Federal-Mogul Success Story

Federal-Mogul needed to replace their Financial Consolidation solution and their Data Quality Management Solutions with a system that delivered faster consolidations, easier maintenance and more powerful management reporting and analytics.

Federal-Mogul needed a scalable solution that could be deployed globally over the Web for Financial Consolidation & Reporting, Budgeting and Analysis. It was imperative that it was owned by the office of Finance. Federal-Mogul also wanted to give operationally relevant management reporting to the OEM and aftermarket businesses. Also, the company needed a streamlined method for collection of HR data.

Federal-Mogul implemented OneStream XF for Financial Consolidation and Reporting, Budget, Data Quality Management and HR data collection. Doing so expanded their financial reporting model from four dimensions in its prior system to 17 dimensions in OneStream XF for more powerful reporting and analytics.

Results

Owned by the office of Finance, OneStream delivers powerful management and ad hoc reporting for management and business users. “With our large user base and diversity of reporting locations, we now have complete visibility of the load processes as well as standard audit reports for data and metadata changes and improved controls,” said Jody Di Giovanni, finance manager – business reporting, Federal-Mogul “We also received major benefits around intercompany eliminations, multiple currency nominalization comparisons and cash flow reporting. With 800 users, the Guided Workflows allowed our user to quickly and easily load and consolidate their data. This gives us timely and accurate data to perform the full consolidation, while providing our business units immediate visibility of their results. Our users love the reports and ad hoc Excel capabilities of OneStream. User-Specific workspaces and dashboards have dramatically improved our guided user processes and analysis.”

Federal-Mogul has incorporated a specific process directly in the Guided Workflow for Journal approvals and posting. The company uses an automated email process to allow journal entries to be sent immediately to supervisors for review and approval. After approval, another email is sent automatically back to the user, allowing them to post the journal.

Variance Analysis

OneStream XF is also used after the close to deliver detailed Variance Analysis reporting. Federal-Mogul controllers use the OneStream Workflows to explain the differences in actual and budget EBITDA. OneStream consolidates this information to include the key variance explanations. This process replaces a manual Excel collection and consolidation of variance items. The OneStream standard workflow is consistent, easy and fast.

Collect Anything – HR Data Collection

As part of the design discussions, OneStream learned that often Finance was holding up the close process for last-minute HR adjustments to headcount information. We decided to give HR their own cube and workflow to fill out required HR information. This is a tremendous improvement. The process is simple and guided for HR. It no longer holds up the close and Finance can still get the required headcount information for reporting, as all the data lives in the same application.

For more information, visit OneStream Software http://www.onestreamsoftware.com or on Twitter @OneStream_Soft.