As the ITG team considered their alternatives, given their complex requirements their only choice was to either upgrade to the latest release of HFM or switch to OneStream.
With Oracle HFM, upgrading to the most current release would not have provided the ITG team with any new capabilities. The on-premise solutions were fragmented, as were the cloud-based alternatives from Oracle. Customer support from Oracle was in decline, and future upgrades would continue to be costly and time-consuming.
After doing a side-by-side comparison with HFM, the ITG team decided to convert to OneStream. Some of the key factors in the selection included the unified architecture of the platform, familiarity and ease of use, greater functionality, improved reporting, and built-in guided workflow for the users.
Improving Financial Consolidation and Reporting
ITG focused their initial implementation of OneStream on their global financial consolidation and reporting process, which involved collecting data from multiple locations and currencies. The system was configured to support their financial and management reporting, with budget information being imported from their JD Edwards general ledger.
ITG is also supporting their complex allocation process in OneStream. The system allows ITG to execute and report on cost allocations on a real-time basis, which means any time data is entered or updated, the allocation process runs and produces updated results. This was a big advantage over the prior batch process that was run outside the system.
The Guided Workflow capabilities of OneStream guide end-users through the key tasks they need to complete during the financial close process. The ITG team is also taking advantage of several OneStream XF MarketPlace solutions. This includes the Postal Service solution, which automates report distribution, as well as the Snippets solution which provides a library of pre-built business rules that can be copied and pasted into the application, saving the time and effort required to write custom business rules.
Reaping the Benefits
The ITG team has seen numerous benefits from their OneStream implementation. End-user training and acceptance was very smooth due to the familiar structure of OneStream compared to HFM.
According to Wayne Zeiler, Director of Financial Systems at ITG, “The end-user experience with OneStream was so intuitive that new users were able to pick up the system quickly, after only about 20 minutes of training.”
Mr. Zeiler further commented, “Time-savings have been achieved in several areas. Data load times are faster. Allocations that used to take hours are now completed in minutes and are executed dynamically as data is changing. And overall the financial close process has been improved by 1 – 2 days per month.”
“Upgrades to new releases have become much easier with OneStream, typically completed in 2 hours,” said Mr. Zeiler. “And the responsiveness of the OneStream customer support team is outstanding – typically responding within minutes of us entering a support ticket.”
Now that the financial consolidation and reporting process has been improved, the ITG team is looking to extend their use of OneStream. This includes evaluating the Account Reconciliations, Lease Accounting, and Tax Provision solutions from the OneStream XF MarketPlace.