Federal-Mogul was founded in Detroit in 1899. The company employs 44,300 people in 33 countries, and its worldwide headquarters is in Southfield, Michigan. Federal-Mogul Holdings Corporation (NASDAQ: FDML) is a leading global supplier of products and services to the world’s manufacturers and servicers of vehicles and equipment in the automotive, light, medium and heavy-duty commercial, marine, rail, aerospace, power generation and industrial markets. The company’s products and services enable improved fuel economy, reduced emissions and enhanced vehicle safety.
Federal-Mogul needed to replace their Financial Consolidation solution and their Data Quality Management Solutions with a system that delivered faster consolidations, easier maintenance and more powerful management reporting and analytics.
Federal-Mogul needed a scalable solution that could be deployed globally over the Web for Financial Consolidation & Reporting, Budgeting and Analysis. It was imperative that it was owned by the office of Finance. Federal-Mogul also wanted to give operationally relevant management reporting to the OEM and aftermarket businesses. Also, the company needed a streamlined method for collection of HR data.
The OneStream™ Solution
Federal-Mogul implemented OneStream for Financial Consolidation and Reporting, Budget, Data Quality Management and HR data collection. Doing so expanded their financial reporting model from four dimensions in its prior system to 17 dimensions in OneStream for more powerful reporting and analytics.
Owned by the office of Finance, OneStream delivers powerful management and ad hoc reporting for management and business users. “With our large user base and diversity of reporting locations, we now have complete visibility of the load processes as well as standard audit reports for data and metadata changes and improved controls,” said Jody Di Giovanni, finance manager – business reporting, Federal-Mogul “We also received major benefits around intercompany eliminations, multiple currency nominalization comparisons and cash flow reporting. With 800 users, the Guided Workflows allowed our user to quickly and easily load and consolidate their data. This gives us timely and accurate data to perform the full consolidation, while providing our business units immediate visibility of their results. Our users love the reports and ad hoc Excel capabilities of OneStream. User-Specific workspaces and dashboards have dramatically improved our guided user processes and analysis.”
Federal-Mogul has incorporated a specific process directly in the Guided Workflow for Journal approvals and posting. The company uses an automated email process to allow journal entries to be sent immediately to supervisors for review and approval. After approval, another email is sent automatically back to the user, allowing them to post the journal.
OneStream is also used after the close to deliver detailed Variance Analysis reporting. Federal-Mogul controllers use the OneStream Workflows to explain the differences in actual and budget EBITDA. OneStream consolidates this information to include the key variance explanations. This process replaces a manual Excel collection and consolidation of variance items. The OneStream standard workflow is consistent, easy and fast.
Collect Anything – HR Data Collection
As part of the design discussions, OneStream learned that often Finance was holding up the close process for last-minute HR adjustments to headcount information. We decided to give HR their own cube and workflow to fill out required HR information. This is a tremendous improvement. The process is simple and guided for HR. It no longer holds up the close and Finance can still get the required headcount information for reporting, as all the data lives in the same application.
About OneStream Software
OneStream Software provides a market-leading intelligent finance platform that reduces the complexity of financial operations. OneStream unleashes the power of finance by unifying corporate performance management (CPM) processes such as planning, financial close & consolidation, reporting and analytics through a single, extensible solution. We empower the enterprise with financial and operational insights to support faster and more informed decision-making. All in a cloud platform designed to continually evolve and scale with your organization.
OneStream’s Intelligent Finance platform can easily be extended with over 50 solutions from the OneStream MarketPlace™. These downloadable solutions are fully battle-tested and optimized for the OneStream platform. They allow customers to easily extend the value of their investment to meet the changing needs of finance and operations.
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