Terex Corporation's Transition to OneStream for Unified Financial Management

With the help of OneStream partner CompIntelligence, Terex laid out a nine-month implementation plan that included addressing both actuals reporting and planning simultaneously. They designed a hybrid chart of accounts that replicated the HFM chart required for consolidation and reporting and extended it with the details required by the FP&A team. This approach allowed the consolidation team to work concurrently with FP&A, building models and integrations. They also did three months of parallel closes before going live on OneStream in November 2018. The prior approach to budgeting and planning using HFM, Prophix, and other systems at Terex placed many limitations on the FP&A team. HFM had limited dimensionality to capture the detail required to plan by product lines, brands, functions, geographies, plant sites, and customers. This led to the creation of supplemental schedules to collect the data. There was no concept of extensibility to support future growth into models or planning by SKUs. Planning was very manual with limited ad hoc scenario analysis and no automated way to seed forecasts or run currency impact scenarios. With OneStream, Terex was able to create a detailed chart of accounts for the business in one application, which allowed them to collect the granular level of detail needed in one central place. Step-by-step workflows now guide users through the budgeting process and allow each segment to budget the way they manage their business. They improved the quality of intercompany data by creating an auto-matching process. Budgeting sales by geography has been made easier for users by creating percent allocation forms.