Case Study - Moly Cop

Challenge

A former subsidiary of Arrium and recently acquired by American Industrial Partners (AIP), Moly-Cop needed a new consolidation system that could be fully functional and in production within a very short time frame. Moly-Cop used to use Arrium’s SAP BPC consolidation system but with the divestiture, this was no longer available to them. It was therefore critical that a system be in place to satisfy both the statutory and management reporting requirements for the Moly-Cop board and AIP management. With offices located in South and North America, as well as Australia and Indonesia, the system needed to be globally accessible on a unified platform, timely and easy to use.

Approach

Having significant prior experience with several consolidation systems, the project lead, Kristine Freedman, scoured the market for today’s leading solutions. A short list of vendors including the incumbent was collated for further consideration and after further investigation, OneStream was chosen as the vendor of choice. Given the criticality of the project, Kristine contacted Taysols and requested our services to design, build and deploy the solution. Despite having no previous working experience with OneStream, Kristine knew Taysols’ consolidation and systems pedigree and used Taysols to alleviate project risk.

Solution

A project team comprised of Moly-Cop and Taysols staff, with assistance from OneStream, designed, architected, built and deployed the solution based on OneStream’s XF Smart Corporate
Performance Management Platform. With this solution, Moly-Cop was able to utilise a single platform that complied with their statutory and management reporting requirements, improve analysis, audit controls, and provide overall visibility into the company’s performance.

Additionally, the solution provided direct mapping to several source systems thus streamlining data integration and providing a speedy consolidation process so that Moly-Cop is now able to automate the full process, saving time and effort and creating faster and more user friendly reports for their management and parent company. The consolidation calculations that used to take hours, now take minutes.

Taysols was able to deliver the project in just over four months and was 25% under budget-going live at the start of June 2017 based on the May closing. Moly-Cop were able to collect their information from their sites around the world using OneStream data integration, consolidate it along business lines to Group level, produce financial
reports including P&L, Balance Sheet and Cashflow on a fully eliminated and converted basis and report their results to their new parent company. The system included several years of historical information along with budget and forecast data.

“We were so pleased to be offered the opportunity to once again prove our leading consolidation experience. The fact that we delivered on time and under budget on a new product justified Moly-Cop’s decision to select Taysols and we were overjoyed to be working with the excellent team from Moly-Cop. OneStream proved to live up to its reputation as one of the leaders in the Performance Management space and we had outstanding support from the vendor.” Mark Taylor, Founder of Taysols states.

Furthermore, Moly-Cop not only successfully moved from their previous on premise SAP BPC system to OneStream, they also transitioned to Taysols’ secure and certified cloud platform thus
providing a trouble free, multi-instanced, high performing and globally accessible foundation.

Now that the consolidation project is complete, Taysols will assist Moly-Cop with the Account Reconciliation module from OneStream, thus fully rounding out the full close process.

Find out what OneStream can do for your organisation

COMPANY DETAILS:

Moly-Cop is the largest and most experienced manufacturer and supplier of grinding media to mining operations worldwide, with installed manufacturing capacity in excess of 1.3 million tonnes per year and global annual sales approaching 1.0 million tonnes.

Moly-Cop also manufactures and distributes a wide range of flotation chemicals for the mineral processing industry in South America.

Additionally, from its location in Waratah in Australia, Moly-Cop manufactures the Comsteel product range of rail consumables products that includes forged and rolled railway wheels, forged railway axles and fully
assembled wheelsets to International Standards for all classes of rolling stock.

Formerly owned by Arrium, Moly-Cop was bought by the private equity firm American Industrial Partners (AIP) in November 2016.

EMPLOYEES:

1,700+ people across 8 countries

INDUSTRY:

Manufacturing and Mining

PROJECT TIMELINE:

4 months

TECHNOLOGIES:

Financial Consolidation & Reporting

SERVICES:

Consulting
Hosting

KEY BENEFITS:

Delivered on time, under budget and significantly faster than previous solution.
First deployment of OneStream in Australia

FEEDBACK:

We are over the moon with the results OneStream’s integrated platform
for financial consolidation and management reporting offers. Not only
were we able to standardise and automate our processes, but we
also significantly reduced the time needed to generate our corporate
reports."

