Crane Worldwide Logistics Implements OneStream for Enhanced Financial Consolidation and Reporting
Customer Company Size
Large Corporate
Region
- America
Country
- United States
Product
- OneStream
- Sage 300
- InsightSoftware
Tech Stack
- OneStream Cloud
- Excel
Implementation Scale
- Enterprise-wide Deployment
Impact Metrics
- Cost Savings
- Productivity Improvements
- Customer Satisfaction
Technology Category
- Platform as a Service (PaaS) - Data Management Platforms
- Analytics & Modeling - Predictive Analytics
- Functional Applications - Enterprise Resource Planning Systems (ERP)
Applicable Functions
- Business Operation
- Quality Assurance
Services
- Cloud Planning, Design & Implementation Services
- System Integration
About The Customer
Founded in 2008, Crane Worldwide Logistics is a global logistics provider with expertise in air, ocean, contract logistics and freight forwarding. With revenues approaching $1B, Crane has over 120 locations across 30 countries and a workforce of over 1,500 employees. Crane also offers additive supply chain solutions such as trade advisory, customs brokerage and cargo insurance. Crane Worldwide Logistics is a portfolio company of Crane Capital Group, which also owns the Houston Astros among other businesses.
The Challenge
Growth mindset and expansion goals led Crane Worldwide Logistics to a path of over 45 instances of Sage 300, a disparate chart of accounts and an overburdened InsightSoftware reporting solution. Excel®-based consolidations and compiling budget sheets was not only time-consuming but also induced questions into data accuracy and integrity. In addition, translating data from 28+ currencies and reconciling intercompany balances was arduous. “We had a lot of limitations with Insight, because it is not a true consolidation system,” said Michelle Ford, Finance Director, Crane Worldwide Logistics. “Sage was auto-feeding data into Insight, but it was a very time-consuming process to give us a consolidated view. And using Excel® spreadsheets for every legal entity was subject to error. Loading trial balances was a very tedious process, and we had no capabilities for currency translations, so anything that was not USD was challenging to process.”
The Solution
Crane partnered with Riveron to develop a roadmap to replace Insight and the manual, Excel®-based consolidation and reporting processes with OneStream. With process improvement in mind, Riveron focused on designing a flexible application, one that would provide intuitive workflows for all end users, improve close efficiency and standardize a decentralized budgeting process. “Once we went live on OneStream, our manual consolidation process went away, and everything became much more efficient,” said Ford. “We kicked off the project in January 2019, focusing on consolidations first. Then we rolled right into implementation of our budget process, which was up and running for our 2020 budget cycle. The entire implementation took only nine months to complete.” OneStream’s direct integration with Sage automated trial balance loading from each ERP instance on a scheduled basis and greatly reduced time in data preparation. Overall, OneStream has reduced the close process by three to four days, while cutting time spent on reporting process by nearly 50 percent. Each country’s site controller has a standardized workflow designed to verify their trial balance data, load journals, input supplemental cash flow and roll-forward inputs, and review a variety of financial statements. Corporate can monitor daily close progress without having to reach out to get a status update. In addition, each legal entity can review and reconcile intercompany balances and use built-in commentary to resolve differences while increasing transparency.
Operational Impact
Quantitative Benefit
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