How Terex Replaced Multiple Legacy Hyperion Products with OneStream
As businesses seek digital finance transformation, it can be near impossible to support modern and efficient finance processes when relying on multiple legacy applications. Having a fragmented web of financial management applications is not only hard to manage, but it also hinders agility and opportunities for strategic advantage.
Terex Corporation came to this realization when they replaced Oracle Hyperion Financial Management (HFM) and other legacy CPM applications with OneStream’s unified corporate performance management (CPM) platform. In a recent OneStream webinar, Derek VanLandingham, Sr. Manager of Corporate Financial Systems at Terex, discussed his experience working with OneStream partner CompIntelligence to modernize and simplify financial reporting and planning with OneStream. Here’s a summary of Terex’s unique OneStream story, as covered in the webinar.
Risks, Costs & Complexity
Terex Corporation is a global manufacturer of lifting and material processing products with 130 reporting entities worldwide. Headquartered in Westport, CT, Terex operates in 29 currencies with 28 ERPs across the organization’s main business segments: Aerial Work Platforms and Material Processing.
Terex was using HFM paired with Hyperion Financial Data Quality Management (FDM) for financial consolidation and reporting. Many processes, from forecasting to currency analysis, involved time-consuming manual intervention. Versioning was another issue, as FP&A struggled with system ownership which led to reporting challenges and an overall lack of visibility and business insights.
Terex had also implemented Prophix in one business segment, to support more detailed planning and forecasting – adding to the organization’s fragmented systems landscape. As numbers changed, users would redo the input process, creating inefficient data movement between systems and spreadsheets. On top of high licensing fees and consulting costs, these products made it difficult for Terex to access and analyze business-critical data. Simply put – Terex needed additional granularity which their existing products could not provide.
Opportunity to Start Fresh
When exploring solutions, Terex was focused on equipping the finance team with a centralized application they could use that provided the required detail for planning, reporting and analysis. Terex first evaluated several Oracle options, including continuing with HFM/FDM and licensing Oracle’s Planning and Budgeting Cloud Service (PBCS). If Terex chose to continue with HFM, it would have required a major upgrade to their system with costs mirroring the expense of a new implementation. And using HFM and PBCS together would have required a lot of manual data movement between an on-premise system and a cloud application. Terex knew it was time to start fresh.
Based on its unified architecture, ease of use and flexibility, OneStream’s platform addressed all of Terex’s key requirements. OneStream accommodated the details most important to Terex – and the extensibility factor was a game-changer. With Oracle, Terex would have had to implement two separate products, still without the full functionality found in OneStream’s singular platform. OneStream provided the ability to create a flexible, seamless data flow which was critical for Terex. But the real key was being able to replace multiple legacy Hyperion applications, and Prophix, with a single instance of OneStream for reporting and planning. It was an easy decision for Terex to make the switch.
Terex Gets Granular!
Previously, Terex was working with a fragmented set of products with different charts of accounts, making it difficult to analyze and compare results. But with help from CompIntelligence, data processing has been streamlined through OneStream in a redesigned hybrid Chart of Accounts (COA) that replicated the HFM chart required by consolidations, but provided details needed by FP&A.
Prior to OneStream, Terex used a manual process of sending forms and templates to over 50 countries for a high-level forecasting of total net external sales. The quality of this data was never certain, based on the time it took to receive results. With OneStream, each user has their own forms for forecasting, which automatically push sale revenues into a main report for faster, more accurate numbers. Thanks to OneStream, Terex has gained visibility while eliminating the manual work in a time-efficient process.
Bringing It All Together
Having a unified platform for financial consolidation, reporting, budgeting and planning has streamlined Terex’s processes while providing more time for value-added analysis. With HFM, Terex maintained over 1,000 entities with hundreds sitting inactive. They had over 15,000 rules to handle consolidation, budgeting and forecasting. Their monthly close process required significant manual efforts from global accounting teams, with thousands of financial reports left unmaintained. Before, full system consolidations typically took 18-20 hours to complete, but now with a larger model in OneStream, a full systemconsolidation is completed in less than 30 minutes! Terex has completely transformed their landscape to include just 140 reporting entities with 97% loading straight from 28 ERP systems, with 1/3 the rules for a much more efficient and agile system.
Terex has also experienced greater data quality and availability as well as significant cost savings by consolidating multiple systems into a single, unified platform. Terex continues to extend their OneStream investment with additional downloadable solutions, like Account Reconciliations that is close to production, from OneStream’s unique XF MarketPlace.
To learn more, watch the Terex Customer Success Webinar and contact OneStream today to streamline your financial processes with a robust and extensible solution.
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