MEC Global Streamlines Financial Consolidation and Reporting with OneStream
Company Size
1,000+
Region
- Europe
Country
- Germany
Product
- OneStream
- Hyperion Enterprise
- AMCO Lease Accounting Solution
Tech Stack
- OneStream Platform
- Hyperion Enterprise
Implementation Scale
- Enterprise-wide Deployment
Impact Metrics
- Customer Satisfaction
- Digital Expertise
- Productivity Improvements
Technology Category
- Functional Applications - Enterprise Resource Planning Systems (ERP)
- Platform as a Service (PaaS) - Data Management Platforms
Applicable Functions
- Business Operation
Services
- Software Design & Engineering Services
- System Integration
- Training
About The Customer
MEC Holding GmbH, headquartered in Bad Soden, Germany, manufactures and supplies industrial welding consumables and services, cutting systems, and medical instruments for OEMs in Germany and internationally. The company operates through three units: Castolin Eutectic Systems, Messer Cutting Systems, and BIT Analytical Instruments. MEC Global has over 2900 employees in 36 countries and generates over €500M in annual revenue.
The Challenge
MEC Global was using Oracle’s Hyperion Enterprise for financial consolidation and reporting. As an aging solution, the software was becoming unstable and was losing data at critical times. This was slowing down the period-end close and consolidation process as users had to re-enter data and adjustments. In addition, due to its limited dimensionality the system was no longer supporting the reporting and analysis needs of the business. It was time for a change. With 36 countries reporting monthly, including over 70 entities and 15 local currencies, MEC’s financial consolidation and reporting process includes a high volume of intercompany activity. This new system has enabled big improvements in intercompany eliminations through improved automation and communication, as trading partners can see each other’s data and collaborate with each other to reconcile activity.
The Solution
The initial implementation started in March 2015, and the system went live in October 2015. This included migrating 13 years of actual data, as well as two years of audit and budget data. The system is currently deployed to 86 users, including 76 Finance staff, five Administrators and five CEOs who have “view only” access to reports coming out of OneStream. In preparation for the impact of the new IFRS 16 Lease Accounting guidelines in 2019, MEC Global implemented the Lease Accounting solution provided by AMCO Solutions. Built on the OneStream platform, sold, implemented and supported by AMCO, the Lease Accounting solution enables users at remote required calculations and generate the required journal adjustments. Tracking over 800 leases that include buildings, office equipment, motor vehicles, machinery and equipment — the solution has made the implementation of the new guidelines easy for end-users at the subsidiaries, and provides full transparency for Finance staff at corporate.
Operational Impact
Quantitative Benefit
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