Lucy Group Streamlines Financial Management Worldwide with OneStream Software
Replaces Hyperion with a modern platform that can unify and simplify financial consolidation, reporting, planning and analysis
ROCHESTER, Mich.–(BUSINESS WIRE)– Lucy Group, a diversified international group of businesses operating across several sectors, including Lucy Controls, Lucy Electric and Lucy Real Estate, has digitally transformed financial management worldwide with OneStream Software. By replacing its legacy Oracle Hyperion system with OneStream’s modern, unified platform, Lucy Group has realized significant improvements in financial and management reporting while gaining deeper insight across all business units
The OneStream platform is easy to use and administer, removing the IT management burdens of its previous system and giving more control back to the finance team. A recent OneStream upgrade was completed within a few hours, compared to days for the previous finance platform.
“OneStream XF has taken a great deal of pressure and workload off group finance, where previously we would have to do a lot of checking the data. The individual users can do it all themselves now, which is obviously a huge benefit to any organization,” said Guy Hill, group reporting manager of Lucy Group.
Single Platform Drives Efficiency
The built-in workflow functionality of OneStream XF has fueled greater insight, tighter collaboration across all units and overall better efficiency. Guided workflows allow the group finance team to see exactly how far each user is within a process, increasing visibility and accountability with a logical step-by-step methodology. Users now load their data directly into OneStream for next-level managerial reviews. Simplifying and aligning corporate performance management processes, the workflow lock notifications tell group finance staff when to take over and process the entered data.
The finance team can now drill down to source data and because everything is on the unified OneStream XF platform, everyone works from the same data with a ‘single source of the truth.’ With OneStream’s strict workflow controls, Lucy Group has been able to standardize finance processes, maximizing confidence through a user-driven approach. Further, the workflows are date stamped with details that now provide Lucy Group with a much-improved audit trail.
Value-Added Extensible Platform
Lucy Group is using OneStream’s Guided Reporting solution, which provides business users with one place to view all reports, including the additional flexibility to mix and match rows and column sets to create new reports. Guided Reporting is one of more than 50 solutions optimized for the OneStream XF platform and available for download via the XF MarketPlace.
With OneStream’s modern platform in place, Lucy Group plans to extend the solution adding financial budgeting and planning to support its five-year strategic plan and help corporate finance to complete long-term deal modeling with improved data insights for analyzing impacts to cash flow.
Another OneStream advantage for Lucy Group was the ability to deploy on-premise and still plan for an easy transition to the cloud. Numerous customers have been able to migrate from a OneStream on-premise deployment to OneStream XF cloud within hours.
“We noticed other vendors offered different products for on-premise and cloud solutions, whereas OneStream is simply the same product,” Hill added. “When our organization becomes cloud-ready, it’s a seamless move of our current application into the cloud, which adds quite a bit of extra comfort for us.”
Lucy Group is a diversified international group with operating businesses across a number of sectors: Lucy Controls, Lucy Electric and Lucy Real Estate. Since its origins in Oxford, UK, over 200 years ago, the Group has grown and evolved. Lucy Group now employs over 1,400 people across offices and factories in 10 regions and trades in over 60 countries. We have achieved our sustained growth by believing in our people, investing in new products, taking brave decisions and building trusted relationships. For more information go to https://www.lucygroup.com/
About OneStream Software
OneStream Software provides a market-leading CPM solution that unifies and simplifies financial consolidation, planning, reporting, analytics and financial data quality for sophisticated organizations. Deployed via the cloud or on-premise, OneStream’s unified platform enables organizations to modernize Finance, replace multiple legacy applications and reduce the total cost of ownership of financial systems. OneStream unleashes Finance teams to spend less time on data integration and system maintenance – and more time focusing on driving business performance.
The OneStream XF MarketPlace features downloadable solutions that allow customers to easily extend the value of their CPM platform to quickly meet the changing needs of finance and operations. OneStream was named to the 2019 Inc. 5000 as one of the top 700 fastest-growing companies in North America. Learn more at www.onestream.com
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