Case Studies Printpack Enhances Financial Operations with OneStream Cloud and MarketPlace Solutions

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	Printpack Enhances Financial Operations with OneStream Cloud and MarketPlace Solutions

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
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. Read More
About 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. Read More
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. Read More Log in to view content
Contents

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

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 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.

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.

Impact #1	Printpack extended their investment by downloading the Account Reconciliations, Capex Planning, and Postal Service solutions from the OneStream MarketPlace.
Impact #2	The Account Reconciliations solution was installed, configured, and rolled out to users within six weeks, replacing manual processes.
Impact #3	The Capex Planning solution replaced six different massive Excel® spreadsheets, helping manage the annual capital budget and monthly forecast.

Impact #1

Printpack extended their investment by downloading the Account Reconciliations, Capex Planning, and Postal Service solutions from the OneStream MarketPlace.

Impact #2

The Account Reconciliations solution was installed, configured, and rolled out to users within six weeks, replacing manual processes.

Impact #3

The Capex Planning solution replaced six different massive Excel® spreadsheets, helping manage the annual capital budget and monthly forecast.

Benefit #1	OneStream solution is projected to yield a 2.5-year payback.
Benefit #2	150 users across the organization have increased productivity.
Benefit #3	Savings mostly in annual software maintenance and hosting costs.

Benefit #1

OneStream solution is projected to yield a 2.5-year payback.

Benefit #2

150 users across the organization have increased productivity.

Benefit #3

Savings mostly in annual software maintenance and hosting costs.

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Overview

Printpack Enhances Financial Operations with OneStream Cloud and MarketPlace Solutions

Operational Impact

Quantitative Benefit