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Printpack Enhances Financial Operations with OneStream Cloud and MarketPlace Solutions
Technology Category
- Analytics & Modeling - Predictive Analytics
- Platform as a Service (PaaS) - Connectivity Platforms
- Platform as a Service (PaaS) - Data Management Platforms
Applicable Industries
- Consumer Goods
- Food & Beverage
- Packaging
Applicable Functions
- Business Operation
Services
- Cloud Planning, Design & Implementation Services
- Software Design & Engineering Services
- System Integration
The Challenge
Printpack had been using Oracle Hyperion Planning and Essbase for over 15 years for budgeting and management reporting and was handling financial consolidation and reporting via Excel® spreadsheets. The design of these systems carried too many risks and points of failure with data having to be moved between systems. In addition, there were multiple points of maintenance for meta data. The big impact of this was the risk of producing inaccurate data and spending too much time on system administration. In addition, it took the Finance team too long to produce monthly financial statements, and it was difficult to accommodate change requests from management. In 2016, the Finance team reviewed their processes, identified the risks, and concluded they needed a better consolidation and reporting system. They also realized it would be better to have a single system to manage all CPM processes.
About The Customer
Founded in 1956 and headquartered in Atlanta, GA, Printpack is a privately-held manufacturer of flexible and specialty rigid packaging. Employing over 3,500 associates worldwide, the company operates 20 manufacturing facilities in the United States, Mexico, and China. Printpack is one of the largest and most innovative packaging converters in the world with a long-standing reputation for providing quality products and services to top brands in a range of consumer food and non-food industries.
The Solution
The company evaluated several leading corporate performance management (CPM) solutions, and within a few weeks of seeing OneStream, it became clear that it was a leading option. Printpack was impressed with the history of its founders and senior staff in relation to their work and development of other CPM applications. They were attracted to the unified CPM platform approach of OneStream, its functionality, and extensibility. Compared to some of the other potential solutions, Printpack was more impressed with OneStream’s partner network, including many leading Oracle partners. Printpack initially implemented OneStream Cloud for consolidation and reporting of actual financial results. The solution integrates data directly from the JD Edwards GL, automates currency conversion, accommodates partial ownerships, and performs legal entity eliminations across multiple hierarchies for US GAAP, IFRS, and management reporting. With the help of OneStream Consulting, the rollout was completed in four months. Printpack then focused on converting their management reporting from Essbase to OneStream, with the help of OneStream partner Finit. This project was completed in roughly three months. Then it was on to converting their budgeting process from Hyperion Planning to OneStream. This phase was completed in roughly two months.
Operational Impact
Quantitative Benefit
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