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Seven Group Holdings Selects Taysols to deliver immediate improvements in consolidation, budgeting and reporting through innovative EPM solution OneStream.

Posted by Ben Tesoriero on Dec 16, 2019 10:16:49 AM
Ben Tesoriero

onestream press release

Taysols announced today that it is working with Seven Group Holdings (SGH) to deliver streamlined processes and greater insight into the group by implementing Enterprise Performance Management (EPM) software from OneStream solutions, one of the world’s leading financial software vendors. The engagement, which started in October, is spearheaded by SGH’s Chief Financial Officer, Richard Richards.

SGH engaged Taysols to design, build, deliver and manage the project because of Taysols’ superior skills in financial consolidations and budgeting & forecasting. The Taysols team, working closely with members of both the SGH group and those of its operating companies, will deliver the project in 2 phases providing an early return on investment while alleviating disruption to the business.

Mark Taylor, founder and director of Taysols, said, “Taysols was delighted to be asked by SGH to lead this initiative and bring our decades of EPM experience to the benefit of one of Australia’s most diverse and innovative companies.  By leveraging our 3 years of OneStream implementation experience, we were able to design a system to provide immediate results for a company with complex consolidation and budgeting needs.”

In the first phase, data from the group’s various ERP systems is collected, transformed and, using OneStream’s advanced consolidation features, consolidated through multiple hierarchies producing the required management and statutory reports.

The project team, comprised of both SGH and Taysols staff, have replaced a combination of spreadsheets and an existing EPM product from SAP to deliver a system that reports results faster, with much less manual intervention. The project enables the group to gain greater insight, with less effort whilst still maintaining the high levels of governance required by a publicly listed organisation.

SGH’s Richard Richards said “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.”

About Seven Group Holdings Limited: Seven Group Holdings Limited (“SGH”) is a leading Australian diversified operating and investment group with market leading businesses and investments in industrial services, oil and gas, and media. In industrial services, WesTrac Group is the sole authorised Caterpillar dealer in Western Australia, New South Wales and the Australian Capital Territory in Australia. SGH Energy is developing an expanding presence in oil and gas projects in Australia and the United States.

SGH owns Coates Hire, Australia’s largest equipment hire business; and AllightSykes, a supplier of lighting towers, generators and pumps. In media, SGH has a 41 per cent shareholding in Seven West Media, Australia’s largest multiple platform media company, including the Seven Network, West Australian Newspapers, Pacific Magazines. The Group also has a 28.6 per cent shareholding in Beach Energy Ltd and has interests in oil and gas projects in Australia and the United States.

About Taysols: Founded in 2002, Taysols is a leader in Enterprise Performance Management and business analytics, and has undertaken over 400 engagements for public, private and international organisations. Taysols is a joint venture (one third) owner of the Business Analytic Alliance “BA2” company with operations throughout North America, Europe, Africa and the Middle East.  Taysols has been a partner of OneStream since 2017 and provides consulting, support and cloud services for OneStream clients based in Australia, Europe and North America. For more information: www.taysols.com.au

Topics: Budgeting & Forecasting, Financial Consolidation & Reporting