Lonrho implemented OneStream XF for financial consolidation and were able to automate currency conversion, on-the-fly intercompany matching and have full accountability and transparency to their reports. Moving ownership of data submission and review to the submission locations using Guided Workflows intuitively move end users through the data collection, integration and reporting process. Audit controls ensure accuracy and allow them to report with confidence.
Continuing to leverage the work done in the consolidation phase, Lonrho streamlined their Budget process, automating various calculations to drive certain balance sheet accounts and cash flow projections. For forecast, automation of forecast seeding with actuals and prior forecasts drove efficiencies in a previously very manual process. Collecting actual, budget and forecast in one application simplified variance reporting and improved analysis capabilities.
Financial process improvements results
“After years of dealing with financial processes that were still very time consuming and inefficient, we decided it was time to simplify and replace our multiple CPM systems, including our legacy financial consolidation system and market-leading planning system, with a powerful unified solution” said James Manuel, Group Financial Controller, Lonrho. “We were diligent in reviewing the cost, complexity and time required to upgrade our current systems but quickly realized the benefits that OneStream XF could offer that the newer version of our current systems simply could not provide. The ability for extensive analysis using the retrieve functionality in Excel®, the constant currency translation, a single reporting lens across the organization and the ‘on- the-fly’ intercompany matching was key. Additionally, OneStream’s Guided Workflow gave our end-users a step-by-step approach making end user training very simple and easy. OneStream XF provided us with more financial intelligence, full auditability and the overall accountability we needed at a total lower total cost of ownership.”
All solutions live in one product and one application
There is no substitute for the value of 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.