HollandParker Client Success History | Global Industrial Company

A global industrial company was experiencing tremendous challenges trying to perform consolidations from multiple business units spread across the world.

The company was dependent on risky manual processes to complete consolidations for each business unit and complete the close at the corporate level. The clear answer was migrating to the unified OneStream™ XF SmartCPM™ platform. HollandParker provided expert software implementation support by integrating all business units with the corporate account structure, plus providing additional support services to ensure smooth post-implementation usage.

Designed an integrated solution in OneStream XF that enabled all business units to use a standardized account structure.
Collaborated with the business units to use correct roll-ups to Corporate.
Reduced monthly close activity from 1 week to less than 3 days.
Improved data accuracy, reliability, and responsiveness in support of higher quality and more frequent data analysis.

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Summary

A global industrial company was experiencing tremendous challenges trying to perform consolidations from multiple business units spread across the world. The company was dependent on risky manual processes to complete consolidations for each business unit and complete the close at the corporate level. The clear answer was migrating to the unified OneStream™ XF SmartCPM™ platform. HollandParker provided expert software implementation support by integrating all business units with the corporate account structure, plus providing additional support services to ensure smooth post-implementation usage.

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The Problem

Why Global Industrial Company Approached HollandParker?

The consolidation process was highly complex bringing together financial data from multiple, disconnected business units. The added challenge was managing granular costs related to very specific product lines.

Consolidation process was Excel-based and all reports were created manually.
Most aspects of the close process required manual efforts from data collection and management, which was time-consuming and carried risk of human error.
Company needed a consistent close process across all business units.
Business units in their two main regions operated completely separately. BUs needed to roll up to corporate through a uniform solution.
Corporate lacked a fully-integrated view of each business unit in the main regions.
Company set up complex, mixed data mappings for all business units. Challenge was compounded by some data relating to very specific business rules for their product lines.
Company required a specific allocation calculation to distribute a defined driver for their product lines to all expenses related to product line activities.
Global business activity required 2-step translations from multiple currencies to USD.
Close process was slow. Corporate had to wait for all business units to consolidate in order to close, which was costly from a time perspective.

The Solution

How We Approached the Problem

Our expert team simplified the complexity of the consolidation process and helped reduce risk by automating processes.

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Designed an integrated solution in OneStream XF that enabled all business units to use a standardized account structure.
Collaborated with the business units to use correct roll-ups through validations and feedback with project team members.
Addressed product line complexity by allowing the company to perform data analysis by product line in the software, mitigating the risk of error.
Created business rules to support the complicated expense allocations, enabling a full income statement view.
Created several category-based cube views to facilitate data analysis and specific data tracking among the business units that Corporate desired.
Centralized data collection, management, analysis, and reporting across multiple sources, making the data accessible in a consistent and uniform manner.

Here Are the Key Achievements for This Client

Improved data accuracy, reliability, and responsiveness in support of higher quality and more frequent data analysis.

Company benefited from access to 3 new reports from their main regions.

Company is positioned to confidently add new corporate organizations via acquisitions through the extensibility capabilities of the OneStream XF platform.