Today’s organizations need the ability to seamlessly adapt to changing business conditions, requirements, and structures. This is specifically true when considering potential merger and acquisition (M&A) activity. M&A transactions are complicated and meticulous, and it can be challenging to devote the time and resources necessary to perform due diligence on critical software decisions when integrating companies. But when both parties involved are using outdated legacy software to perform critical financial and operational tasks, the solution is simple: start fresh by replacing all existing products with a new, modern approach.
A key benefit of modern corporate performance management (CPM) software is the agility these solutions provide organizations to plan and report through changing business conditions. With the right CPM software platform in place, organizations can gain a more holistic view of business data across entities and countries. This was the case for Signode Industrial Group, who after being acquired by Crown Holdings, faced a decision to upgrade their outdated Oracle Hyperion suite or explore the market for a proven Hyperion replacement. Read on to hear their story.
A leading manufacturer of transit packaging consumables, tools, and equipment that optimize end-of-line packaging operations, Signode is recognized around the world for improving load integrity and protection, while maximizing cost-efficiency and streamlining operations. From a singular protective packaging product to full turnkey packaging solutions, Signode offers a comprehensive portfolio of end-of-line packaging products and systems designed to protect, secure, simplify and streamline the bulk transportation of goods, continually adapting our product line to address evolving supply chain demands.
Headquartered in Tampa, FL, Signode Industrial Group is the Transit Packaging Division of Crown Holdings, Inc. employing over 8,000 people and operating at a revenue of $2.5B annually.
With 80+ manufacturing facilities across 6 continents, Signode has over 50 ERP systems and was using Oracle HFM, FDM, and Essbase to tackle complex financial operations. These legacy solutions were very complicated and required significant centralized support. There was a manual process to extract data from HFM and load and calculate it in Essbase. This also meant that there was frequently a data latency issue between HFM and Essbase.
In addition, the core Finance team had to centralize all mapping changes for trial balance submissions in HFM, rather than allowing the local teams to manage their mappings. With so many ERPs, it became an inefficient use of time and effort for both the employees and the support staff. Signode’s growing requirements meant that the company would need a Hyperion replacement that offered flexibility, scalability, and unification.
While in the initial stages of their finance transformation journey, Signode was acquired by Crown Holdings, who was still on Hyperion Enterprise. While the Signode Finance team originally looked at upgrading their existing solutions with Oracle, upgrading from HFM to Oracle FCCS was going to be a very costly and time-consuming project. So, the company moved on to evaluate Host Analytics and Tagetik. However, they ultimately selected OneStream for the all-in-one license approach, flexibility, and strong customer references presented.
Crown had been using Hyperion Enterprise for many years and after the acquisition of Signode, had intended to jump on the company’s instance of HFM, only to find out Signode’s interest in OneStream. The Signode team went to work with OneStream to convince Crown that Signode’s plan was the best direction for this newly integrated company. So, the combined Crown and Signode teams implemented OneStream to replace both company’s legacy applications.
Signode went live on OneStream for financial consolidation in April of 2020 and completed Phase 2 in Q1 of 2021 which focused on allocating costs to 40+ product lines to evaluate the profitability of each. Today Signode has approximately 180 users on OneStream from various departments including Accounting, Tax, Internal Audit, Treasury, and Corporate Development.
With 100+ business units, local users now have the freedom to submit financial data monthly, including trial balances and supplemental data such as volumes, headcounts, and AR aging. From there, the local controllers can easily make updates during the close, without requiring core Finance or Support teams to step in. In fact, Signode has eliminated one FTE related to system administration with OneStream and reduced the time spend on data submission each month by 30%.
In addition, OneStream’s automatic elimination for intercompany AR/AP, sales, interest, and dividends saves time and manual effort when processing intercompany activity using 25 different currencies. Plus the Excel Add-In feature enables users to create highly customized reports that drive performance by delivering key insights for financial, statutory, and management reporting.
