SPX did a “big bang” implementation of OneStream focusing on financial consolidation, reporting, planning and tax provision. This included converting their flash forecast and bridge reporting from their current solution. They used the OneStream Tax Provision solution from the XF MarketPlace and extended it to meet their needs. OneStream was configured with two cubes — one for consolidations and one for tax provision. During this project, the SPX team also decided to implement Account Reconciliations in OneStream and eliminate their use of their current subscription model.
The implementation was deployed in their on-premise data center and went live as planned in January 2020. The first month’s financial close went smoothly, and the first quarter tax provision process only required some minor tweaks. Said Chapman, “OneStream support has been a night and day improvement over what we were getting from our previous solution.”
Implementing a Modern, Unified CPM Platform
The Hackett Group performed the implementation and also provides ongoing managed services for SPX — which is getting limited use since OneStream is very easy to support and administer. To date, SPX has received excellent support from OneStream when needed. SPX has roughly 150 users on OneStream spanning Accounting, FP&A and Tax.
Said Chapman, “The Excel® integration is excellent, easily replacing what SPX was doing in our previous Excel add-in.” The team was able to condense over 200 reports they had in their old platform, to 20–30 row/column reports in OneStream. They finally have a working cash flow reporting process in OneStream, which was very complex in their legacy system.
With 11 different GL/ERPs, SPX is using flat-file loads into OneStream for now; they may move to leverage Direct Connect in the future. They have taken advantage of the Extensible Dimensionality® of OneStream to track their financial results by cost center and product line. Thing Planning from the XF MarketPlace was also leveraged to support detailed revenue forecasting for one of their business units.
Benefits of a Unified Platform
The SPX team has experienced many benefits from having one unified platform for actuals, plans, forecasts, tax and account recons. This makes life much easier for users in terms of loading data, reviewing and drilling into the stage for the details.
According to Chapman, “OneStream has provided a huge benefit in keeping everything aligned with automated control procedures in place, so when business changes happen, we can keep up. Tax and FP&A are no longer separated; actuals can be seeded into budgets; and we are no longer waiting for overnight processes. The tax team can leverage the roll-forward data from consolidation right into the tax solution. Users enter the data once, and it is leveraged across multiple processes.”
Said Chapman, “We also leverage OneStream’s Extensible Dimensionality®. This allows us to do corporate cost forecasting in the same application, at lower level of detail than our normal forecast — very easily. It’s all about offering solutions to the business and delivering rapid value. Instead of being viewed as a corporate application, OneStream is a platform; it adds value and continues to add value by providing timely insights.”
Next steps include expanding their use of Account Reconciliations, making more use of Extensible Dimensionality®, drill-through, leveraging the XF MarketPlace and implementing OneStream Dashboards.
About the Implementation Partner
The Hackett Group is an intellectual property-based strategic consultancy, offering business transformation to global companies including digital transformation, enterprise cloud application implementation, robotic process automation, enterprise analytics, working capital management and global business services.
The company’s OneStream practice helps organizations realize the maximum potential of their application and analytics investment, from configuration and testing to process transformation and change management. The company’s unmatched benchmarking database —comprised of world-class performance metrics and correlated with proven best practices within finance, information technology, operations, procurement and human resources — allows clients to rapidly achieve quick wins and drive bottom-line improvements. For more information, visit TheHackettGroup.com.