This article first appeared on the OneStream blog by Kadidra Felix
When put under strain, human bones have the ability to adapt to stress by rapidly deteriorating in size over time. The same could be said for organizations struggling with legacy performance management tools. Stress brought on by outdated finance applications can be felt not only by Finance teams but enterprise-wide through massive declines in process efficiency.
The leading provider of solutions for orthopedic implant procedures, Orchid Orthopedics needed to recover from the injury caused within their own Finance organization from years of using Infor and Excel®. These fragmented applications were impeding Orchid Orthopedics’ progress toward stronger financial consolidation and planning processes. Luckily, they knew that the earlier a modern finance platform was implemented, the sooner the healing process would begin, and the faster and more efficient their organization would be. Read on to learn about Orchid Orthopedics’ finance transformation journey and the successes they have seen by replacing Infor and Excel® with OneStream.
Delivering Leading Medical Device Services
Headquartered in Mason, MI, Orchid Orthopedic Solutions (Orchid) has been providing solutions for orthopedic implant procedures since 2005. Orchid is now a worldwide leader in orthopedic medical device solutions, delivering design and manufacturing services globally. Specializing in implants, single-use instruments, and innovative technologies within joint reconstruction, hips, knees, spine, trauma, extremities, and dental, Orchid holds the highest quality standards in the industry. Orchid employs approximately 2,000 employees and generating over $350M in annual revenue.
Orchid’s Pain Points
Orchid needed a platform that would provide greater visibility and optimization to support the company’s rapid development. Orchid was utilizing Infor CPM for financial consolidations and Microsoft Excel® for financial planning but was experiencing many limitations and challenges. To consolidate actuals and forecasts in Infor, the Finance team was spending nearly two hours rendering the system which, caused delays in their close and budgeting processes. The Excel® add-in feature of Infor required too much manual effort to perform ad hoc analysis and new report building was highly inefficient. On the FP&A side, the design of their system did not allow Orchid to utilize functionality for improved forecasting such as people planning, CAPEX planning, what-if scenarios, and more.
So, Orchid began their search for a new CPM solution, that was innovative and practical. Orchid was most impressed by the capabilities of OneStream’s Intelligent Finance platform and the company’s well-rounded Gartner Magic Quadrant leadership placement in both financial consolidation and financial planning. OneStream’s customer references helped the Orchid team solidify their decision and they made switch from Infor to OneStream.
Finance Implants a Modern Solution
By converting to OneStream, Orchid is now equipped with a unified platform for financial consolidation, reporting, budgeting, and forecasting. Unlike Infor’s version, OneStream’s Excel® add-in function allows Orchid to easily execute ad-hoc analysis on actual data on a recurrent basis, while Guided Workflows provide enhanced visibility into the closing process.
With OneStream, Orchid is benefitting from faster consolidation times, a streamlined close process, and quicker access to results. In fact, Orchid has shortened the monthly close process by 20%-. The Orchid team now has a better understanding of monthly performance and has reduced the time it takes to compile month-end results for the management team and board by 2-3 days.
Orchid has even extended its OneStream platform to include Account Reconciliations, Task Manager, and People Planning solutions from the OneStream MarketPlace™. The Task Manager feature has provided better visibility into the status of the month-end closing process by updating owners of the process. In addition, People Planning automates the forecasting of labor costs, allowing Orchid to better manage their largest expense.
To learn more about Orchid Orthopedics’ unique OneStream journey, we invite you to read their Customer Success Story. And if your organization is ready to begin your finance transformation journey, contact OneStream today!
Photo by Joyce McCown on Unsplash