IPS Corporation Case Study
IPS Corporation Achieves Unified Insights and Efficiency with MindStream Analytics
IPS Corporation, a leading manufacturer of solvent cement, was facing a critical challenge with multiple data outputs and inconsistent reporting practices across its various operating companies (OPCOS). The company was seeking a reliable "source of truth" for reporting while grappling with the manual labor of managing extensive spreadsheets, complicated by diverse business practices. As IPS Corporation was poised for growth and future acquisitions, a strategic solution was imperative.
Solution: In collaboration with MindStream Analytics, IPS Corporation embarked on a transformative journey to streamline its operations and reporting processes. MindStream's expertise proved instrumental as they built a direct connection to the JDE system, bolstered by drill-back capabilities. This connection laid the foundation for a comprehensive application that seamlessly integrated critical functions including allocations, forecast input, and cash flow management.
Results: The integration of this application delivered profound operational improvements for IPS Corporation. Manual efforts were replaced with automated processes, reducing errors and enhancing efficiency. The comprehensive reporting capabilities embedded within the application allowed for the establishment of a singular "source of truth" for management, putting an end to inconsistent reporting practices across OPCOS. Moreover, the implementation of OneStream streamlined cash flow management, allocations, and basic forecasting. This harmonized the data entry process across all business lines, leading to a unified reporting solution.
Key Achievements:
- Streamlined Processes: IPS Corporation transitioned from manual spreadsheet work to automated, integrated processes, significantly reducing the risk of errors and the time spent on data management.
- Unified Reporting: The integration of reporting capabilities within the application ensured that all OPCOS adhered to a consistent reporting framework, offering clarity and reliability in decision-making.
- OneStream Implementation: By adopting OneStream, IPS Corporation enabled uniform data entry practices across its diverse business segments, ensuring accuracy and reliability in financial reporting.
- Phase 2 Readiness: With a strong foundation in place, IPS Corporation is well-prepared to move forward into the next phase, encompassing a full budgeting and forecasting end solution.
IPS Corporation's partnership with MindStream Analytics has yielded remarkable results, aligning its operations, unifying reporting practices, and setting the stage for future growth. The case study stands as a testament to the potential of strategic collaborations in overcoming challenges and embracing efficiency, accuracy, and consistency in the realm of financial reporting and forecasting.
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