Following its separation from a broader parent company, the newly formed standalone company embarked on a finance transformation journey to streamline the management reporting process, reduce manual efforts and implement a common planning and reporting platform.
- Desire to implement a standalone EPM system serving as a single source of truth
- Interim process was manual and time intensive
- Lack of data availability and self service capabilities available to end users
- Insufficient level of detail in COA structure to identify revenue or expense at the product level
- Unable to obtain financial and metric reporting to support product/activity based P&Ls
How did we help?
Across the span of four months, a diverse PwC team (US, AC, Talent Exchange) lead the implementation of the OneStream product through delivery of the following key areas:
- Design - Conducted design sessions with key stakeholders to understand and develop the most efficient data structure to allow the distributor to report, budget, and manage the business
- Build - Configuration of 13 dimensions, three sets of allocation business rules, custom allocations for 34 P&L line items, 25 custom built management reports (including four product P&Ls and reporting for subscriber metrics/KPIs)
- Train - Hosted two onsite training sessions at client site to train 70+ end users and demo the platform
- Test - Conducted UAT & SIT (53 cases) to ensure proper application functionality for end users and admins
- Data validation - Validated ten months of historical data between legacy system and OneStream to ensure integrity and accuracy
How did it go?
By collaborating with an engaged FP&A team, the project was able to successfully Go-Live with OneStream, a tool that will help them efficiently plan and report using a single source of truth.
PwC helped develop a new allocation methodology within OneStream, which allowed them to generate product specific P&Ls with detailed revenue and functional expense data – addressing key pain points from the previous reporting.
The solution has decreased the repetitive and time intensive tasks required to generate accurate management reporting outputs so that they can drive effective decision making. Additionally, end users have greater access to transparent and real time financial data compared to the legacy process.