The Challenge

Looking to unify their planning processes, Terex started out evaluating planning applications, with a focus on Oracle Enterprise Planning and Budgeting Cloud Service (EPBCS). For detailed budgets they were relying on several point solutions such as Prophix for one of their segments and Excel for others. Facing a major and costly upgrade of their HFM and FDM applications and realizing there would be a lot of data migrations required to keep HFM and EPBCS in synch, Terex began evaluating OneStream as a unified solution for financial consolidation, close, reporting and all their planning needs.

What OneStream Did

With OneStream, Terex was able to create a detailed chart of accounts for the business in one application, which allowed them to collect the granular level of detail needed in one central place. Step-by-step workflows now guide users through the budgeting process and allow each segment to budget the way they manage their business. They improved the quality of intercompany data, by creating an auto matching process. Budgeting sales by geography has been made easier for users by creating % allocation forms.

What OneStream Achieved
The monthly close process required significant manual efforts from global accounting teams. Full system consolidation was taking 18 - 20 hours and there were thousands of financial reports that needed to be maintained by finance teams. With OneStream the consolidation and reporting process is significantly simplified. The organization structure was reduced to 1 structure with 40+ reporting entities and 85 automated workflows. 97% of reporting entities are now loading directly from their 28 ERP systems easing the burden on the corporate team. The number of rules needed was reduced from over 15,000 to less than 1,000 rules and now the full system consolidation time has decreased from up to 20 hours to less than 30 minutes.

Best Outcome: 15,000 rules became less than 1,000 rules