Shanks Group PLC in the United Kingdom and Van Gansewinkel Groep B.V. in the Netherlands merged to become Renewi PLC in 2017. It is a major waste-to-product company that collects and recycles trash to produce electricity and fuel, as well as paper, metal, plastic, glass, woodchips, compost, and other goods. 89 percent of the 14 million tons of trash processed each year is recycled or utilized for energy recovery. “Waste No More” is their corporate slogan.
Renewi was presented with the task of merging two sets of reporting procedures and two legacies corporate performance management (CPM) systems as a result of the merger: Infor PM10 and Longview. Renewi was manually handling data from six different sources, including Exact, JD Edwards, Metacom, Agresso, Navision, Pegasus, and Excel®. The company needed a reliable instrument to help with statutory and management reporting.
OneStream is converting legacy reporting processes.
The Renewi team chose OneStream Software after researching numerous CPM options. The software’s accessibility, built-in workflow, and numerous favorable client references were among the major reasons for choosing OneStream. Financial consolidation, management reporting, and ad hoc analysis were the emphasis of the project’s initial phase. This featured reporting at the group, divisional, and regional levels, as well as the ability to compare results to budget and projection. OneStream XF was configured for cost center analysis, intercompany matching and eliminations, and direct data loading from Renewi’s six source systems. Phase 1 was completed on schedule and budget. The development of statutory and external reporting mechanisms was the emphasis of Phase 2. The next steps are being considered.
Improving Reporting Visibility
Renewi has increased efficiency across its financial organization thanks to OneStream. With group and divisional information from a single source, they’ve improved business insights. And, because of entity processes and submission statuses, visibility into the closure cycle has vastly enhanced.
OneStream has given a much easier, more simplified integration strategy in terms of the systems landscape. OneStream XF simply interfaces with all data sources to speed up the upload process and automate cash flow and foreign exchange transactions. Through a collaborative intercompany matching environment, OneStream automatically performs group-wide intercompany eliminations.
Before the two legacy systems, Renewi was busy for four days doing the entire group consolidation. Now with OneStream, technically, they can do it in one or two days. Another big timesaver is intercompany reconciliation. It’s all in one database, and all entities have visibility of counterparties, balances, and numbers. The OneStream platform helped reduce the amount of time spent on consolidation and get better control of the numbers.