Creating an Efficient Close Cycle with OneStream for Crane Worldwide Logistics
During a period of high growth, Crane Worldwide Logistics amassed over 45 instances of its existing planning software, a disparate chart of accounts, and an overburdened reporting solution. Using Excel for consolidations and compiling budget sheets was not only time-consuming, but the highly manual methods also induced questions into data accuracy and integrity. Translating data from 28+ currencies and reconciling intercompany balances was also arduous. In order to operate more effectively, the company needed to streamline its financial close and back-office reporting processes.
Partnering with Riveron, the company achieved a more efficient close cycle and access to accurate and timely data, allowing the management team to effectively make decisions.
How we helped
For its business advisory and OneStream implementation partner, Crane chose Riveron to guide the selection and implementation of OneStream based on our expertise of the software, process improvement-oriented approach, and heavy emphasis on change management. Riveron led the global rollout of the OneStream solution, which included leading design, configuration, testing, training, and post-implementation rollout support to 100-plus users in 30 countries. We replaced the manual, time-consuming, Excel-based consolidation, reporting, and planning processes with a dynamic and refined solution to meet the company’s various management and statutory reporting requirements.
Partnering with Riveron, the company achieved a more efficient close cycle and access to accurate and timely data, allowing the management team to effectively make decisions. Crane is now prepared to confidently complete acquisitions, handle integrations, and maximize results. Supported by Riveron’s expertise, the company reduced time to close by three to four days while also cutting time spent on the reporting process by nearly 50%. Additionally, the company automated trial balance load across 45-plus ERP instances, resulting in near real-time availability of data. Consolidation workbooks, lined spreadsheets, and data inaccuracy concerns were effectively eliminated with the creation of 400+ reports consumed by a variety of individual sites. The company was also able to automate the cash flow reporting process, providing leadership with a significant increase in cash expenditure information and reducing the process from two days to two hours.