Xylem Abandons Hyperion to Create a Unified Corporate Performance Management Strategy
Putting the right Corporate Performance Management (CPM) software into action is just as important to the success of your company as having a solid business plan. While execution is the key to operations, CPM is critical in enabling decision-makers to analyze data, put effective processes in place, and drive the business forward. That’s why, unifying financial planning and reporting with a proven CPM software platform can give your organization a competitive edge.
But don’t just take my word for it! Let’s explore how a real OneStream CPM customer dramatically improved business insights with advanced visibility into financial data.
Productivity Runs Dry
Committed to treating, analyzing and monitoring water in public utility, industrial, residential and commercial settings, Xylem is a leading water technology company operating in more than 150 countries with over 17,000 employees.
A company passionate about developing innovative solutions to the world’s water challenges, Xylem strongly believes in the advantages that can be created by leveraging technologies that adapt to evolving needs. But after years of using several fragmented Oracle Hyperion EPM applications to support their financial processes, Xylem faced a challenge of their own. The company quickly realized that their collaborative efforts had reached a roadblock, as each Hyperion system contained different levels of detail required for corporate reporting and planning. Having to manually reconcile and adjust data between multiple applications and Excel spreadsheets was not only time-consuming, but extremely complex.
Xylem needed a centralized, corporate-wide financial platform that provided immediate access to the most up-to-date data for financial and management reporting as well as budgeting and planning. But their existing Hyperion products could not fulfill this request without bearing the expense of a $1M upgrade. It was time for Xylem to explore new options.
A New Level of Visibility
Ready for a change, Xylem turned to Finit Solutions who recommended OneStream’s Intelligent Finance platform and MarketPlace solutions. OneStream is a modern financial consolidation, reporting and planning software platform with the power to redefine Xylem’s organizational efficiency by streamlining collaboration with improved insight.
Replacing several Hyperion applications, the unified OneStream platform instantly improved Xylem’s financial processes with guided workflow spanning financial consolidation, reporting, budgeting and planning across the organization. As a flexible and modular solution, with Extensible Dimensionality®, OneStream collects detailed financial data by product, branch, project and cost center, enabling Xylem to effortlessly manage critical information required for external financial reporting as well as internal management reporting.
No Looking Back!
Thanks to OneStream, Xylem is confident in the financial data that is being collected and monitored by over 500 users. Local and global users now have more time to spend analyzing data instead of collecting and reconciling data across multiple applications. With OneStream, the collection, consolidation, reporting and planning of financial results has never been easier!
But that’s not all. Take a look at several achievements and benefits the company has experienced by replacing their legacy Oracle Hyperion products with OneStream:
- Integrated over 100 general ledgers, streamlining data submission processes
- Decreased data load times from 6-8 hours to 15 minutes
- Eliminated the need for manual 10,000-line journal entries
- Automated allocation processes for multiple expense categories
- Centralized flux analysis for monthly & quarterly variance explanations
- New weekly notifications of flash data for sales and orders
Tired of Your Legacy System?
Is your organization looking to increase visibility into financial and line of business results? Now is the time to accelerate your competitive advantage with a modern and unified CPM platform. OneStream directly impacts the efficiency of your budgeting and reporting processes, improving business insights to drive more informed decision-making across the enterprise.
To learn more read the complete Xylem customer success story.
If you enjoyed this customer success highlight, we invite you to visit our Hyperion conversion page to learn more about how your organization can benefit by moving from multiple Hyperion applications to a single instance of OneStream.
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