QHolding

Q Holding + ONESTREAM Case Study

ABOUT Q Holding

Q Holding provides world class engineered and elastomeric solutions for the global life sciences, automotive and industrial markets. Offering state-of-the-art engineering support, materials science, exceptional production and quality systems, Q Holding’s market-leading capabilities span the entire production cycle, from product concept through delivery. https://qco.net/

THE CHALLENGE

Q Holding had a complex excel – multi-tab process for their consolidations process.  The process was lengthy and prone to spreadsheet errors. Excel limited their ability to handle complex calculations and the flexibility to make changes on the fly during the close.

Visibility and Executive level reporting took too much time and manipulation, limiting transparency, thus not leaving enough time to spend dissecting what the data was telling about the business.

Account Reconciliations were also handled in Excel which required manual entry and was too time consuming.

  • INDUSTRY

    Engineering & Manufacturing (Global Life Sciences and Automotive)

  • REVENUE

    Private

  • FORMER EPM

    Excel

  • EVALUATED

    Oracle, Planful

  • BENEFITS SUMMARY

    • Implemented consolidations, with built-in workflow, to create a single system of record for the close process.
    • READ MORE

ELEMENTS OF SUCCESS

Executive Reporting, Financial Consolidation, Account Reconciliation, Data Integration, Manufacturing

THE PROJECT

  • Implemented unified platform for analyzing data with drill back.
  • Implemented consolidations, with built-in workflow, to create single system of record for the close process.
  • Created ability to manage the close process by implementing workflow in OneStream allowing for complete transparency on the status of the close.
  • Developed dashboards and guided reporting capability for end users as well as Executives.
  • TECHNOLOGY & INTEGRATION

    • QAD, Priority, M1 and IQMS
  • BUSINESS CHALLENGES

    • Complex excel – multi-tab process for lengthy, error prone consolidation process. 
    • Excel limited the ability to handle complex calculations and the flexibility to make changes on the fly during the close. 
    • Visibility and Executive level reporting took too much time and manipulation, limiting transparency, leaving little time to spend dissecting what the data was telling them about the business.
    • Account Reconciliations were also handled in Excel which required manual entry.

  • SCOPE

    Executive Reporting, Financial Consolidations, Account Reconciliations, Data Integration

KEY BENEFITS

Implemented a Modern and Unified CPM solution.

Eliminated days from the consolidations and intercompany eliminations process.

Manual adjustments previously made directly to trial balances and the Excel consolidation file are now journals posted in OneStream providing control and visibility.

Created visibility to the Executive level with the creation of dashboards and guided reporting much faster.

Implemented XF Marketplace Solution Account Reconciliations, providing the link from reported balances to reconciled accounts and ability to Drill-to-Reconciliation instantly from financial reports in one unified system.

ABOUT BLACK DIAMOND

Black Diamond is the leading Digital Finance Transformation firm and OneStream Diamond Partner. We leverage depth of experience and breadth of knowledge to define client needs. We are industry experts who anticipate current and future challenges and share our experience and knowledge to address them. We seek to have joint development of the solutions we create and remain engaged with clients throughout the entire transformation journey to ensure the greatest value is derived.

Black Diamond Advisory is based in Golden, Colorado.  Our Advisory and Consulting Experts are located throughout the United States and are deployed to each customer location to provide hands-on support through the duration of the implementation process. For more information, visit  www.blackdiamondadvisory.com or on LinkedIn at https://www.linkedin.com/company/blackdiamondadvisory

 

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