Investment Technology Group (ITG) Enhances Financial Reporting with OneStream
Company Size
1,000+
Region
- America
- Asia
- Europe
Country
- United States
Product
- OneStream
- Oracle Hyperion Financial Management (HFM)
- Financial Data Quality Management (FDM)
- JD Edwards
Tech Stack
- OneStream
- Oracle Hyperion Financial Management (HFM)
- Financial Data Quality Management (FDM)
- JD Edwards
Implementation Scale
- Enterprise-wide Deployment
Impact Metrics
- Cost Savings
- Customer Satisfaction
- Productivity Improvements
Technology Category
- Analytics & Modeling - Predictive Analytics
- Functional Applications - Enterprise Resource Planning Systems (ERP)
Applicable Industries
- Finance & Insurance
Applicable Functions
- Business Operation
- Quality Assurance
Services
- Software Design & Engineering Services
- System Integration
- Training
About The Customer
Investment Technology Group (NYSE: ITG) is a global financial technology company that helps leading brokers and asset managers improve returns for investors around the world. They empower traders to reduce the end-to-end cost of implementing investments via liquidity, execution, analytics, and workflow technology solutions. ITG has offices in Asia Pacific, Europe, and North America and offers execution services in more than 50 countries.
The Challenge
ITG was using Oracle Hyperion Financial Management (HFM) and Financial Data Quality Management (FDM) for financial consolidation and reporting but was outgrowing the capabilities of these products. The system was becoming unstable due to infrastructure issues, causing downtime during critical periods. Upgrades had become painful and costly. Complex allocations had to be done outside the system and were difficult to support, and the system lacked the agility needed to respond to ongoing changes in the business. An impending software and hardware upgrade caused the ITG Finance team to evaluate their options.
The Solution
As the ITG team considered their alternatives, given their complex requirements their only choice was to either upgrade to the latest release of HFM or switch to OneStream. With Oracle HFM, upgrading to the most current release would not have provided the ITG team with any new capabilities. The on-premise solutions were fragmented, as were the cloud-based alternatives from Oracle. Customer support from Oracle was in decline, and future upgrades would continue to be costly and time-consuming. After doing a side-by-side comparison with HFM, the ITG team decided to convert to OneStream. Some of the key factors in the selection included the unified architecture of the platform, familiarity and ease of use, greater functionality, improved reporting, and built-in guided workflow for the users.
Operational Impact
Quantitative Benefit
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