Signode’s Excel Add-In now utilize OneStream as well, with unique scenarios set up in OneStream that represent all combinations of actual months to forecast months. Doing so has allowed Signode to reduce the forecasting cycle by approximately 2 days per month.
With OneStream Signode has seen improved automation, specifically across Price/Cost and Product P&L calculations. Local users have improved visibility into the data by using the drill back to trial balance function and mapped trial balance reports. And most importantly, there is now a single CPM platform for all of Crown/Signode which has improved data integrity, security, and controls. Signode looks forward to extending their investment in OneStream by building off their existing foundation with additional enhancements from the OneStream™ MarketPlace at lower incremental costs.
To learn more about Signode’s journey from Hyperion to OneStream, check out the case study article and discover how OneStream unified the global organization with powerful business insights. If your organization is ready for a finance transformation, contact OneStream today.
Download the Case Study
The Oracle Hyperion enterprise performance management (EPM) applications have been in the market for over 20 years and have delivered a great deal of value for many customers. But as demand for EPM applications has shifted to the cloud, Oracle has reduced its investment in the Hyperion on-premise applications and is encouraging customers to migrate to the Oracle EPM Cloud applications.
This is creating a critical decision point for Hyperion EPM customers and is begging the answer to several questions. What is the future of Hyperion EPM? Will the Oracle EPM Cloud applications meet my needs and what will it cost to upgrade? What other options are available in the market? Read on to learn the answers to these questions.
Thousands of organizations around the world are relying on multiple Oracle Hyperion EPM applications to support their critical finance processes. This includes products such as Hyperion Financial Management, Hyperion Planning, Hyperion Strategic Finance, Hyperion Profitability, Cost Management, and others. These were market-leading products for many years, and customers have received great value from them. However, the fragmented nature of these products has created extra work and costs, including the following:
In addition, over the past few years, there has been limited innovation and declining support for these legacy products. And now, with the end of support having passed on 12/31/21 for older versions of these products – we have reached a decision point for Hyperion customers. The proverbial “fork in the road.”
Which path will you choose? Let’s look at the options available.
Path #1 – Upgrade to Oracle Hyperion EPM 11.2
The first option for customers facing the end of support for Hyperion 22.214.171.124 or older versions is to upgrade to Oracle Hyperion EPM 11.2. Oracle has communicated that customers upgrading to this version of the Hyperion applications will be supported through 2031. However, very little innovation is expected on these products, and Oracle has already communicated that some modules were deprecated and are no longer supported.
Path #2 – Convert to Oracle EPM Cloud
The second option is to convert to Oracle EPM Cloud versions of the on-premise Hyperion applications. The main advantages here are that moving to the cloud removes the infrastructure and IT support requirements, and upgrades to new releases are easier. However, this path basically amounts to a re-implementation of the applications, which are still fragmented, with multiple points of maintenance and data integration. And in some cases, the EPM Cloud applications offer more limited functionality than was provided in the on-premise Hyperion applications. Does anyone really want to go backward in functionality?
Path #3 – Convert to Another Solution
The third option is to convert to another solution – such as OneStream. While there will certainly be some time, effort, and costs required here – over 400 former Oracle Hyperion customers have converted to OneStream and have never looked back. Why? Because OneStream is a unified platform that replaces multiple Hyperion applications – so it’s easier to use and maintain and reduces total cost of ownership. And OneStream is “function-forward,” meaning customers get more advanced capabilities than they had before.
With over 900 organizations and more than 160,000 users globally, OneStream has been recognized as a market leader by IT industry analyst firms such as Gartner, IDC, Dresner Advisory Services, Nucleus Research, and others and has received the Gartner Peer Insights Customers’ Choice recognition in both Cloud Financial Close and Cloud FP&A solutions.
