Prince's Transformation with OneStream: From Multiple ERPs to Unified Financial Reporting
Company Size
1,000+
Region
- America
Country
- United States
Product
- OneStream
- OneStream MarketPlace
- Account Reconciliations solution
- Task Manager
Tech Stack
- ERP systems (IFS, Ross, SAP)
- Excel
- OneStream
Implementation Scale
- Enterprise-wide Deployment
Impact Metrics
- Cost Savings
- Customer Satisfaction
- Digital Expertise
- Productivity Improvements
Technology Category
- Analytics & Modeling - Predictive Analytics
- Analytics & Modeling - Real Time Analytics
- Functional Applications - Enterprise Resource Planning Systems (ERP)
- Functional Applications - Product Lifecycle Management Systems (PLM)
Applicable Industries
- Automotive
- Consumer Goods
Applicable Functions
- Business Operation
- Product Research & Development
- Quality Assurance
Services
- Cloud Planning, Design & Implementation Services
- Software Design & Engineering Services
- System Integration
- Training
About The Customer
Prince is a company headquartered in Houston, Texas, specializing in developing, manufacturing, and marketing performance-critical additives for niche applications utilized in various end markets such as construction, electronics, consumer products, automotive, and industrial sectors. With manufacturing facilities and sales offices on six continents, Prince acts as a value-added processing intermediary between large global raw material suppliers and end market customers. The company has approximately 1,300 employees and generates $600M in revenue. Over the last 13 years, Prince has grown significantly through 18 acquisitions and now manages over 25 entities, with more than half located outside of North America.
The Challenge
With processing centers strategically located across six continents, Prince was growing at an exponential rate. Over the last 13 years, they have had 18 acquisitions and today are managing over 25 entities, with more than half outside of North America. There are multiple ERP systems in use across the enterprise, including IFS, Ross, and SAP. To make matters worse, they were relying on Excel to reconcile, translate, consolidate, and report financial information. This led to a general lack of controls, versioning, and audit trails, making it difficult to integrate newly acquired companies into the process. Currency translation was challenging, and there were several issues with data quality. Manual adjustments and the timeliness of data were constant concerns.
The Solution
Prince knew they had to implement a better process and began their solution evaluation with presentations from Oracle, OneStream, and Host Analytics. OneStream was chosen for its cost-effectiveness and flexibility. Prince went live with financial consolidation and reporting in just three months and has since continued to add additional capabilities over time. They built an exchange rate interface that is automatically updated daily, followed by automated cash flow calculations. They also created a specialty profitability analysis solution for visibility into customer and product detail across each entity. OneStream provides Prince with the ability to drill-back to the ERPs to understand data at the transactional level. All currency translations are automated, and every data source has a direct connection into OneStream, mitigating data quality issues. Prince is leveraging pre-defined standard reports and has set up dashboards for users to get summary financials, balance sheet, and income statement data.
Operational Impact
Quantitative Benefit
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