One of the challenges with legacy corporate performance management (CPM) applications is that they are fragmented. So organizations who adopt them end up deploying and managing different applications for specific processes such as financial consolidation, management reporting, planning, profitability analysis and others. And to make life even more complex, for various reasons, organizations often end up with multiple instances of these applications. This can occur due to acquisitions, varying requirements across divisions or subsidiaries, or different fiscal years.
But it doesn’t have to be this way. With a modern, unified CPM 2.0 platform organizations can eliminate multiple legacy applications and the maintenance that goes with them, streamline processes, and save a lot of time and effort. This was the focus of a recent OneStream Software webinar featuring Mark DiMatteo, Sr. Manager of CPM Systems at Xylem, and Angie West, Delivery Implementation Manager at our partner Finit. Read on to learn more.
Replacing Six Separate Applications with One Unified Platform
Having been spun out of ITT in 2011, and as the result of several acquisitions, Xylem was using several Oracle Hyperion EPM applications to support their financial close, reporting and planning processes. This included three Oracle Hyperion Financial Management (HFM) applications, three Hyperion Planning applications, and instances of both Oracle Hyperion FDM and FDMEE.
According to Mr. DiMatteo, Each of these systems contained different levels of detail required to support corporate vs. line of business reporting and planning requirements. With over 500 users across divisions and locations, it was a very fragmented and complex process to load, adjust, and report data with multiple applications and offline Excel models in the mix.
The Xylem team initially considered upgrading and re-designing their on-premise Hyperion applications, but the effort and expected price tag of over $1M caused them to consider alternative solutions. Finit Solutions then introduced Xylem to OneStream, and after evaluating the platform they decided to make the leap.
CPM and ERP Upgrades Done in Parallel
The initial phase of the OneStream implementation was focused on replacing all the Hyperion applications spanning financial consolidation, reporting, budgeting and planning for the entire organization – all in a 9-month timeframe and while undergoing an implementation of Oracle E-Business Suite (EBS).
Working with Finit, the Xylem team leveraged OneStream’s Extensible Dimensionality® to support all their requirements in a single application – with a flexible model that supports local cost center reporting as well as global functional reporting requirements.
Reducing Data Load Times and Complexity
Xylem has already achieved many benefits from their OneStream implementation, said DiMatteo. By integrating 100+ local general ledgers to streamline the submission process for actual data, data load times for some global users decreased from 6-8 hours to 15 minutes.
Prior to using OneStream, Xylem used a manually created 10,000-line journal entry to allocate 3 types of expense categories (GA, COS and Sales & Marketing) across business segments. With OneStream the allocation process is now automated, and the 10,000-line journal entry was eliminated. The allocation is run for actual and budget scenarios and allows for more detailed and accurate reporting of operating results.
Additional benefits to the Xylem team included:
- The ability to collect more granular data facilitates business decisions
- Complex Excel models previously used for collecting data and annotations are now input via OneStream
- A decrease in technical support needs due to streamlined platform & use of MS Azure cloud solution
- More time available to spend on analyzing data rather than updating data
- Flexible solution provides the ability to change with business needs and growth
To learn more, watch and listen to the replay of the webinar. And contact OneStream if you are ready to make the leap from multiple legacy CPM applications to a modern, unified platform.