Case Study
Empowering Financial Agility: Delivering Value with Increased Responsiveness and Financial Insights
Learn how Cordis went from a painstakingly manual spreadsheet-based process for budgeting, planning and forecasting and management reporting to a single source of truth that enables leadership to make more informed decisions faster.
Accurate
financial reports that position OneStream as a single source of truth for Finance
15
minutes to run reports that previously took days
No More Manual
moving and reconciling of data and more time spent on value-added anlysis
Benefits
- Increased responsiveness to stakeholders with ad-hoc reporting requests that previously took a day or more now take only 15 minutes to compile.
- Ability to run scenarios with AOP or annual budgets at different fx rates with just the click of a button.
- Reduced time spent on reporting tasks after OneStream implementation – tasks that previously took days to complete now take only minutes or hours.
- Improved confidence in financial reporting positioned OneStream as a single source of truth for leadership and other groups within Finance.
- Engaged, excited stakeholders who use the system compared to previous heavily manual spreadsheet process that frequently crashed.
About Company
Cordis is a global leader in delivering innovative, differentiated cardiovascular and endovascular devices.
Industry
Medical Device Manufacturer
Location
Miami Lakes, FL, United States
Solutions
- Budgeting, Planning, Forecasting
- Financial Reporting
“I can now make dinner without having to be on phone calls or the computer telling people we need to change this or go back and look at that, that doesn’t look right. It’s a huge difference – I can actually go to bed before midnight now.”
– Yvette Stanley | Director of FP&A | Cordis
High-Tech Medical Device Manufacturer with Low-Tech Financial Processes Sees Room for Improvement
In the competitive landscape of medical device manufacturing, Cordis found itself at a critical juncture. Tasked with producing intricate catheters, stents and other cardiac devices such as a hand-stitched abdominal aortic aneurysm (AAA) stent graft system, the company relied heavily on manual processes, particularly when tracking budget and actuals reporting using Excel. This reliance on spreadsheets proved increasingly burdensome as the complexity of operations grew.
Yvette Stanley, Director of FP&A at Cordis and a pivotal figure on the Finance team, described how the company’s Excel-based system became overwhelmed with the influx of data, leading to frequent crashes and the risk of losing critical financial information. Compounding the challenge was the lack of granularity in Cordis’ ERP system, JDE, which hindered the ability to analyze sales and profitability at the SKU level across various countries, ultimately impeding informed decision-making.
The Move Away from a Highly Manual, Burdensome Spreadsheet Approach to Management Reporting
Transitioning away from a cumbersome Excel-based approach, Cordis sought a solution that could streamline financial processes and provide deeper insights into the company’s global operations. Enter OneStream, a comprehensive financial consolidation, reporting and planning platform. The implementation of OneStream not only alleviated the painstaking manual efforts but also revolutionized Cordis’ financial management practices.
With OneStream, Yvette and her team experienced a significant reduction in time spent on reporting tasks, enabling the team to focus on value-added analysis rather than data manipulation. The newfound agility ultimately empowered Cordis to meet the evolving demands of its CFO and other stakeholders, demonstrating tangible improvements in responsiveness and decision-making capabilities.
"With OneStream, it’s definitely taken that anxiety off. I feel more confident in what I’m reporting and what I’m sharing, and I know that leadership has the tools they need to be able to make the decisions they need to be able to make."
—Yvette Stanley | Director of FP&A | Cordis
Time Savings in Both Work and Life with OneStream Implementation
The impact of OneStream went beyond mere efficiency gains and translated into tangible business outcomes and a substantial return on investment (ROI) for Cordis. By centralizing financial data and streamlining reporting processes, Cordis achieved enhanced accuracy of and confidence in financial reports, leading to improved trust and credibility with stakeholders. The ability to perform detailed analytics at a granular level also enabled Cordis to gain deeper insights into its global operations, facilitating more informed strategic decision-making.
While reflecting on the transformative journey enabled by OneStream, Yvette expresses optimism about the untapped potential of the platform. She especially envisions future opportunities to leverage advanced features such as dashboarding to further enhance business performance. In essence, Cordis’ adoption of OneStream not only revolutionized the company’s financial operations but also positioned it for sustained growth and success in the competitive medical device industry.
“I feel like we’ve only touched the tip of the iceberg – there’s so much more I know that OneStream can do for us. One of the things I’m getting excited about is building out dashboards. I join all of the webinars to see what OneStream can do.”
—Yvette Stanley | Director of FP&A | Cordis
Conclusion
Cordis’ journey from manual Excel-based reporting to the adoption of OneStream empowered the company with financial agility. By leveraging the power of automation, data centralization and advanced analytics, Cordis has unlocked new levels of efficiency, agility and strategic insight. The company now stands poised for sustained growth and success in a competitive business landscape thanks to continuing to harness the full potential of OneStream and grow the company’s use of the platform.