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Case Studies > Smart Wires Transforms Financial Management with OneStream

Smart Wires Transforms Financial Management with OneStream

Technology Category
  • Analytics & Modeling - Predictive Analytics
  • Application Infrastructure & Middleware - Data Exchange & Integration
  • Functional Applications - Enterprise Resource Planning Systems (ERP)
Applicable Industries
  • Software
  • Utilities
Applicable Functions
  • Business Operation
Services
  • Software Design & Engineering Services
  • System Integration
  • Training
The Challenge
The Finance organization at Smart Wires was running mainly through Excel, and the company was feeling the compounding impacts. Challenged by multiple versions of the truth, critical business data was very disconnected. And from a SOX compliance perspective, Finance’s over-reliance on Excel was risky. The company experienced many limitations with working in Excel, including inefficiency, time consumption, and lack of auditability. Accuracy was a concern as they were planning and budgeting in Excel, until they implemented a true corporate performance management solution.
About The Customer
Smart Wires is the world’s leading grid-enhancing technology and services provider. It quickly solves bottlenecks and grid issues to create extra capacity and provide advice on the policies, market design, and solutions critical to creating the digital grid. Headquartered in Research Triangle Park, North Carolina (with additional offices in Colombia), Smart Wires has a global workforce of visionary, tenacious industry-leading experts spread across four continents. That workforce is paving the way to energy certainty on a global scale. Working with customers, industry partners, policymakers, and regulators, Smart Wires is transforming the grid into a digital, secure, and accessible platform capable of delivering net zero, new business models, jobs, and prosperity.
The Solution
Smart Wires moved its payables management software to NetSuite from QuickBooks, which was a significant change. The next step was to get the financial planning and IT systems on par. After reviewing the options available on the market, Smart Wires selected OneStream because of the company’s dedication to 100% customer success. OneStream was chosen for its unified platform for reporting, budgeting, forecasting, and planning with actuals being pulled in from NetSuite through a direct connect integration. The audibility and invalidations in the platform are critical for compliance. As the data is manipulated in OneStream, users can see where and when the data was adjusted. Smart Wires also uses OneStream for reporting hours, and the audibility in the platform has been critical for compliance. The company extended its solution by downloading Guided Reporting and People Planning from the OneStream Solution Exchange. They are currently using People Planning to build up the forecast by person by pulling files from Paylocity and then building into it their salary and benefit information.
Operational Impact
  • Smart Wires can easily build out its budget process or operating plan by bringing actuals into the planning solution.
  • The guided workflows in OneStream have been very helpful for new planning users.
  • The audibility in OneStream provides peace of mind in comparison to previous audit challenges with Excel.
Quantitative Benefit
  • Forecasting improved from 10 days to complete to a two-day process.
  • The People Planning process went from three weeks to three days to complete.
  • The budgeting process time savings amounted to 60 days annually.

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