A project team comprised of Moly-Cop and Taysols staff, with assistance from OneStream, designed, architected, built and deployed the solution based on OneStream’s XF Smart Corporate Performance Management Platform. With this solution, Moly-Cop was able to utilise a single platform that complied with their statutory and management reporting requirements, improve analysis, audit controls, and provide overall visibility into the company’s performance.
Taysols was able to deliver the project in just over four months and was 25% under budget-going live at the start of June 2017 based on the May closing. Moly-Cop were able to collect their information from their sites around the world using OneStream data integration, consolidate it along business lines to Group level, produce financial reports including P&L, Balance Sheet and Cashflow on a fully eliminated and converted basis and report their results to their new parent company. The system included several years of historical information along with budget and forecast data.
“We were so pleased to be offered the opportunity to once again prove our leading consolidation experience. The fact that we delivered on time and under budget on a new product justified Moly-Cop’s decision to select Taysols and we were overjoyed to be working with the excellent team from Moly-Cop. OneStream proved to live up to its reputation as one of the leaders in the Performance Management space and we had outstanding support from the vendor.” Mark Taylor, Founder of Taysols states.
Moly-Cop not only successfully moved from their previous on-premise SAP BPC system to OneStream, but also transitioned to Taysols’ secure and certified cloud platform thus providing a trouble free, multi-instanced, high performing and globally accessible foundation. Now that the consolidation project is complete, Taysols will assist Moly-Cop with the Account Reconciliation solution from OneStream, thus fully rounding out the full close process.
OneStream XF provided direct mapping to several source systems thus streamlining data integration and providing a speedy consolidation process so that Moly-Cop is now able to automate the full process, saving time and effort and creating faster and more user friendly reports for their management and parent company. Close cycle was shortened by 50% over previous state. The consolidation calculations that used to take hours, now take minutes.
“We are over the moon with the results OneStream’s integrated platform for financial consolidation and management reporting offers. Not only were we able to standardize and automate our processes but also we significantly reduced the time needed to generate our corporate reports,” said Kristine Freedman, Commercial Manager and Global Systems, Project Leader. “OneStream delivered multiple solutions without the technical complexity of having to install, implement, maintain and learn multiple products or applications. “End users were trained over video conferencing (across Australasia, North and South America) and found the solution easy to understand and quickly became self-reliant. They were able to load, check and report on data. The ability to come up to speed so quickly was unheard of in our previous system and extremely valuable as it did not delay our closing cycle”
OneStream Software provides a marketleading CPM 2.0 solution, the OneStream XF SmartCPM™ platform. OneStream XF unifies and simplifies financial consolidation, planning, reporting, analytics and financial data quality for sophisticated organizations. Deployed via the cloud or on-premise, OneStream’s unified platform enables organizations to modernize Finance, replace multiple legacy applications, and reduce the total cost of ownership of financial systems. OneStream unleashes Finance teams to spend less time on data integration and system maintenance – and more time focusing on driving business performance.
The OneStream XF MarketPlace features more than 50 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.