Streamlining Financial Consolidation and Reporting at CoorsTek with OneStream
CoorsTek, a renowned materials science company with a history spanning over a century, specializes in developing proprietary technical ceramic material formulations. Serving a wide range of essential industries, CoorsTek collaborates closely with customers to meet their demanding component needs. However, CoorsTek faced challenges in their financial consolidation and reporting processes, requiring manual intervention from the CoorsTek and Keystone finance teams.
Challenges Faced:
CoorsTek encountered significant obstacles in their financial consolidation and reporting processes:
- Complex Consolidation Environment: CoorsTek relied on four separate Hyperion Financial Management applications (CoorsTek, Keystone, Tax, and Fiskeby) to complete their consolidations and close. This resulted in data movement among the applications, leading to inefficiencies and potential errors.
- Reliance on Offline Processes: Despite using separate applications, numerous requirements were completed offline in Excel, increasing the risk of data discrepancies and manual errors.
- Differing Rollup Structures: The main financial entities, CT Inc and Keystone, had different rollup structures for their accounts, posing challenges during consolidation and reporting.
Solution Provided by MindStream:
CoorsTek partnered with MindStream, a leading provider of enterprise performance management and business intelligence solutions, to overcome their financial consolidation and reporting challenges. MindStream implemented OneStream, a unified corporate performance management platform, offering the following solutions:- Streamlined Consolidation: MindStream designed and implemented a single OneStream application to replace the four Hyperion applications. This consolidation solution eliminated data movement between applications and streamlined the closing process.
- Integration of Offline Processes: MindStream successfully brought several offline processes, previously managed in Excel, into the OneStream solution. This integration reduced manual intervention, improved data accuracy, and enhanced overall process efficiency.
- Customized Functionality: The OneStream application was tailored to accommodate CoorsTek's unique business requirements. MindStream utilized extensibility features on cubes, entities, accounts, and user-defined dimensions, ensuring the solution aligned with CoorsTek's financial structure.
- Multiple Reporting Currencies: The implemented solution enabled CoorsTek to report financial data in both USD and GBP, accommodating their global operations and reporting needs.
- Compliance and Reporting Standards: The OneStream application supported various reporting standards, including GAAP, IFRS, and Stat Reporting. MindStream leveraged the Adjustment Layers and Data Type Dimension features to facilitate accurate and compliant financial reporting.
Outcome and Benefits:
The collaboration between CoorsTek and MindStream resulted in significant improvements in CoorsTek's financial consolidation and reporting processes:
- Simplified Processes: The OneStream solution streamlined CoorsTek's complex consolidation environment by consolidating the four separate applications into a single unified platform. This consolidation reduced data movement and improved efficiency.
- Reduced Reliance on Offline Processes: By integrating previously offline processes into the OneStream solution, CoorsTek minimized the risk of data discrepancies, errors, and manual intervention. This integration enhanced the accuracy and reliability of financial data.
- Improved Administration: The consolidation of financial data and reporting in a single solution reduced administrative efforts and maintenance requirements. CoorsTek's finance team now benefits from a more streamlined and efficient process.
Scalability for Future Phases:
The implemented OneStream solution provides a robust platform for future expansion and additional functionalities. CoorsTek can easily adapt and scale their financial consolidation and reporting capabilities to meet evolving business needs.
With a unified platform and enhanced capabilities, CoorsTek now has a solid foundation for future growth and innovation in their financial consolidation and reporting practices. By partnering with MindStream and implementing OneStream, CoorsTek has not only achieved immediate benefits in terms of simplified processes and improved administration but also positioned themselves for long-term success. The collaboration between CoorsTek and MindStream exemplifies the power of leveraging advanced technology solutions to overcome complex financial challenges and drive greater efficiency and accuracy in financial operations. As CoorsTek continues to evolve and meet the demands of their industry, their investment in streamlining financial consolidation and reporting will undoubtedly contribute to their continued growth and success.
Partner SpotLight
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 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.
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