About Evoqua Water Technologies
Evoqua Water Technologies is a leader in water and wastewater treatment products, systems and services for industrial and municipal customers. Its comprehensive, cost-effective and reliable treatment systems and services reduce fresh water demand, ensure uninterrupted quantity and quality of water, and enable regulatory and environmental compliance. With a wide range of proven product brands and advanced water and wastewater treatment technologies, mobile and emergency water supply solutions and service contract options, Evoqua helps cities provide clean water and industrial plants to maintain productivity and profitability. Visit Evoqua at https://www.evoqua.com/en.
Core requirements revolved around converting an Excel based model to a Financial Reporting system to manage continued growth. There was a significant need for automated and standardized management and external reporting.
The business problem
Evoqua was looking for a more intuitive financial reporting with consistent results in a more controlled and auditable environment. They required visibility to detailed transactions within data warehouse and SAP. Additionally, they also needed to automate reconciliation between both modules (GLCPA and COPA) of SAP.
The OneStream XF solution
“Evoqua implemented OneStream XF for financial consolidation, reporting, budgeting and forecasting,” says Rahul Nanavati, Director of Financial Systems at Evoqua. “We were able to leverage the consolidation functionality to automate intercompany eliminations in all hierarchies, currency translation and cash flow reporting. We also leveraged the core budget and forecast capabilities to perform forecasts at detailed profit center and cost center levels. Management and external reporting is now standardized with executive dashboards and Guided Reporting as well as our monthly financial reporting book.”
OneStream XF SAP Connector
“By automating SAP feeds using connectors with drill back capabilities users can now have visibility to detailed transactions within SAP via this reporting tool, something we simply could not accomplish in our previous environment,” says Nanavati. “OneStream XF delivers more detailed reporting and analytics in one unified product and application.”
Financial consolidation and reporting results
Owned by Corporate Finance, OneStream delivers powerful management and ad hoc reporting for corporate HQ and business users. OneStream XF gave Evoqua the flexibility and auditability for managing financial reporting integration of acquisitions.
The benefits of a unified platform are endless
Evoqua benefits from the value of one application that can share and extend dimensions to deliver multiple solutions without the technical complexity of having to install, implement, maintain, learn and upgrade multiple products, applications or modules. OneStream’s ability to eliminate multiple Essbase cubes as well as their financial consolidation product has been critical to simplifying the finance systems environment as well as the finance administration requirements. Evoqua has been able to realize the multiple benefits of owning a single product and application while eliminating the technical complexities of their previous solutions.
One consistent user experience
Having all solutions in a single product means end users have a consistent guided workflow process to follow no matter the process or analytic collection. All solution have similar Guided Workflows allowing Evoqua to deploy new solutions without burdening end users. End users intuitively know how to interact with all solutions to provide the highest level of data quality for every process.
About OneStream Software
One Product • One Application • Multiple Solutions
OneStream Software is a privately held software company created by the same team that invented the leading financial solutions of the last decade. We provide a unified Corporate Performance Management (CPM) platform which enables the enterprise to simplify financial consolidation, reporting, budgeting and forecasting for complex organizations. Powerful extensibility enables the enterprise to deliver additional analytic solutions without adding any technical complexity. By delivering multiple solutions in one application, we offer increased capabilities for financial reporting and analysis while reducing the risk, complexity and total cost of ownership for our customers. We are driven by our mission statement that every customer must be a reference and success.
Evoqua Water Technologies
Shell Financial Services (SFS)
Corporate Performance Management Solutions Delivered
- Financial consolidation & reporting
- Budgeting and forecasting
- Financial data quality management
- Financial reporting and analytics
Key Functional Requirements
Process Support Functionalities
- Guided Workflows
- Executive Dashboards
- Currency conversion
- Data Quality Validation
- SAP Direct Integration and drill back
- Audit trail for all changes to system including data, metadata and rules
- Automate operational reporting
- Ability to consolidate and report in local currency and reporting currency
- Standard reporting
- Intercompany eliminations
- Excel integration
- Web based platform
- Automated reconciliation between GLCPA & COPA
- End user security management
- Controlled approvals
- Drill back to Data Warehouse for transactional details
- Integration to meet Headcount and AR Aging Reporting needs
- All loads automated to refresh overnight for both GLPCA & COPA
Key OneStream XF Benefits
- Workflows were key for end user data collection and drill back
- Data validation enforces data quality before it is loaded into consolidation
- Instant visibility
- Complete audit controls and transparency
- System upgrades are done in under 1 hour
XF MarketPlace Solution Center
- Executive Dashboards
- Guided Reporting
- SAP Connector