When a business breaks off from its parent company, the organizational change can be hard. Systems and processes need to be reassessed and streamlined to fit the new needs of the independent organization. Often, inherited legacy systems simply cannot keep up. Premium Sound Solutions (PSS) was in this exact situation when they separated from Philips Electronics in 2014. They knew it was the opportune time to replace Hyperion Financial Management (HFM) with OneStream for financial consolidation and reporting.
Sound Solutions Heard Around the World
For over 35 years, Premium Sound Solutions (PSS) has been a leading global manufacturer and supplier of automotive and consumer sound solutions. With over 4,000 employees across Asia, Europe and North America, the PSS team invents revolutionary designs and techniques to sustain their reputation as one of the world’s leading audio companies, manufacturing over 60 million speakers every year.
Challenges with HFM
In 2014, PSS becomes an independent company yet was still using their former parent company’s HFM system for financial reporting. The legacy HFM system could not effectively keep up with the company’s growing global footprint and failed to provide quick analysis of operating results. PSS needed a unified solution that would streamline data collection and processing to the needs of their management team and would replace their outdated reporting process. PSS wanted end users to be able to manage their corporate performance management platform with minimal assistance from the internal help desk.
OneStream’s Unified Platform Enhances Consolidation & Reporting
After a demonstration, PSS was certain OneStream XF would meet all their requirements for financial consolidation, budgeting, data quality management and sales and cost center reporting. With its unified architecture, OneStream XF provided the ability to consolidate multiple data submissions into one product to ease reporting processes across the global organization.
After a short four-month implementation, PSS went live with OneStream XF and the benefits accrued quickly. PSS gained improved insight into the impacts of currency fluctuations as well as the ability to automate intercompany eliminations using historic overrides. The company’s financial reporting model transformed from 12 unstructured dimensions in HFM to 15 structured dimensions in OneStream XF to deliver more powerful reporting, analytics and insight into their business. PSS is now able to adjust their P&L structure to allow for better global site benchmarking on efficiency and improvements.
One Platform Delivering Multiple Solutions
OneStream XF delivers ad hoc reporting for PSS management that is more powerful and suitable than what HFM could provide. With automatic recalculation of actuals at budget rate, the system allows PSS to isolate the impact of exchange rates when doing variance analysis. PSS also uses analytic dashboards for detailed customer and cost center analytics.
“OneStream XF has provided us with a unified solution that was able to easily reconcile with our prior system without disruption to our monthly close process,” said Stijn Goeminne, Chief Financial Officer of Premium Sound Solutions. “OneStream XF expanded our financial reporting model and gave us a more powerful management reporting system. Implementing OneStream XF has elevated our expectations!”
Through OneStream’s XF MarketPlace, PSS downloads new solutions without additional costs or upgrades. In addition, workflow structures are being used for actuals and budget reporting to empower end users to complete individual tasks without additional assistance. With OneStream, processes are streamlined and management now has insightful audit trails to ensure data integrity and consistency.
To learn more, read the complete Premium Sound Solutions case study and contact OneStream today to upgrade your legacy consolidation system into a modern, unified platform.