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Solenis Enhances Financial Reporting and Consolidation with OneStream
Technology Category
- Analytics & Modeling - Predictive Analytics
- Platform as a Service (PaaS) - Application Development Platforms
- Platform as a Service (PaaS) - Data Management Platforms
Applicable Industries
- Chemicals
Applicable Functions
- Business Operation
Services
- Cloud Planning, Design & Implementation Services
- System Integration
- Training
The Challenge
As a spin-out of Ashland Corporation with multiple instances of SAP GL/ERPs, Solenis was using an SAP GL and Excel for financial consolidation and reporting. Joining the organization as Assistant Controller in December of 2014, and with a $2B acquisition to integrate and new debt to manage, Jordan Brackett and his Controller at the time Rick Oswald, had to build a controller function from scratch. This meant creating a financial consolidation and reporting process and getting a new system in place. Fidato Partners was helping Solenis with their finance processes and introduced the team to OneStream as a platform that could be run by finance with limited IT support. Brackett and the team trusted Fidato and decided to implement OneStream without looking at any other options. And their decision turned out to be a good one.
About The Customer
Solenis is a leading global producer of specialty chemicals for water-intensive industries, including the pulp, paper, oil and gas, chemical processing, mining, biorefining, power, and municipal markets. The company’s product portfolio includes a broad array of process, functional, and water treatment chemistries, as well as state-of-the-art monitoring and control systems. These technologies are used by customers to improve operational efficiencies, enhance product quality, protect plant assets, and minimize environmental impact. Headquartered in Wilmington, Delaware, the company has 41 manufacturing facilities strategically located around the globe and employs a team of approximately 5,200 professionals in 120 countries across five continents.
The Solution
Solenis decided to implement OneStream via the Cloud, which required limited IT resources and would make upgrades much easier. The initial focus of their OneStream implementation was on financial consolidation and reporting. The financial consolidation application spans over 70 entities with more than 45 of them being operating entities. The system collects data in multiple currencies, with the ability to translate and report results at different currency rates to isolate the impact of FX fluctuations. The next phase of the project focused on building out the financial reporting model and creating direct integration with their SAP ERPs. The solution supports multiple reporting hierarchies including Legal, SBUs/Product, Line of Sight, and Geography. There is a high volume of intercompany transaction activity across companies to be eliminated. Global controllers now push their own data into OneStream, and all monthly reporting is done out of OneStream. The Solenis team uses OneStream’s Guided Reporting for most of their ad hoc reporting and the OneStream Excel add-in for generating financial statements. All their statutory reporting around the world is now moving to OneStream. This includes bridge reporting for US GAAP to local GAAP.
Operational Impact
Quantitative Benefit
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