Global organizations are challenged now more than ever with the need to remain flexible and agile in today’s rapidly changing business environment. A strong foundation of transparent, accessible data is key – especially when facing frequent merger and acquisition (M&A) activity requiring detailed, complicated and time-consuming transactions.
Organizations need a unified corporate performance management (CPM) platform to stay nimble during these complex transactions and to ensure accuracy across financial close, consolidation, reporting and analysis. Faced with these challenges, Ingeteam decided to replace their outdated Oracle HFM and Essbase system to gain transparency in their data and unify their complex, outdated processes. Learn more about how Ingeteam selected the right CPM software for the job below.
Igniting Finance Transformation in a Global Technology Company
Ingeteam is an international technology company specializing in the conversion of electrical energy. Ingeteam operates globally and has permanent sites in 24 countries, with more than 4,000 employees. Its technological development in power and control electronics, rotating electrical machines, systems and operation and maintenance services, enables it to offer solutions for the wind, photovoltaic, hydroelectric and fossil generation sectors, the metal processing industry, the shipbuilding industry, railway traction and the electricity grid, including substations covering transport and distribution, that are always looking for more efficient energy generation and consumption.
Driving Efficiency Through Unification
Ingeteam was using Oracle Hyperion Financial Management (HFM) and Essbase for financial consolidation and reporting, but the systems were not keeping up with Ingeteam’s rapidly-changing business requirements, such as recurrent business mergers, acquisitions and splits. Ingeteam decided to embark on finance transformation and implement a new solution to streamline the company’s complex financial processes and improve visibility and traceability of data for their reporting requirements for legal and management purposes.
Ingeteam needed to optimize the company’s existing data model, which was complex and contained many analytical dimensions, including some that were obsolete or had been reused for the new reporting purposes required. Additionally, the financial team also needed more autonomy to manage processes and master data. According to Aitor Barrondo, Global Accounting, Audit & Controlling Director at Ingeteam, “Ingeteam is a very dynamic company, hence the need for a more powerful and flexible platform that is easier to manage. After several sessions of contrasting needs with the potential of OneStream, Ingeteam were sure that they could achieve what they needed with OneStream and Nova, and they could also incorporate complementary solutions through the OneStream MarketPlace at no additional cost.”
Implementing OneStream to Conquer Complexity
The selection process for a new solution was proposed as a joint project of the Management Systems and Administration & Finance Departments at Ingeteam. Together, the teams analyzed various CPM platforms with the help of its partner, Nova, for its high degree of knowledge of Hyperion/HFM and expertise in the industry. When OneStream was first presented to Ingeteam, the company was challenged by the lack of references in the market as this project would be OneStream’s first implementation of financial consolidation in Spain. Ultimately, OneStream proved to be the best platform to handle Ingeteam’s complex requirements and with Nova as a OneStream certified partner, their passion and focus was compelling to Ingeteam and their future growth plans.
Said Barrondo, “Ingeteam is a very dynamic company, hence the need for a more powerful and flexible platform that is easier to manage. After several sessions of contrasting needs with the potential of OneStream, Ingeteam were sure that they could achieve what they needed with OneStream and Nova, and they could also incorporate complementary solutions through the OneStream MarketPlace at no additional cost.”
Unification with a Modern CPM Platform
OneStream has enabled Ingeteam to redesign and simplify their complex financial processes, unifying data management and automating manual, unnecessary processes within a streamlined, user-friendly system. Whereas users previously needed IT skills to analyze large volumes of data and extract historical data, with OneStream users can independently analyze information and view the source of the data easily at their convenience.
Financial consolidation processes have also been simplified, with a significant reduction in consolidation adjustments. Monthly calculations of the different target scenarios, forecasts and the extrapolation of monthly reporting that were previously performed in Excel are now integrated and standardized, avoiding the need for external calculations.
Data visibility has also improved through the dashboards developed in OneStream. Ingeteam reduced the manual maintenance of structures by integrating the maser data management with its systems for agile and automatic maintenance of the client structure. Users now are able to customize access to information based on the different user profiles. With OneStream, Ingeteam’s analytics are more advanced and provides access to the insights, efficiencies and improvements that the platform has brought to users’ daily lives.
The OneStream MarketPlace has allowed Ingeteam to extend their investment with targeted solutions that can be downloaded, configured and deployed within minutes.
“Thanks to the OneStream MarketPlace Parcel Service application, Ingeteam is able to launch all the reports for the month in just a few seconds, generating 90 documents in a few minutes, with all the KPIs of the Scorecard, for each entity, business, sector and segment. This is something that previously required the maintaining of a host of Excel templates, version management, and customizing the members that made up each structure, in a manual and inefficient process”, said Barrondo.
To learn more about Ingeteam’s journey from Oracle Hyperion to OneStream, check out the case study and discover how OneStream streamlined the global company’s complex financial processes. If your organization is ready for a finance transformation, contact OneStream today.