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Royal Terberg Group Enhances Financial Consolidation and Reporting with OneStream
Technology Category
- Analytics & Modeling - Predictive Analytics
- Functional Applications - Enterprise Resource Planning Systems (ERP)
- Platform as a Service (PaaS) - Data Management Platforms
Applicable Industries
- Automotive
- Specialty Vehicles
Applicable Functions
- Business Operation
Services
- Software Design & Engineering Services
- System Integration
- Training
The Challenge
Speed, flexibility, and accuracy are crucial elements for financial consolidation and management reporting in any organization — especially large enterprises like the Royal Terberg Group. Headquartered in the Netherlands, the Royal Terberg Group was looking for an integrated corporate performance management (CPM) system to improve consolidation, reporting, budgeting, and forecasting across 39 operating locations. Excel® required too many manual consolidation steps, and their IBM Cognos system was cumbersome, which in turn created a lengthy and inefficient process. As Terberg continued to grow organically and through acquisitions, they knew it was time to look for a replacement.
About The Customer
For over 150 years, the Royal Terberg Group of companies have been active in the specialist vehicle markets. With 39 operating companies in 13 countries, Terberg is one of the largest independent specialist vehicle suppliers, from terminal tractors to cars, conversions to new builds, Terberg leads the way. The Royal Terberg Group has been moving forward with an emphasis on invention, innovation, transformation, and value creation.
The Solution
Terberg had a list of CPM software requirements, which started with an intuitive interface. They needed a user-friendly solution that could be completely owned by the office of Finance. Their ideal platform would offer balance sheet and cash flow statements, as well as dashboard reporting. Finally, to improve data collection, they wanted their solution to pull information directly from Microsoft Dynamics AX. Thanks to a recommendation from Finext, Terberg found the perfect solution for financial consolidation and reporting in OneStream. OneStream has enabled Terberg to standardize and automate their consolidation process and reduce the time needed to generate corporate reports. Controllers are able to create manageable accounts, automate cash flow, and leverage OneStream’s core budget and forecast capabilities. OneStream gave them the look and feel they were seeking in one unified product. Following their implementation, Terberg acquired a significant business that added 10 operating companies, nearly doubling their sales numbers. OneStream enabled Terberg to quickly add these companies to their financial structure, which included unique reporting requirements and deadlines under UK GAAP.
Operational Impact
Quantitative Benefit
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