Lonrho Success Story and Video Testimonial
Lonrho is an investment group operational in 12 countries with a history of investing in Sub-Saharan Africa for over 100 years. Information about Lonrho is available at www.lonrho.com.
Lonrho needed to replace their unstable legacy financial consolidation system and market-leading planning system with one unified platform for financial reporting, consolidation, forecasting and analysis. The solution needed to effectively run with their larger corporate initiative and also dramatically bring down their total cost of ownership. Prior method of financial consolidation was very time consuming and inefficient, and lacked true data integration.
The business problem
Lonrho lacked a reliable and consistent corporate performance management solution that was easy to use and maintain and also meet their basic operational requirements.
The OneStream XF solution
Lonrho implemented OneStream XF for financial consolidation and were able to automate currency conversion, on-the-fly intercompany matching and have full accountability and transparency to their reports. Moving ownership of data submission and review to the submission locations using Guided Workflows intuitively move end users through the data collection, integration and reporting process. Audit controls ensure accuracy and allow them to report with confidence.
Continuing to leverage the work done in the consolidation phase, Lonrho streamlined their Budget process, automating various calculations to drive certain balance sheet accounts and cash flow projections. For forecast, automation of forecast seeding with actuals and prior forecasts drove efficiencies in a previously very manual process. Collecting actual, budget and forecast in one application simplified variance reporting and improved analysis capabilities.
Financial process improvements results
“After years of dealing with financial processes that were still very time consuming and inefficient, we decided it was time to simplify and replace our multiple CPM systems, including our legacy financial consolidation system and market-leading planning system, with a powerful unified solution” said James Manuel, Group Financial Controller, Lonrho. “We were diligent in reviewing the cost, complexity and time required to upgrade our current systems but quickly realized the benefits that OneStream XF could offer that the newer version of our current systems simply could not provide. The ability for extensive analysis using the retrieve functionality in Excel®, the constant currency translation, a single reporting lens across the organization and the ‘on- the-fly’ intercompany matching was key. Additionally, OneStream’s Guided Workflow gave our end-users a step-by-step approach making end user training very simple and easy. OneStream XF provided us with more financial intelligence, full auditability and the overall accountability we needed at a total lower total cost of ownership.”
All solutions live in one product and one application
There is no substitute for the value of having 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.
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 solve complex financial consolidation, reporting, budgeting and forecasting with powerful extensibility to enable the deployment of additional analytic solutions. By delivering multiple solutions in one application, we offer increased capabilities for financial reporting and analysis while reducing the risk, technical complexity and total cost of ownership for our customers. We stand behind our mission statement that every customer is a reference and success.
Investment and Development
Key Functional Requirements
Process Support Functionalities
- Guided Workflow
- Currency conversion
- Security rules
- Ad hoc analysis and reporting
- Intercompany eliminations
- Complex currency
- Statutory reporting
- Management reporting
- Cash flow reporting
Corporate Performance Management Solutions Delivered
- Financial consolidation
- Financial data quality management
- Budgeting and Forecasting
- Financial Analytics
XF MarketPlace Solutions
- Extensive analysis using retrieve functionality in Excel
- Quick views for ad hoc analysis
- Single point of maintenance for actual and budget
Key OneStream XF Benefits
- Faster and easier close process
- Locations could immediately view and analyze the business
- Account standardization
- Faster and simpler upgrades
- Streamlined entity hierarchies