Premium Sound Solutions Implements OneStream for Enhanced Financial Management
Company Size
1,000+
Region
- America
- Asia
- Europe
Country
- Belgium
- China
- Malaysia
- Mexico
- United States
Product
- OneStream
- OneStream MarketPlace
- Oracle Hyperion Financial Management (HFM)
Tech Stack
- Corporate Performance Management (CPM)
- Financial Data Quality Management
- Analytics Dashboards
Implementation Scale
- Enterprise-wide Deployment
Impact Metrics
- Customer Satisfaction
- Digital Expertise
- Productivity Improvements
Technology Category
- Analytics & Modeling - Predictive Analytics
- Functional Applications - Enterprise Resource Planning Systems (ERP)
- Platform as a Service (PaaS) - Data Management Platforms
Applicable Industries
- Automotive
- Consumer Goods
Applicable Functions
- Business Operation
Services
- Software Design & Engineering Services
- System Integration
- Training
About The Customer
Premium Sound Solutions is a leading innovator and global supplier of automotive and consumer sound solutions. Delivering continuous quality for more than 35 years, Premium Sound Solutions has been a global provider of a pleasurable listening experience. By inventing revolutionary designs and techniques, their audio engineers sustain a ground-breaking reputation as one of the world’s leading audio companies. Their success is based on strong competence pillars in acoustics, electronics, software and system integration. With R&D facilities in Belgium, US, China and Malaysia and manufacturing facilities in Belgium, Hungary, China, Malaysia and Mexico, Premium Sound Solutions has more than 4,000 employees worldwide with a broad expertise in product development and state-of-the-art manufacturing.
The Challenge
Leading by innovation is how Premium Sound Solutions achieves high customer satisfaction. But as a former Philips Electronics company, Premium Sound Solutions was still using their previous parent company’s Oracle Hyperion Financial Management (HFM) system for financial consolidation and reporting. Simply put, the legacy HFM system could not effectively keep up with the company’s growing global footprint. Premium Sound Solutions needed a more integrated and unified solution that would streamline data collection and processing to the needs of their management team. Premium Sound Solutions decided to look for a corporate performance management (CPM) platform that provided the ability to consolidate multiple data submissions into one product. Ideally, the solution would be easily manageable, user-friendly and able to replace their outdated reporting processes in HFM without creating a negative impact on end users or disrupting the monthly close processes. The Belgium-based organization needed a modernized CPM system with improved insight into currency translation calculations (Euro and US dollar) to support the quick and accurate analysis of operating results. Their wish list also included the ability to automate intercompany eliminations using historic overrides and integrated audit trail reporting for all changes made within the system.
The Solution
After having seen a demonstration of the OneStream platform, Premium Sound Solutions knew they had found a quality CPM platform that met all their requirements for financial consolidation, budgeting, data quality management and both sales and cost center reporting. OneStream partner Agium EPM successfully implemented the OneStream platform at Premium Sound Solutions within a short four-month period. Upon completion of the implementation process, Premium Sound Solutions’ financial reporting model transformed from 12 unstructured dimensions in their prior system to 15 structured dimensions in OneStream. This change immediately delivered more powerful reporting, analytics and insight into their business. From the very beginning, OneStream lived up to its expectations. OneStream has proven to be the most cost-effective solution for Premium Sound Solutions as the company adds additional holdings with different historical equity requirements on-top of their existing structure. With OneStream they are able to adjust their P&L structure to allow for better global site benchmarking on efficiency and improvements.
Operational Impact
Quantitative Benefit
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