collaborated with Flanders to implement OneStream Consolidation and Reporting solution.
Foley Products
Foley Products was facing a significant challenge with its Excel-based actual management reporting system.
Harte Hanks
The collaboration between MindStream Analytics and Harte Hanks culminated in a highly customized, user-friendly NetSuite implementation.
Interface
Interface used a complex, manual, excel-based FP&A process for monthly review, and the summary data was loaded in OneStream.
Kymera International
Thanks to Mindstream Analytics' assistance, Kymera was able to load all of their data into OneStream and validate it successfully.
MacLean Fogg
MacLean-Fogg partnered with MindStream, a leading implementor specializing in modernizing and optimizing enterprise systems.
MEPPI
MindStream's expertise and experience were sought to conduct a vendor selection initiative focusing on MEPPI's F2023 planning process.
OUAI
MindStream Analytics and OUAI's collaboration showcases the transformative power of strategic technological intervention.
Plaskolite
By migrating to OneStream, Plaskolite has achieved a material reduction in consolidation time and overall Financial Close cycle, eliminated the hours spent compiling and verifying data in Excel, streamlined its Planning, Budgeting and Forecasting model and delivered flexible and timely reporting that enables more strategic analysis of their financial data.
Redwire
Understanding the nuances of Redwire's challenges, MindStream Analytics devised a holistic approach to overcome them. The implementation of NetSuite was just the beginning.
Simon
Simon's existing corporate Hyperion Financial Management (HFM) production application was consolidating at a rate of seven hours, a performance issue causing great headache to corporate Accounting.
Source Code
The successful transition to OneStream revolutionized Source Code's financial reporting.
Subway
Subway collaborated with MindStream Analytics for the NetSuite Analytics Warehouse implementation.
UPenn
MindStream Consulting and AppCare team members are proud be working side by side with UPenn university in accomplishing this implementation and along with continuing our AppCare services after go-live.
USG
USG was an Oracle Hyperion customer realizing that it needed more specialized support for its various Oracle Hyperion applications.
Vantiv
Dividing a hyperion planning application, expanding the hyperion footprint to forecast on the business? Customer categories.
Versant Health
Versant Health engaged MindStream to help resolve the challenges they were experiencing with their consolidation, close, and financial reporting processes.
Virginia Spaceport Authority
The MindStream team implemented the Standard + Workforce NetSuite Planning & Budgeting.
WeWork
MindStream Analytics determined that the best solution was to implement Oracle Essbase Cloud as part of the Oracle Analytics Cloud (OAC) platform-as-a-service
WindStream
Innovative use of essbase to streamline and connect hyperion financial management for enhanced financial analysis.
XY Planning
MindStream Analytics, well-versed in addressing such challenges, presented a comprehensive Netsuite solution for XY Planning.