Our customers are using OneStream for planning, financial close & consolidation, reporting, analytics, account reconciliations, and more. In fact, 70% of our customers replaced multiple legacy applications such as Oracle Hyperion, SAP BPC, and IBM Cognos.
These organizations are achieving many benefits, including the following:
With the end-of-life looming, it’s a critical decision point for Hyperion EPM customers. What is the future of Hyperion? For customers who elect to upgrade to Oracle Hyperion 11.2 the future means you can get support, but limited innovation, which means limited ability to digitally transform your Finance operations. Migrating to Oracle EPM Cloud is an option, but buyer beware, you’ll face a lot of the same challenges that you face in managing and maintaining multiple Hyperion on-premise applications.
Check out our white paper titled “Why Now is the Time to Convert From Oracle Hyperion Applications” to learn why over 400 organizations have chosen to convert from Oracle Hyperion to OneStream’s unified CPM software platform. And contact OneStream if you would like a conversion assessment, where our team of experts will help you perform an ROI analysis of converting from Oracle Hyperion to OneStream.
Download the White Paper
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.
Well, here we are in the Spring of 2021. The weather is getting warmer, the vaccines are rolling out and there’s hope that the pandemic has reached the tipping point and the world will turn to normal later this year. But 2021 also represents a critical tipping point for Oracle Hyperion customers who must make an important decision about their future. Will you upgrade to Hyperion 11.2? Convert to Oracle EPM Cloud? Or will you consider an alternative solution such as OneStream?
Transforming finance processes can be difficult when the organization is relying on legacy corporate performance management (CPM) applications that are fragmented and require a lot of staff time and effort to maintain. When this is the case, planning and reporting processes often take too long, and the Finance team has little time available for value added analysis and decision support. Moving to a modern, unified CPM platform has been a proven approach to remedying this situation.
Many sophisticated organizations today are stuck in a tangled web of multiple applications to support financial consolidation, reporting and planning needs. But maintaining a fragmented landscape of finance systems is costly and challenging. How can you be sure your data is correct when there are multiple versions of results? And as these organizations expand, business models shift which can cause added strain on finance teams. Luckily, there’s a better solution.
A unified, cloud-based corporate performance management (CPM) software can help centralize financial databases into a single platform to automate key processes with real-time insights and a comprehensive view of the entire enterprise. Cloud-based CPMs are cost-effective and secure, yet flexible with several integration options. By upgrading to a unified CPM landscape, organizations can rest assured that their needs are met as the business continues to grow.
When a business breaks off from its parent company, the organizational change can be hard. Systems and processes need to be reassessed and streamlined to fit the new needs of the independent organization. Often, inherited legacy systems simply cannot keep up. Premium Sound Solutions (PSS) was in this exact situation when they separated from Philips Electronics in 2014. They knew it was the opportune time to replace Hyperion Financial Management (HFM) with OneStream for financial consolidation and reporting.
Even the smallest numbers in a balance sheet can have a huge impact on business. And properly analyzing financial statements is crucial when decisions are to be made. As the biggest buyer of petroleum coke in the world, Oxbow Carbon is a leading industrial commodity logistics company for steel, aluminum and other industrial manufacturing.
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…
Having a clear financial picture of your company is critical for success. Without visibility into data, and the processes that led to that data, there is no financial control. International business group, Lucy Group Ltd, was juggling multiple financial management systems that required substantial manual effort for little return. That was, until they replaced Oracle Hyperion Enterprise with OneStream XF. Read on to learn how OneStream XF provided insight into financial reporting that enabled Lucy Group to move forward with confidence.
How important is the reliability of your business software? When it comes to Corporate Performance Management (CPM) software, unexpected system downtime can create stressful setbacks for finance and IT – especially during period-end close. This was the case for Fruit of the Loom, who upgraded from Oracle Hyperion Financial Management (HFM) to OneStream XF for financial consolidation, reporting and budgeting. A modernized cloud-based solution, OneStream XF has provided higher availability and stability versus their on-premises HFM application.