Reduced complexity and streamlines finance processes with a ‘single source of truth’
December 12, 2019 10:35 AM Eastern Standard Time
ROCHESTER, Mich.–(BUSINESS WIRE)–Terex Corporation (NYSE: TEX), a global manufacturer of lifting and material processing products for industrial purposes, has replaced multiple legacy finance systems with a single cloud platform from OneStream Software. Consolidating core financial processes onto the OneStream XF Cloud platform has helped Terex improve efficiency while cutting costs.
“Overall the OneStream platform has provided cost-saving opportunities throughout the organization. Terex replaced multiple systems with a single, unified solution that handles consolidations, reporting, budgeting and planning and can be extended to address additional needs going forward,” said Jon Paterson, vice president, financial planning and analysis for Terex.
Facing costly upgrades of legacy systems and seeking to streamline a fragmented-systems approach to budgeting and planning, Terex saw an opportunity to start fresh with a single solution for actuals reporting and planning that provided enough detail to accommodate both processes in a single system. OneStream FX Cloud has provided Terex with that single, unified platform.
OneStream XF Cloud has fully replaced legacy systems for financial consolidation, close, reporting, budgeting and planning. Terex has been able to automate many manual processes as a result and eliminate painful data administration being performed by the Financial Planning & Analysis (FP&A) team while also providing a solution for line-of-business planning.
“Corporate finance processes are highly connected, yet many organizations have disparate systems and point solutions that don’t intuitively work well together. This approach is inefficient and can introduce unnecessary risk. Terex Corporation shows how moving to a unified platform drives new efficiencies, cuts costs and puts a renewed focus on planning and analysis to ultimately make faster, better business decisions,” said Craig Colby, chief revenue officer for OneStream Software.
Streamlining Financial Consolidation and Reporting
Moving to the OneStream FX Cloud platform greatly reduced complexity and simplified financial consolidation and reporting. With OneStream, Terex was able to greatly reduce reporting entities, with 97 percent now loading straight from its 28 enterprise resource planning (ERP) systems. Full system consolidation has been cut from about 2.5 working days to 30 minutes or less. This is giving Terex more time to focus on strategic finance activities, such as FP&A.
“By eliminating manual efforts and leveraging OneStream’s automation, the new system has streamlined the financial close, budgeting and forecasting processes and improved data quality and availability as a result,” continued Paterson.
For more information on the Terex Corporation’s OneStream Solution, see our case study and video at: https://www.onestreamsoftware.com/success-stories/terex.
About Terex Corporation
Terex Corporation is a global manufacturer of lifting and material processing products and services that deliver lifecycle solutions to maximize customer return on investment. The Company reports in two business segments: Aerial Work Platforms, and Materials Processing. Terex delivers lifecycle solutions to a broad range of industries, including the construction, infrastructure, manufacturing, shipping, transportation, refining, energy, utility, quarrying and mining industries. Terex offers financial products and services to assist in the acquisition of Terex equipment through Terex Financial Services. Terex uses its website (www.terex.com) and its Facebook page (www.facebook.com/TerexCorporation) to make information available to its investors and the market.
About OneStream Software
OneStream Software provides a market-leading CPM solution that unifies and simplifies financial consolidation, planning, reporting, analytics and financial data quality for sophisticated organizations. Deployed via the cloud or on-premise, OneStream’s unified platform enables organizations to modernize Finance, replace multiple legacy applications and reduce the total cost of ownership of financial systems. OneStream unleashes Finance teams to spend less time on data integration and system maintenance – and more time focusing on driving business performance.
The OneStream XF MarketPlace features downloadable solutions that allow customers to easily extend the value of their CPM platform to quickly meet the changing needs of finance and operations. OneStream was named to the 2019 Inc. 5000 and Deloitte 2019 Technology Fast 500 lists of the fastest-growing companies in North America. Learn more at www.onestreamsoftware.com.