Episode 10 of the BDA Broadcast featuring Nicole Cunningham, Chief Financial Officer at JDC
Transforming Financial Planning: JDC’s Journey with OneStream and Black Diamond Advisory
In Episode 10 of the BDA Broadcast, we dive into the remarkable journey of Jack Doheny Companies (JDC) as they transitioned to a more efficient and comprehensive financial planning system with the help of OneStream and Black Diamond Advisory. Hosted by Ashwin Manthena and Greg Beaton, this episode features Nicole Cunningham, CFO of JDC, who shares her firsthand experience of this transformative process.
The Challenge: Inefficient and Complex Financial Processes
When Nicole joined JDC, the company was managing its budgeting and financial planning through 16 Excel templates updated bi-yearly—a time-consuming and error-prone process. The existing dashboarding tool, while effective for tracking KPIs, lacked robust reporting capabilities, making it difficult for JDC to gain deeper insights and make informed decisions. Nicole knew that JDC needed to move towards a more efficient and scalable solution.
The Solution: Embracing OneStream
The decision to implement OneStream wasn’t taken lightly. JDC explored multiple options and ultimately chose OneStream in 2023, recognizing its potential to streamline their processes and support future growth. One of the key factors in their decision was the OneStream Marketplace, which offered tools and features that, while not immediately necessary, provided room for JDC to grow into as their needs evolved.
During the evaluation process, Nicole worked closely with Greg Beaton to understand how OneStream could be tailored to meet JDC’s specific needs. They spent considerable time discussing the build process, especially around asset-level planning through capital planning—an area that initially made Nicole nervous due to its complexity. Greg proposed a solution that integrated average rental rate and utilization data, which would significantly enhance forecast accuracy.
The Impact: Efficiency, Insight, and Growth
The implementation of OneStream at JDC has been nothing short of transformative. With the new system in place, JDC now enjoys streamlined processes and the ability to conduct in-depth analysis, a significant improvement from their previous data compilation mode. Nicole highlighted the efficiency gains, noting that the time saved has allowed her team to shift from merely compiling data to actually analyzing it—leading to better decision-making and a deeper understanding of the company’s pain points.
Additionally, OneStream has enabled JDC to achieve more accurate actuals reporting at various levels, including region, sub-account, and customer type. The integration of asset planning into the balance sheet was another critical benefit, helping JDC better manage its capital assets. The consolidation feature has also been a game-changer, allowing JDC to convert Canadian financials to US reporting effortlessly.
Nicole was particularly impressed with OneStream’s Narrative Reporting capability, which she believes could be a significant time-saver for JDC. She plans to tap into Black Diamond Advisory’s expertise to fully implement this feature, allowing bank reports and other key documents to seamlessly integrate into their reporting process.
A Successful Partnership
The collaboration between JDC and Black Diamond Advisory was a natural fit from the start. Ashwin Manthena praised the partnership, noting how well the teams worked together throughout the build and delivery process. Despite initial cautious optimism about the detailed capital asset planning, both teams quickly realized the potential of the solution, leading to a smooth and successful implementation.
One unexpected benefit that JDC gained from this partnership was compensation planning—a feature they hadn’t initially considered but found incredibly useful thanks to BDA’s guidance.
Advice for CFOs
When asked what advice she would give to other CFOs embarking on a similar journey, Nicole emphasized the importance of preparation. She recently advised a peer to prepare their Excel templates so they can be easily migrated into a new platform like OneStream. “You can’t automate inefficiency,” she said. “You have to ensure it’s working effectively.”
JDC’s experience with OneStream and Black Diamond Advisory is a powerful example of how the right tools and partnerships can transform financial planning and drive business growth. Tune in to Episode 10 of the BDA Broadcast to hear more about their journey and gain insights that could benefit your own organization.
