Oracle Hyperion enterprise performance management (EPM) applications have led the market for several years, providing trusted and reliable capabilities to organizations worldwide. These applications were developed one by one to form what is largely known as the Oracle Hyperion EPM Suite.
In the suite, the key EPM processes – such as financial consolidation, planning, financial reporting and others – were provided in separate applications and reference data, and data would be moved between applications via integrations. To give the appearance of a suite, several shared services were created to handle reference data uploads and synchronization along with user creation and security across the products.
But make no mistake, despite ‘integrations’ – the products are very much fragmented – and so is the user experience for Finance teams at large, sophisticated organizations.
Oracle is now pushing their customers towards an inflection point.
When put under strain, human bones have the ability to adapt to stress by rapidly deteriorating in size over time. The same could be said for organizations struggling with legacy performance management tools. Stress brought on by outdated finance applications can be felt not only by Finance teams but enterprise-wide through massive declines in process efficiency.
The leading provider of solutions for orthopedic implant procedures, Orchid Orthopedics needed to recover from the injury caused within their own Finance organization from years of using Infor and Excel®. These fragmented applications were impeding Orchid Orthopedics’ progress toward stronger financial consolidation and planning processes. Luckily, they knew that the earlier a modern finance platform was implemented, the sooner the healing process would begin, and the faster and more efficient their organization would be. Read on to learn about Orchid Orthopedics’ finance transformation journey and the successes they have seen by replacing Infor and Excel® with OneStream.
Delivering Leading Medical Device Services
Headquartered in Mason, MI, Orchid Orthopedic Solutions (Orchid) has been providing solutions for orthopedic implant procedures since 2005. Orchid is now a worldwide leader in orthopedic medical device solutions, delivering design and manufacturing services globally. Specializing in implants, single-use instruments, and innovative technologies within joint reconstruction, hips, knees, spine, trauma, extremities, and dental, Orchid holds the highest quality standards in the industry. Orchid employs approximately 2,000 employees and generating over $350M in annual revenue.
Orchid’s Pain Points
Orchid needed a platform that would provide greater visibility and optimization to support the company’s rapid development. Orchid was utilizing Infor CPM for financial consolidations and Microsoft Excel® for financial planning but was experiencing many limitations and challenges. To consolidate actuals and forecasts in Infor, the Finance team was spending nearly two hours rendering the system which, caused delays in their close and budgeting processes. The Excel® add-in feature of Infor required too much manual effort to perform ad hoc analysis and new report building was highly inefficient. On the FP&A side, the design of their system did not allow Orchid to utilize functionality for improved forecasting such as people planning, CAPEX planning, what-if scenarios, and more.
So, Orchid began their search for a new CPM solution, that was innovative and practical. Orchid was most impressed by the capabilities of OneStream’s Intelligent Finance platform and the company’s well-rounded Gartner Magic Quadrant leadership placement in both financial consolidation and financial planning. OneStream’s customer references helped the Orchid team solidify their decision and they made switch from Infor to OneStream.
Finance Implants a Modern Solution
By converting to OneStream, Orchid is now equipped with a unified platform for financial consolidation, reporting, budgeting, and forecasting. Unlike Infor’s version, OneStream’s Excel® add-in function allows Orchid to easily execute ad-hoc analysis on actual data on a recurrent basis, while Guided Workflows provide enhanced visibility into the closing process.
With OneStream, Orchid is benefitting from faster consolidation times, a streamlined close process, and quicker access to results. In fact, Orchid has shortened the monthly close process by 20%-. The Orchid team now has a better understanding of monthly performance and has reduced the time it takes to compile month-end results for the management team and board by 2-3 days.
Orchid has even extended its OneStream platform to include Account Reconciliations, Task Manager, and People Planning solutions from the OneStream MarketPlace™. The Task Manager feature has provided better visibility into the status of the month-end closing process by updating owners of the process. In addition, People Planning automates the forecasting of labor costs, allowing Orchid to better manage their largest expense.
To learn more about Orchid Orthopedics’ unique OneStream journey, we invite you to read their Customer Success Story. And if your organization is ready to begin your finance transformation journey, contact OneStream today!
When evaluating corporate performance management (CPM) software, Finance and IT teams often consult several sources as they are developing their short list of vendors. These sources include the advice of trusted colleagues, auditors and consultants as well as IT industry analyst reports. And just as we all leverage customer reviews when evaluating the purchase of cars, appliances, electronic equipment and other household products, software peer review sites are also becoming a popular source of input on CPM software evaluations.
If there’s one lesson learned from this year’s COVID-19 pandemic, it’s that every organization needs to have efficient and agile budgeting, planning and forecasting processes that enable them to respond and adjust quickly to market disruptions. Organizations that have modern, cloud-based planning solutions in place have fared better in stepping up the frequency of their forecasting and modeling. Meanwhile, the pandemic has been a wake-up call for those that were still relying on spreadsheets and email or legacy planning applications and is driving a new wave of digital transformation.
Customer review sites are becoming an important resource for prospective buyers of corporate performance management (CPM) software solutions. Why? Because they provide an unfiltered view of how satisfied customers are with their software vendor including product ratings and feedback on support and services.
Modernizing finance across a global organization requires a high amount of focus on unifying the data. To create the most effective financial consolidation and reporting process, you must bridge the gap between ERPs, various operational systems, and corporate performance management (CPM) software. Increasingly more organizations with fragmented ERP systems are taking the leap from fragmented spreadsheets and legacy CPM products to a unified CPM platform that supports faster, more informed decision-making. Read on to discover how a global supplier of chemical and water treatments discovered the path to modern finance with OneStream Cloud.
Every retail business wants to offer the best shopping experience for their customers. But without visibility into store-level activity, it can be tricky to gain critical insights such as sales by product and region. This is often the problem with legacy corporate performance management (CPM) systems that lack the level of granularity needed to drive the business forward. Europe’s leading lingerie brand, Hunkemöller, was caught in a similar situation when Hyperion Enterprise could not keep up with their tremendous growth. They knew it was time to switch to a modern CPM platform that offered unique agility and scalability. And that’s when they found OneStream.
Moving financial close and consolidation processes to the cloud is a critical decision for organizations today – and there is much to consider before getting started. If you’re an Oracle Hyperion Financial Management (HFM) customer, it may feel like the natural selection to move to Oracle’s EPM Cloud. But is it the right decision for your organization? Going blindly into a cloud deployment can have serious ramifications. As Global Brass and Copper recently learned, moving to the Oracle EPM cloud would not solve their existing issues with HFM. Instead, they ditched Oracle for a modern solution – OneStream’s cloud-based corporate performance management (CPM) platform. This is their story…
The Larry H. Miller Group (LHM) of companies may not be a household name, but this fast-growing organization that started with one car dealership in Murray, Utah has grown into an 11,000-employee business spanning 46 states. It’s businesses now include more than 60 automotive dealerships; sports and entertainment (including the Utah Jazz); finance and insurance; real estate; and philanthropy.
OneStream recently received the Federal Risk and Authorization Management Program (FedRAMP) Moderate authorization, an important qualification for federal agencies seeking cloud solutions that are secure and meet federal standards. In fact, OneStream is the first cloud CPM provider to achieve the FedRAMP Moderate authorization.
Over the past several years, adoption of cloud-based corporate performance management (CPM) solutions has been accelerating as organizations embrace the advantages of this deployment approach. OneStream Software has offered our XF Cloud SmartCPMTM solution since 2015 and we are seeing tremendous growth and increasing adoption of cloud solutions to accelerate delivery, reduce costs of ownership, and streamline financial processes such as financial close, reporting, planning and analysis.
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