The finance team at Bostik, one of the world’s largest makers of industrial adhesives, recently saw the performance and reporting speed of its planning solution “drastically improved,” leading to significant improvements in its budgeting process. How? By upgrading the company’s IBM TM1 on-premises solution to IBM Planning Analytics on Cloud.
Bostik is more than a century old, with products and applications ranging from resealable packaging to high-strength adhesives for aerospace. Its worldwide operations span more than 40 countries, serving industrial, construction, and consumer markets.
The company has “three different business units that operate completely differently,” explained Jared Koepp, a Financial Analyst in Bostik’s industrial business unit. “Some are more global, some are more regional, some do more deep-dive analysis.” What these business units have in common, however, are the challenges of “financial budgeting, sales budgeting, and sales reporting.”
Cloud transition drives better performance and reliability
In search of a flexible enterprise performance management tool that could work across the multiple business units, Bostik turned to IBM Business Partner eCapital Advisors. With eCapital’s help, Bostik was able to connect and expedite their budgeting and reporting with IBM Planning Analytics on Cloud. Following the upgrade, the company saw their financial budgeting become, in Jared’s words, “way easier.”
Mitch Dorhout, a Senior Consultant with eCapital Advisors, adds that the IBM Planning Analytics solution provides the Bostik team with the elusive “one definition of the truth.” Bringing all the data into one platform, “validating against their ERP [enterprise resource planning] and getting everything tied together is critical for the whole business and to see the business as a whole.”
Seamless maintenance and upgrades for finance planning
With the cloud solution, Bostik’s IT team is spared the need to implement software updates and perform regular maintenance, which otherwise would often force the team to come in on weekends. “Having IBM take care of that is huge,” said Dorhout. “Not having to spend a Saturday doing the upgrade and having to worry about that is really beneficial.”
Using a cloud solution, the Bostik team is able to focus on the business, instead of on the care and feeding of software. With a smooth transition from on-premises to cloud, Bostik was able to easily connect systems and business units across the globe to consolidate its reports and produce more accurate forecasts and budgets.