Fruit of the LoomOneStream XF Success Story
Fruit of the Loom, Inc., a Berkshire Hathaway company, is a global pioneer in the design, manufacture and marketing of family apparel, intimates, and athletic apparel and equipment. With a heritage of more than 150 years, its diverse portfolio of more than 20 iconic brands includes Fruit of the Loom® , Russell Athletic® , Spalding® , JERZEES® and Vanity Fair® . Headquartered in Bowling Green, Kentucky, Fruit of the Loom, Inc. employs nearly 30,000 people in 26 countries. It provides 258,000 additional jobs through sourcing and licensing manufacturing locations in 37 countries
Having grown in size and complexity through organic growth and acquisitions, Fruit of the Loom was using Oracle Hyperion Financial Management (HFM) for financial consolidation and reporting. However, after 3 years of usage the Finance team was having compatibility and support issues with HFM and was facing a costly upgrade. Lack of satisfaction with the product, including downtime during critical processes, and support issues caused Fruit of the Loom to evaluate their alternatives, and they selected OneStream.
- Compatibility and support issues with HFM.
- System instability and downtime during critical processes
- Wanted to avoid a costly upgrade
- Needed to replace Excel and email for budgeting and planning.
Fruit of the Loom selected OneStream in October 2016 and began their implementation in March of 2017. OneStream was selected mainly based on the functionality of the software, and the ability to extend the solution into other areas such as budgeting and planning as well as account reconciliations through the MarketPlace. Fruit of the Loom also had confidence in the leadership of OneStream and their understanding of the market and customer requirements.
Choosing to deploy via the OneStream Cloud, and with a 2-person implementation team, Fruit of the Loom initially focused on deploying OneStream for financial consolidation and reporting, going live in October of 2017.
- Financial Consolidation and Reporting
- Financial Data Quality Management
- Planning, Budgeting, and Forecasting
Fruit of the Loom has already seen many benefits from the OneStream implementation. Guided Workflows were a change for users coming from HFM but have helped improve their processes and ensure the integrity of the financial results. Cash flow reporting is much easier and automated using OneStream. And the organization has better visibility into operating results by location, geography, brand and products through the Extensible Dimensionality® of OneStream.
Deploying via the Cloud, with managed services from OneStream, has brought additional benefits. Fruit of the Loom is seeing more stability of the system and higher availability vs. their on-premises HFM application. Their administrators are no longer spending time applying patches and restarting services. And IT no longer must be concerned with application specific tasks.
- 6 months to go-live
- Streamlined financial consolidation and reporting
- Improved visibility into financial and operating results by line of business
- High availability through the OneStream Cloud
- Ability to extend the platform to address account reconciliations, budgeting, planning and other needs