Kristine Freedman
‎Commercial Manager and Global Systems Project Leader

In selecting the team from Taysols and their technology partner OneStream, we were confident that we had the best combination in the country to assist us with this critical initiative. Our group is comprised of highly diversified businesses including industrial services, media, energy and investments and therefore needed a highly credentialed and experienced partner to ensure we met our strategic objectives

Richard Richards

Seven Group Holdings CFO
We engaged Taysols to support our Oracle EPM Cloud solution, and during their initial review, Taysols identified new opportunities for solution enhancement and optimisation. The Taysols team then delivered these optimisations, resulting in an improvement of our solution’s performance and enabling us to unlock additional capabilities within the platform. Highly recommended.

Jason Mabee

Group Manager Finance
Taysols spent the time to understand what we needed then delivered to time, to budget and in a friendly manner.

John de Zwart

Chief Financial Officer
FACS enjoys a strong working relationship with Taysols, which has seen the successful delivery of this project. It was important to work with an organisation highly experienced in OBIEE and data warehouse projects, and Taysols delivered a high-quality outcome. FACS continues to rely on Taysols for expertise focused on the delivery of CIW

Owen Griffiths

Director, Information Management DCJ
Taysols values many things. Here is a small list: Talent (it acquires only the very best); Equality (there are no cliques in Taysols); Good manners (the value of this cannot be overestimated); Client success (the primary goal).

Ian Trevena

Senior Consultant
Professional, passionate and dedicated.

Andrew McVeigh

VP & Controller, Finance
Extensive experience and knowledge combined with a strong drive to assist the customer achieve best of class solutions.

Stephen Cox

FP&A Manager
At Taysols we have consultants who have performed your role. We understand your issues and we know how to solve them.

Duke Pearson

Principal Consultant
I have worked with Taysols in many scenarios, across many years, and one of the key aspects of their customer engagements that clients find refreshing is the high degree of integrity and credibility that they bring to the table, with an ability to engage at all levels of an organisation. They understand the businesses and technologies they deal with to a degree that even their business partners struggle to emulate, and are extraordinarily results-driven; projects are always on time and budget. Their team camaraderie is outstanding, and this is palpable to their clients and business partners.

Mark Fazackerley

Vice President, Australia and NZ
Taysols is recognised as a leading Australian business analytics practice and as such brings all the experience and expertise to the table we seek in an Adaptive Insights partner.

Fintan Diviney

Area Vice President, Australia & New Zealand
Compared to other technology initiatives with which I have been involved, I was very impressed with Taysols’ willingness to meet issues head on and manage flexibly to ensure our project was successfully delivered.

Chris Hare

GM Planning, Rewards & Sourcing
In Taysols we found a partner with considerable performance management credentials and a pragmatic approach to overcoming our budgeting & reporting challenges.

Richard Eke

National Manager - Information Services
In Taysols we have an exceptional and trustworthy partner, who supported us 100% along the way. Never too tired to go the extra mile and push the project forward, so that we were up in running in less than five months. Having our solution hosted by Taysols is definitely a big benefit as well, as we can rely on their highly specialised team and their very secure Australian based Tier III data centres.

Kristine Freedman

Commercial Manager and Global Systems Project Leader
Top shelf people who will get the job done.

Craig Ellis

Manager, Finance Systems
We have much gratitude for the hands on, professional services we received from Taysols.

Thai Tao

Financial Controller
Taysols and their staff invest themselves in their clients; they work tirelessly to get things right on the client’s behalf. What’s good for us as a client is paramount to Taysols.

Gary Blake

Vice President, Corporate Operations
The wealth of knowledge and expertise brought in by Taysols helped in mitigating the risks associated with our HFM implementation project and also contributed to a better change management process. Having hands-on consultants with the drive and ‘can do’ attitude meant we could approach this project with utmost confidence in achieving the desired outcome.

Thai Tao

Financial Controller
Taysols was a great choice! Their team worked closely with ours and delivered a solution that has and will continue to provide significant benefits for Seven West Media.
They worked hard and smart and delivered the goods within budget. Who could ask for more.

Avegail Pitman

Financial Control and Reporting Manager

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