From Excel to a next-generation consolidation platform
Over-reliance on Excel for the provision of data to the Group and for reporting was leading to substantial manual work with little audit trail and a lack of automated controls over these processes. Our client required a new Financial Consolidation solution that was robust, easy to use, and had the capability to handle all consolidation and reporting activities with limited IT support. In addition to this, they were looking for a powerful, flexible financial solution to support continued growth and expansion of their business. OneStream’s XF CPM Cloud was identified as the next-generation platform to implement.
Our partnership began in mid-2019. The client mobilised a project to design and implement a new group consolidation solution. The timelines to implement and go-live by November 2019 were very rigid due to the approaching end of their SAS FM (legacy consolidation system) license. All of the data also had to be migrated and reconciled for approximately 300 entities and 11 months within a short duration of 8 weeks.
inlumi delivered as a trusted partner, demonstrating flexibility, depth of experience, and expert product knowledge, ensuring that the project was delivered on time and to budget.
Working with true subject-matter experts
inlumi’s insight into leading practices around Financial Close processes – combined with deep product knowledge – allowed OneStream to be quickly implemented. This process helped us rapidly confirm end-state design decisions and ensure the “out of the box” OneStream functionality met requirements. Users were involved the data migration exercise at an early stage, which helped accelerate the knowledge transfer process, and drove acceptance and adoption of the changes.
A Solution Owned by Finance
Our client now has a state-of-the-art consolidation platform that unleashes finance teams to spend less time on data integration and system maintenance – and more time focusing on driving business performance. They have realised significant improvements in management reporting and financial statements, which is recognised by many stakeholders.
Extending the investment
In the coming years, this client plans to extend their use of OneStream for producing management packs including dashboards and with XF MarketPlace solution for Planning, Budgeting and Forecasting.