AFL was using Oracle Hyperion Financial Management (HFM) for consolidation and reporting, and found the system too costly to manage, maintain and upgrade. Excessive downtime and lost data triggered the evaluation of alternative solutions. AFL was also using Excel spreadsheets and email for budgeting, planning and forecasting which bogged down the planning processes
AFL evaluated several solutions and selected OneStream XF for financial consolidation, budgeting, forecasting, account reconciliations, data collections and cash flow reporting. After the initial implementation, AFL decided to move from
OneStream XF Cloud has relieved AFL’s IT department from worrying about backups and system maintenance, and also made access to the system much easier for users at remote sites. The system has also given business users the ability to run reports as soon as data was loaded and they no longer had to wait on corporate for consolidations to view results and reports.
OneStream XF was able to easily handle AFL’s complex consolidation and reporting requirements which include consolidating 54 companies for US reporting and reporting to their Japanese parent company across 12 business segments. The application loads data in 13 currencies from 12 ERP systems with many intercompany eliminations and some partially owned subsidiaries. Despite this complexity, AFL was able to maintain their fast, 2-day close schedule.
In addition to being easier to maintain, overall consolidation performance was approximately 8 times faster (1 – 4 min. vs. 20 min.) using business rules, multiple dimensions
Using OneStream, AFL moved its annual budgeting and monthly forecasting process out of Excel and into the same platform as its financial consolidation and reporting process. AFL now has better tracking of budget submissions, earlier submissions of budgets and forecasts, and improved data quality.
AFL extended its OneStream investment via the XF MarketPlace solutions. Replacing Blackline, the OneStream Account Reconciliations solution was easy to deploy, and since it is integrated with OneStream XF, allowed line of business users to start their account reconciliations soon after their trial balance data is loaded. With
“With AFL’s rapid growth, we recognized the need for a CPM solution that could effectively handle our complex environment while also offering us the ability to adapt to changes,” said Pam Brady, Global Financial Business Analyst at AFL. “The consolidation process that took hours in our previous system now takes only minutes with OneStream XF. In addition, OneStream offers full budgeting and forecasting capabilities along with superior cash flow reporting and a solution for account reconciliations that replaced our previous account reconciliation solution. The Guided Workflows provide simple
OneStream Software provides a revolutionary corporate performance management (CPM) solution that unifies and simplifies financial consolidation, planning, reporting, analytics, and financial data quality for sophisticated organizations. Deployed in the cloud or on-premise, OneStream XF is the first and only solution that delivers corporate standards and controls, with the flexibility for business units to report and plan at additional levels of detail without impacting corporate standards – all through a single application.
The OneStream XF MarketPlace features downloadable solutions that allow customers to easily extend the value of their CPM platform to quickly meet the changing needs of finance and operations. We are driven by our mission statement that every customer must be a reference and success.
For more information, visit OneStream Software http://www.onestreamsoftware.com or on Twitter @OneStream_Soft.
