Founded in 1956 and headquartered in Atlanta, GA, Printpack is a privately-held manufacturer of flexible and specialty rigid packaging. Employing over 3,500 associates worldwide, the company operates 20 manufacturing facilities in the United States, Mexico and China. Printpack is one of the largest and most innovative packaging converters in the world with a long-standing reputation for providing quality products and services to top brands in a range of consumer food and non-food industries. Visit Printpack.com to learn more.
Printpack had been using Oracle Hyperion Planning and Essbase for over 15 years for budgeting and management reporting and was handling financial consolidation and reporting via Excel spreadsheets. The design of these systems carried too many risks and points of failure with data having to be moved between systems. In addition, there were multiple points of maintenance for meta data.
The big impact of this was the risk of producing inaccurate data and spending too much time on system administration. In addition, it took the Finance team too long to produce monthly financial statements, and it was difficult to accommodate change requests from management.
In 2016, the Finance team reviewed their processes, identified the risks, and concluded they needed a better consolidation and reporting system. They also realized it would be better to have a single system to manage all CPM processes.
The OneStream XF Solution
The company evaluated several leading corporate performance management (CPM) solutions, and within a few weeks of seeing OneStream, it became clear that it was a leading option. Printpack was impressed with the history of its founders and senior staff in relation to their work and development of other CPM applications. They were attracted to the unified CPM platform approach of OneStream, its functionality, and extensibility. Compared to some of the other potential solutions, Printpack was more impressed with OneStream’s partner network, including many leading Oracle partners.
Aligning Financial Consolidation, Reporting and Budgeting
Printpack initially implemented OneStream XF Cloud for consolidation and reporting of actual financial results. The solution integrates data directly from the JD Edwards GL, automates currency conversion, accommodates partial ownerships, and performs legal entity eliminations across multiple hierarchies for US GAAP, IFRS and management reporting. With the help of OneStream Consulting, the rollout was completed in 4 months.
Printpack then focused on converting their management reporting from Essbase to OneStream, with the help of OneStream partner Finit. This project was completed in roughly 3 months. Then it was on to converting their budgeting process from Hyperion Planning to OneStream. This phase was completed in roughly 2 months.
Extending the Investment with the OneStream XF MarketPlace
Having aligned financial consolidation, reporting, and budgeting in OneStream Printpack then extended their investment by downloading the Account Reconciliations, Capex Planning, and Postal Service solutions from the OneStream XF MarketPlace.
Prior to using OneStream, account reconciliations had been performed manually, with little consistency across operating units. The Printpack team downloaded the Account Reconciliations solution, installed, configured, and rolled it out to their users within 6 weeks.
The Capex Planning solution replaces 6 different, massive Excel spreadsheets that were being rolled into a consolidated worksheet. The solution will help Printpack manage the annual capital budget, and monthly forecast.
The Postal Service solution is used to automate the distribution of over 100 reporting packages to Finance and line of business users.
Leveraging OneStream XF Cloud
Printpack elected to deploy OneStream via the XF Cloud, which is powered by Microsoft Azure, with cloud services provided by OneStream. “Leveraging the OneStream XF Cloud has provided the Finance team with more autonomy, less reliance on IT, and eliminated the need to purchase and maintain hardware and infrastructure,” said Clarke Hair, Financial Systems Manager. “Printpack has experienced no downtime or issues, and our first upgrade was painless – performed by OneStream in 2 hours while the users were on lunch break.”
OneStream Delivers a Rapid Payback at Printpack
With 150 users across the organization, OneStream’s unified platform has enabled the Printpack team to increase their productivity, eliminate the risk of producing inaccurate results, and has reduced costs. The OneStream solution is projected to yield a 2.5 year payback – with savings coming mostly in annual software maintenance and hosting costs.
“OneStream is a platform we can easily build on,” said Hair. “It has given us so much flexibility, capability and increased functionality. And we continue to expand our toolset with additional MarketPlace solutions.”
About OneStream Software
OneStream Software provides a revolutionary corporate performance management (CPM) solution that unifies and simplifies financial consolidation, planning, reporting, analytics, and financial data quality for sophisticated organizations. Deployed in the cloud or on-premise, OneStream XF is the first and only solution that delivers corporate standards and controls, with the flexibility for business units to report and plan at additional levels of detail without impacting corporate standards – all through a single application.
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. We are driven by our mission statement that every customer must be a reference and success.
Privately-held manufacturer of flexible and specialty rigid packaging.
Corporate Performance Management Solutions Delivered
- Financial Consolidation & Reporting
- Budgeting, Capex Planning
- Financial Data Quality
- Account Reconciliations
- Capex Planning
- Postal Service (Report Distribution)
- Cloud Deployment
- Fragmented approach to CPM was risky and maintenance-intensive
- Excel-based consolidation was risky and inflexible
- Hyperion Planning and Essbase solution required manual data movement
- Difficult to accommodate change requests from management
Key OneStream XF Benefits:
- Rapid time to value
- Reduced risk and increased accuracy of budgeting and reporting
- 2.5 years projected payback
- Reduced IT dependency with OneStream XF Cloud
“Leveraging the OneStream XF Cloud has provided the Finance team with more autonomy, less reliance on IT, and eliminated the need to purchase and maintain hardware and infrastructure. Printpack has experienced no downtime or issues, and our first upgrade was painless – performed by OneStream in 2 hours while the users were on lunch break.”
Manager, Financial Systems