ROCHESTER, Mich.--(BUSINESS WIRE)--AFL -- an industry-leading manufacturer of fiber optic cable, equipment, and accessories -- has streamlined its financial operations with OneStream Software, LLC. By moving multiple legacy Corporate Performance Management (CPM) products to a single OneStream XF Cloud platform, AFL has significantly reduced time and costs for financial planning, analysis and reporting.
OneStream XF Cloud has fully replaced Oracle Hyperion Financial Management, Blackline for account reconciliations and internal Excel spreadsheet-based planning with a single platform, providing better visibility into financial and operating results while improving decision-making. OneStream has also helped AFL streamline reporting and planning processes, giving valuable time back to the finance team for more strategic tasks.
“Pushing accountability for data quality down to the line-of-business users with OneStream has improved efficiency at AFL and provided more time for value-added analysis of the business. This has been huge as it provides better visibility into the results and improved decision-making at every level in the organization,” said Pam Brady, Global Financial Business Analyst, AFL.
Accelerating the Financial Close
Account reconciliations had been especially challenging for AFL prior to the OneStream solution, creating time constraints around quarterly financial close cycles. Based on the initial success of the OneStream SmartCPM™ platform, AFL decided to deploy the Account Reconciliations solution from the XF MarketPlace and became the first customer to download and implement it in 2016. Adding Account Reconciliations into the OneStream platform as a replacement for Blackline has resulted in a 75 percent improvement in the speed of completion for account reconciliations and annual savings of roughly $100K per year.
“We were able to completely replace our legacy account reconciliation solution, resulting in significant savings. More importantly, the OneStream solution gives us a single source of truth. We no longer question our data integrity, which is crucial for us as a global company with audits every four months,” Brady continued.
Based in Duncan, South Carolina, AFL operates 54 global business units, servicing telecommunications products, fiber optic products, automotive harnessing equipment and provides training services throughout the world. The company fully owns and partially owns subsidiaries that complete its telecommunications business portfolio.
For more information on the AFL OneStream Solution, see our case study and video at https://www.onestreamsoftware.com/success-stories/afl
About OneStream Software
OneStream Software provides a modern Corporate Performance Management solution that unifies and simplifies financial consolidation, planning, reporting, analytics and financial data quality for sophisticated organizations. Deployed in the cloud or on-premise, OneStream XF is one of the first and only solutions that delivers corporate standards and controls, with the flexibility for business units to report and plan at additional levels of detail without impacting corporate standards – all through a single application.
The OneStream XF MarketPlace features downloadable solutions that allow customers to easily extend the value of their CPM platform to quickly meet the changing needs of finance and operations. OneStream was named to the 2018 Deloitte Fast 500 ranking in North America.
Founded in 1984, AFL is an international manufacturer providing end-to-end solutions to the energy, service provider, enterprise and industrial markets as well several emerging markets. The company’s products are in use in over 130 countries and include fiber optic cable and hardware, transmission and substation accessories, outside plant equipment, connectivity, test and inspection equipment, fusion splicers and training. AFL also offers a wide variety of services supporting data center, enterprise, wireless and outside plant applications.
Headquartered in Spartanburg, SC, AFL has operations in the U.S., Mexico, Canada, Europe, Asia and Australia, and is a wholly-owned subsidiary of Fujikura Ltd. of Japan. For more information, visit www.AFLglobal.com.