How important is the reliability of your business software? When it comes to Corporate Performance Management (CPM) software, unexpected system downtime can create stressful setbacks for finance and IT – especially during period-end close. This was the case for Fruit of the Loom, who upgraded from Oracle Hyperion Financial Management (HFM) to OneStream XF for financial consolidation, reporting and budgeting. A modernized cloud-based solution, OneStream XF has provided higher availability and stability versus their on-premises HFM application.
Iconic Brand at the Forefront of Innovation
Fruit of the Loom, Inc., is a global pioneer in the design, manufacture and marketing of family apparel, intimates, and athletic apparel and equipment with a diverse portfolio of more than 20 iconic brands includes Fruit of the Loom®, Russell Athletic®, Spalding®, JERZEES® and Vanity Fair®. Headquartered in Bowling Green, Kentucky, Fruit of the Loom employs nearly 30,000 people in 26 countries.
Growing Pains with Hyperion
Following a surge in acquisitions, HFM was no longer suitable for Fruit of the Loom’s expanded financial consolidation and reporting processes. With a costly upgrade in sight, the finance team was already frustrated and dissatisfied with Oracle’s poor HFM support and unexpected downtime. They began looking for a CPM platform that would allow them to spend more time on reviewing business data, not system issues.
Fruit of the Loom Puts Their Trust in OneStream XF
OneStream XF was the upgrade Fruit of the Loom needed to unify finance content in a singular cloud-based environment. OneStream’s extensible functionality provided Fruit of the Loom with the ability to extend the platform to include cash flow forecasting and account reconciliations through the XF Marketplace – no third-party products needed! In OneStream, Fruit of the Loom found a trusted partner that exceeded expectations with a flexible platform and responsive support.
3 Billion Data Points in A Single Platform
OneStream XF was configured to load data directly from Microsoft Dynamics AX and Oracle GL systems, enabling Fruit of the Loom to collect and analyze 100 times the amount of data previously managed in HFM. For financial consolidation and reporting, their OneStream application includes 1,200 accounts, 137 legal entities, 243 departments, 353 locations, 8 currencies and 195 brand codes. Entries are managed with far greater efficiency through the platform’s automated currency translation, cash flow reporting and workflow functionality.
Opportunities with OneStream are Anything but Brief!
With 60 users loading individual budgets into OneStream XF, Fruit of the Loom has endless opportunities for extended visibility into business performance. The finance team can now effortlessly analyze results by location, country, brand and product through the unique Extensible Dimensionality® of OneStream. In addition, Fruit of the Loom has created guided workflows to standardized processes across users, ensuing data quality, accountability and integrity.
Since implementing OneStream XF, the benefits have been felt across the organization. “We no longer have to worry about the system being down during the period-end close,” said John Alsobrook, Manager of Financial Systems at Fruit of the Loom. “I’m not losing sleep or getting calls in the middle of the night to address system issues. OneStream is always up!”
To learn more, read the complete Fruit of the Loom case study and contact OneStream today to modernize, simplify and extend CPM processes across your organization.