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Orchid Orthopedic

About Orchid Orthopedic Solutions

Orchid is a world leader in orthopedic medical device solutions, providing design and manufacturing services globally. As a strategic partner, Orchid has the capability of providing entire implant procedure and product design services, as well as complete single source manufacturing. Orchid has the broadest portfolio in the industry, ranging from design and development through finished goods manufacturing and packaging, improving customers’ supply chains and adhering to the highest quality standards in the industry. Orchid specializes in implants, single use instruments and innovative technologies within joint reconstruction, hips, knees, spine, trauma, extremities and dental. For further information, please see

The Challenge

Headquartered in Mason, MI, Orchid Orthopedic Solutions (Orchid) has been providing solutions for orthopedic implant procedures since 2005. Orchid has approximately 2,000 employees and generates over $350M in annual revenue. Orchid was using Infor CPM for financial consolidations and Excel for financial planning processes but was experiencing many challenges and limitations.

To consolidate actuals and forecasts in Infor, the Finance team was spending nearly two hours rendering the system which caused delays in their close and budget processes. The Excel add-in feature required too much manual effort to perform ad hoc analysis and new report building was highly inefficient. On the FP&A side, the design of their system did not allow Orchid to utilize the functionality for improved forecasting such as people planning, CAPEX planning, what-if scenarios, and more.

“Overall, the version of our system was not supported by Infor, which made it difficult to maintain,” said Josh Thompson, Director, Financial Planning & Analysis at Orchid. “If the system ever crashed it would have been challenging to recover. We were also concerned about our ability to quickly scale and integrate newly acquired companies, so we decided to explore our options.”

Selecting OneStream

When searching for a new CPM solution, Orchid originally considered Adaptive Insights, Host Analytics, and one other competing solution. Then, Orchid heard about OneStream and liked how the platform could fit all their needs for today and the future. “The relationships we built with the OneStream sales and demo teams were instrumental in our decision,” said Megan Jones, Manager, Financial Planning & Analysis at Orchid. “Among all the solutions we looked at, OneStream was by far the most knowledgeable and made us feel most comfortable about the product.”

The Orchid team was impressed with OneStream’s well-rounded Gartner Magic Quadrant leadership placement in both financial consolidation and planning categories and OneStream’s willingness to provide multiple references. “It was much easier to find references for OneStream with similar size and complexity in manufacturing and using the system in the same way we wanted,” said Jones. “All the customers we talked to loved their end product and were completely satisfied with the system.”

Ultimately, Orchid chose OneStream but it was a multiple year journey as their search and decision was paused as they went through the sale of the company during 2018 and 2019. “We stayed in touch with Greg Seaman, our awesome sales partner from OneStream, who waited patiently for us to finish the sale,” said Thompson. “He was a great resource that made the decision easy and we were happy we selected OneStream and implemented during COVID in 2020.”

Implementing a Modern Solution

Deployed in the cloud, Orchid has ~50 users across FP&A, Financial Reporting, General Managers/Site Leadership, Operations, Supply Chain, Commercial, and HR. “The cloud makes integration into other systems easier for us and gives us reliability knowing how frequently data is backed up and readily accessible,” said Thompson. “In fact, we have had power outages that have taken down our internal systems while OneStream remained operational.” Orchid’s data warehouse sources OneStream with General Ledger data for operating sites and 31 trial balances in total.

Orchid went live with financial consolidation and reporting, budgeting, and forecasting in OneStream, plus the Task Manager and People Planning solutions from the OneStream MarketPlace. By updating owners of the month end close process, Task Manager has allowed more visibility into the status of the close.

OneStream also houses payroll and census data from Workday for People Planning. “Previous to the People Planning solution, we would export data from Workday and perform manual analysis in Excel,” said Jones. “This was very difficult to repeat and made it challenging to answer any actual versus budget versus forecast questions we would receive about our labor costs. OneStream’s People Planning solution will automate many aspects of the labor spend that was previously very manual and time consuming to complete.”

Streamlining the Financial Close

There are several features Orchid implemented in OneStream that were not available in Infor. This includes statutory reporting, USD overrides, and intercompany eliminations at all the different relationships in the hierarchy. They have also automated their equity statement which was previously performed in Excel with manual calculations. “In our old system, several manual cash flow adjustments were needed to be recorded each month because we could not balance in USD and local currency at the same time,” said Jones. “This is not the case in OneStream where we have fully automated our cashflow.”

Guided Workflows allow better visibility into the close process and the Excel add-in feature enables Orchid to quickly perform ad-hoc analysis on actual data on a recurring basis. Jones added: “We are creating and automating so many different reports and calculations such as capitalized variance and weekly profit estimates, and the Excel add-in benefit cannot be understated. Now there is more time spent on analysis of the business results versus on collection and consolidation of data.”

Faster consolidation times with OneStream have helped speed up the close process and allow for reviews of the results to occur earlier. Since going live, the Financial Reporting team has shortened the close process by 1 business day from 5 to 4 which is a 20%-time reduction. Now the Orchid team has better visibility into monthly performance and the time to prepare month end results for the management team and board has been reduced by 2-3 days with improved accuracy.

FP&A Benefits Realized

Before OneStream, FP&A teams manually performed forecasting and budgeting in Excel and loaded end results into Infor. “We lacked the level of detail and driver-based planning the organization demanded,” Thompson added. “The forecast and budget methodology was not consistent across our operating sites which led to errors and missed profit forecasts.” Now Orchid performs monthly rolling forecasts and an annual budget in OneStream.

“We developed over 50 drivers to calculate balances across the P&L, balance sheet and cashflow,” Jones added. “This drives consistency of our forecasts and budgets across the organization and gave us the ability at corporate to control global drivers. We also have more detail for the budget and forecast in OneStream, which allows us to perform better analysis over the plans.”

About OneStream Software

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.

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