Foley Products Partners with MindStream to Optimize Reporting through OneStream
Foley Products, a prominent player in the cement manufacturing industry, has been a hallmark of quality and innovation for years. With a commitment to excellence, they have always prioritized adaptability and evolution, ensuring that their operational and reporting processes support their growth and the increasing complexity of their business operations. Despite their robust reputation, they faced the universal challenge of integrating and streamlining data from various systems.
The Challenge:
Foley Products was facing a significant challenge with its Excel-based actual management reporting system. The complexity was due to data being held in multiple source systems, resulting in a reliance on manual processing. While the company had access to essential data like AR Aging, Production, and Sales volumes, there was a pressing need to support trial balance analysis with backlog and quoting data. Moreover, the company wanted to delve deeper, going beyond just Product and Customer to include Sales Reps and Ship to State details.The Solution:
MindStream proposed an innovative solution leveraging OneStream. The goal was to amalgamate data from various sources into one streamlined reporting tool, allowing Foley to:
- 1. Consolidate Reporting: By integrating multiple data sources, OneStream facilitated seamless reporting. This enabled Foley to analyze data at a senior management level when required.
- 2. Direct Connect System Integration: MindStream established a direct connection for the Titan & Maestro system. This step not only reduced the manual workload but also minimized potential data inconsistencies and eliminated the need for manual data entry.
- 3. From Excel to OneStream: Foley transitioned from Excel processing to OneStream. Teddy, the System Admin, played an instrumental role in this transition. Keen to leverage the full potential of OneStream, he sought to understand the platform deeply to broaden Foley's operational successes.
- 4. Automated Processes: MindStream introduced automated and scheduled GL & subledger loads to support both operational and management reporting. Furthermore, they merged financial data with operational metrics, offering a richer and more integrated reporting perspective.
- 5. Future Growth Strategies: OneStream's capabilities ensured Foley is poised for future expansion. With its adaptable nature, OneStream will allow them to integrate data from multiple companies, aligning with their growth aspirations.
- 6. Stakeholder Involvement: Oaktree Capital, a Private Equity firm, was deeply involved in the project. Their presence and insights were invaluable, steering the direction and decisions of the end solution.
With the implementation of OneStream, Foley Products not only optimized its reporting system but also positioned itself for more expansive growth and scalability.
Partner SpotLight
OneStream aligns to your business needs and changes more quickly and easily than any other product by offering one platform and one model for all financial CPM solutions. OneStream employs Guided Workflows, validations and flexible mapping to deliver data quality confidence for all collections and analysis while reducing risk throughout the entire auditable financial process.
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