Core requirements revolved around improving financial close and planning processes for data collection, consolidation, reporting, budgeting and forecastinghowever, there was also a significant need for more extensive and more detailed consolidated operational and sales reporting and a completely revamped budgeting, forecastingandplanning process.
The Business Problem
Johnson Outdoors was looking to maximize a single investment in a global finance platform. They needed to improve multiple finance processes such as consolidation, reporting, SOX, budgeting, data submission process, audit support and cash flow reporting. It was imperative that it was owned by Corporate Finance. Consolidated operational and sales reporting was extremely time consuming and painful and multiple systems were needed to provide consolidated reporting and the details behind the reporting. They needed to be able to provide detailed reporting capability to the business unit controllers in order to deliver an integrated global system that met both business and corporate needs.
The OneStream XF solution
Johnson Outdoors implemented OneStream XF for financial consolidation and reporting, forecasting, budgeting and data quality management (data collection). Workflow approval levels give group controllers immediate access to their data, i.e. no more waiting for corporate to run the consolidation process. Users can use OneStream XF to drill back to details in JDE warehouse directly from their workflow process when they need to investigate transactional details. Budgeting was delivered in under 2 months due to the system’s ability to leverage itself. OneStream XF delivers more detailed reporting and analytics in one unified product and application.
Financial consolidation and reporting results
Owned by Corporate Finance, OneStream delivers powerful management and ad hoc reporting for corporate HQ and business users. “The OneStream XF platform allowed us to deliver global financial consolidation, management reporting, guided workflows and a robust planning solution all in one product and one application. The modern platform gives us the ability to adapt more quickly to business changes and deliver more value to the business. Business unit controllers that never touched Hyperion Enterprise are now seeing the value of the additional details and reporting capabilities of our unified OneStream XF solution.” said Lori Strangberg, Corporate Controller of Johnson Outdoors. “With Enterprise, consolidations was a corporate process, with OneStream, we are able to put the power of the guided workflow – self-service data load, data validation and report capabilities in our end users hands. It’s not just for corporate anymore. The level of detail we can get reporting on now is unbelievable. We can now produce information and reports quickly and at a moment’s notice for the CFO and the Board. The improvements in data collection, workflow, submission approvals and full audit capabilities back to data sources and JDE data warehouse has transformed our processes.”
Budgeting and forecasting results
Johnson Outdoors was able to leverage their standard data model by using extensible dimensionality to add depth to certain accounts while also adding additional dimensions specifically forbudgetto quickly deliver traditional12 monthbudgeting with automation and driver-based calculations. OneStream was able to load the Excel spreadsheet models already being used so there wasverylittle impact to the budget modeling tools and processes the end users had been relying on. They started with annual amounts and used automated spreading across brands to apply a seasonality profile to produce the monthly budget. They also used key sales drivers to automatically update expenses that were directly related to sales likecommission, warranty, etc. The ability to leverage the same workflows, reportsandsystem allowed them to quickly deliver a full budget solution from design, build, test and go live in 2 months. They never had to build any data integration, validation and reconciliation between multiple products or applications as data can instantly variance between actual and budget at every level of commonality. In addition,budgetcan be maintained and updated without having to worry about affecting the actuals. Johnson Outdoors leveraged much of this budget functionality to build a forecasting solution that users would already know how to use. They drew upon financial information from their existing actual results and budget to provide a base for the forecast and then gave users a dimension to capture the adjustment layers that built up to a monthly forecast. This gave HQ and business unit controllers the visibility to deviations from budget and what incremental performance was needed to achieve the forecast.
Sales and operational reporting
JohnsonOutdoors,wanted to give business unit controllers more details around sales and operational performance including reportingby products, customers and regions OneStream XF’s capability to accommodate location unique requirements and corporate standard requirements in the same system is key to delivering improved sales and operational reporting to the line of business and to corporate.
All solutions live in one product and one application
“There is no substitute for having one application that can share and extend dimensions to deliver multiple solutions without the technical complexity of having to install, implement, maintain, learn and upgrade multiple products, applications or modules,” said Erik Hokanson, Accounting Manager, Johnson Outdoors. “We were able to leverage the OneStream XF unified financial platform to deliver multiple solutions in a single application. With OneStream, we finally have a single solution that gives the business controllers the detail they need and Corporate the flexibility and control we need, all in one powerful, easy to usesystem. The fact that we were able to deliver a world-class budgeting solution – from design kick-off to go-live, in two months says a lot about how agile and scalable this system is.”