Lonrho lacked a reliable and consistent corporate performance management solution that was easy to use and maintain and also meet their basic operational requirements.
Lonrho implemented OneStream for financial consolidation and were able to automate currency conversion, on-the-fly intercompany matching and have full accountability and transparency to their reports. Moving ownership of data submission and review to the submission locations using Guided Workflows intuitively move end users through the data collection, integration and reporting process. Audit controls ensure accuracy and allow them to report with confidence.
Continuing to leverage the work done in the consolidation phase, Lonrho streamlined their Budget process, automating various calculations to drive certain balance sheet accounts and cash flow projections. For forecast, automation of forecast seeding with actuals and prior forecasts drove efficiencies in a previously very manual process. Collecting actual, budget and forecast in one application simplified variance reporting and improved analysis capabilities.
“After years of dealing with financial processes that were still very time consuming and inefficient, we decided it was time to simplify and replace our multiple CPM systems, including our legacy financial consolidation system and market-leading planning system, with a powerful unified solution” said James Manuel, Group Financial Controller, Lonrho. “We were diligent in reviewing the cost, complexity and time required to upgrade our current systems but quickly realized the benefits that OneStream could offer that the newer version of our current systems simply could not provide. The ability for extensive analysis using the retrieve functionality in Excel®, the constant currency translation, a single reporting lens across the organization and the ‘on- the-fly’ intercompany matching was key. Additionally, OneStream’s Guided Workflow gave our end-users a step-by-step approach making end user training very simple and easy. OneStream provided us with more financial intelligence, full auditability and the overall accountability we needed at a total lower total cost of ownership.”
There is no substitute for the value of having one application that can share and extend dimensions to deliver multiple solutions without the technical complexity of having to install, implement, maintain, learn and upgrade multiple products, applications or modules.
About Lonrho Lonrho is an investment group operational in 12 countries with a history of investing in Sub-Saharan Africa for over 100 years. Information about Lonrho is available at www.lonrho.com. The Challenge
Lonrho needed to replace their unstable legacy financial consolidation system and market-leading planning system with one unified platform for financial reporting, consolidation, forecasting and analysis. The solution needed to effectively run with their larger corporate initiative and also dramatically bring down their total cost of ownership. Prior method of financial consolidation was very time consuming and inefficient, and lacked true data integration.
OneStream Software provides a market-leading intelligent finance platform that reduces the complexity of financial operations. OneStream unleashes the power of finance by unifying corporate performance management (CPM) processes such as planning, financial close & consolidation, reporting and analytics through a single, extensible solution. We empower the enterprise with financial and operational insights to support faster and more informed decision-making. All in a cloud platform designed to continually evolve and scale with your organization.
OneStream’s Intelligent Finance platform can easily be extended with over 50 solutions from the OneStream MarketPlace™. These downloadable solutions are fully battle-tested and optimized for the OneStream platform. They allow customers to easily extend the value of their investment to meet the changing needs of finance and operations.
For more information, please visit OneStream Software https://www.onestream.com or on Twitter @OneStream_Soft.
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