HOW A FINANCE TEAM TOOK FULL CONTROL OF FINANCIAL REPORTING WITH ONESTREAM
Like MindStream, Enterprise Performance Management (EPM) often meets where Finance and IT collide. In some cases, Finance teams are seeking an autonomous solution to avoid crossfunctional challenges of managing software, while still managing the business. When Cleaver-Brooks sought a more dynamic reporting process, they discovered this could be achieved with the benefit of Finance autonomy when we helped them implement OneStream XF . This powerful platform provided the company the speed, ease, and adaptability it required to unify its financial reporting, consolidation, and planning across the enterprise.
THE CHALLENGE: LEGACIES, DISPARITIES, AND LACK OF AGILITY
For the complex world of industrial manufacturing, Cleaver-Brooks needed insight into its divisions' actuals sooner, to accelerate the planning process at the corporate level. In the business units, divisional controllers were not able to efficiently insert critical data, such as labor and production drivers, into the system. In corporate, with Consolidations done primarily in Excel, reporting times were upwards of an hour. Planning tools lacked dynamic reporting, creating risks for inaccuracies in budgets and forecasts, which affected critical labor and capacity planning for the manufacturing business. In addition, drill-back into transactional data was becoming increasingly unwieldy. The organization asked: "Can we do this better, faster?"
THE SOLUTION: FINANCE PLANNING TRANSFORMATION WITH THE ONESTREAM
MindStream did a system assessment, and determined the answer was "Yes!" We discovered the following key requirements for their future EPM process and software:
- Ease of use, maintenance, and training
- Minimal IT support required
- Real-time, on-the-fly analysis
- Data integration with third-party systems
- Ease of integration of company acquisitions
With these in mind, OneStream XF was chosen as the platform that would transform Cleaver-Brooks' Finance processes. The most notable benefit was its ability to be maintained by Finance with minimal reliance on IT, an important driver of the project. The other motivator was OneStream's ability to provide a single tool for consolidations and planning. OneStream was able to replace both a manual consolidations process and similarly outdated analytic and reporting systems for planning.
In addition, OneStream's XF MarketPlace provided the company with the flexibility to tailor the software to the organization's planning needs as they arise. For example, in their business, it is valuable to plan for manufacturing absorption and labor variances. OneStream provided a tool to do the calculations automatically. Cleaver-Brooks simply downloaded and incorporated OneStream's People Planning solution from the XF MarketPlace.
With that, plant controllers are able to enter Labor and Production drivers directly, and the organization is able to budget headcount and payroll costs quickly, accurately planning for capacity based on anticipated production. Cleaver-Brooks also involved MindStream as an implementation partner. With OneStream in the lead, MindStream was involved from inception to project planning, design, build, testing, and final rollout.
THE RESULTS: AUTONOMOUS, STREAMLINED, ADAPTABLE
Autonomy, coupled with the ability to tailor the single-platform OneStream solution, gave corporate and the business units the critical ability to control their individual consolidation, reporting, analysis, and close processes. The corporate reporting process is not only easier, but significantly faster. What once took 45 minutes to an hour to complete is now reduced to minutes. With OneStream as the engine, we were able to help our client implement a system that has an adaptability to meet the dynamically changing needs of Finance teams, one that is able to yield continuing positive return on their enterprise performance management investment.
Partner SpotLight
OneStream CPM
OneStream aligns to your business needs and changes more quickly and easily than any other product by offering one platform and one model for all financial CPM solutions. OneStream XF employs Guided Workflows, validations and flexible mapping to deliver data quality confidence for all collections and analysis while reducing risk throughout the entire auditable financial process.
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
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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
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Flanders
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Foley Products
Foley Products was facing a significant challenge with its Excel-based actual management reporting system.
Harte Hanks
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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.