About AFL
Founded in 1984, AFL is an international manufacturer providing end-to-end solutions to the energy, service provider, enterprise and industrial markets as well as several emerging markets. The company’s products are in use in over 130 countries and include fiber optic cable and hardware, transmission and substation accessories, outside plant equipment, connectivity, test and inspection equipment, fusion splicers and training.
AFL also offers a wide variety of services supporting data center, enterprise, wireless and outside plant applications. Headquartered in Spartanburg, SC, AFL has operations in the U.S., Mexico, Canada, Europe, Asia and Australia, and is a wholly-owned subsidiary of Fujikura Ltd. of Japan. For more information, visit AFLglobal.com.
The Challenge
AFL was using Oracle Hyperion Financial Management (HFM) for consolidation and reporting, and found the system too costly to manage, maintain and upgrade. Excessive downtime and lost data triggered the evaluation of alternative solutions. AFL was also using Excel spreadsheets and email for budgeting, planning and forecasting which bogged down the planning processes.
What OneStream Did
Streamlining Financial Close, Consolidation and Reporting: OneStream XF was able to easily handle AFL’s complex consolidation and reporting requirements which include consolidating 54 companies for US reporting and reporting to their Japanese parent company across 12 business segments.
Moving Budgeting, Planning and Forecasting out of Excel: OneStream XF was able to easily handle AFL’s complex consolidation and reporting requirements which include consolidating 54 companies for US reporting and reporting to their Japanese parent company across 12 business segments.
What OneStream Achieved
“The consolidation process that took hours in our previous system now takes only minutes with OneStream XF. In addition, OneStream offers full budgeting and forecasting capabilities along with superior cash flow reporting and a solution for account reconciliations that replaced our previous account reconciliation solution. The Guided Workflows provide simple end user steps that allow us to focus on results instead of mechanics.”
Best Outcome: Over $100K annual cost savings!
RESULT:
Improved tracking of budget and forecast submissions
RESULT:
75% improvement
in speed of account reconciliations
RESULT:
Streamlined financial consolidation and reporting
