Printpack had been using Oracle Hyperion Planning and Essbase for over 15 years for budgeting and management reporting and was handling financial consolidation and reporting via Excel spreadsheets. The design of these systems carried too many risks and points of failure with data having to be moved between systems. In addition, there were multiple points of maintenance for meta data.
The big impact of this was the risk of producing inaccurate data and spending too much time on system administration. In addition, it took the Finance team too long to produce monthly financial statements, and it was difficult to accommodate change requests from management.
Eliminating Risk with OneStream
In 2016, the Finance team reviewed their processes, identified the risks, and concluded they needed a better consolidation and reporting system. They also realized it would be better to have a single system to manage all CPM processes – including budgeting, planning and account reconciliations.
The company evaluated several leading CPM solutions, and within a few weeks of seeing OneStream, it became clear that it was a leading option. Printpack was impressed with the history of its founders and senior staff in relation to their work and development of other CPM applications. They were attracted to the unified CPM platform approach of OneStream, its functionality, its extensibility, and the company’s partner network.
Opting to go with a cloud deployment, Printpack initially implemented OneStream for consolidation and reporting of actual financial results. With the help of OneStream Consulting, the rollout was completed in 4 months.
Printpack then focused on converting their management reporting from Essbase to OneStream, with the help of OneStream partner Finit. This project was completed in roughly 3 months. Then it was on to converting their budgeting process from Hyperion Planning to OneStream. This phase was completed in roughly 2 months. The latter phases progressed quickly due to the reuse of data integrations, dimensions and reports already configured in earlier phases.
Extending the Investment with the XF MarketPlace
Having aligned financial consolidation, reporting, and budgeting in OneStream, Printpack then extended their investment by downloading the Account Reconciliations, Capex Planning, and Postal Service solutions from the OneStream XF MarketPlace. Prior to using OneStream, account reconciliations had been performed manually, with little consistency across operating units. The Printpack team downloaded the Account Reconciliations solution, installed, configured, and rolled it out to their users within 6 weeks.
The Capex Planning solution replaces 6 different, massive Excel spreadsheets that were being rolled into a consolidated worksheet. The solution will help Printpack manage the annual capital budget, and monthly forecast. The Postal Service solution is used to automate the distribution of over 100 reporting packages to Finance and line of business users.
Delivering a Rapid Payback
With 150 users across the organization, OneStream’s unified platform has enabled the Printpack team to increase their productivity, eliminate the risk of producing inaccurate results, and has reduced costs. The OneStream solution is projected to yield a 2.5-year payback – with savings coming mostly in annual software maintenance and hosting costs.
“Leveraging the OneStream XF Cloud has provided the Finance team with more autonomy, less reliance on IT, and eliminated the need to purchase and maintain hardware and infrastructure,” said Clarke Hair, Financial Systems Manager. “Printpack has experienced no downtime or issues, and our first upgrade was painless – performed by OneStream in 2 hours while the users were on lunch break.”
To learn more, check out the Printpack case study on our web site.