INW: Innovations in Nutrition + Wellness Implements Industry-Leading Cloud Financial Planning and Analysis Solution, OneStream XF
- 25.01.2021 05:54 pm
INW: Innovations in Nutrition and Wellness ("INW"), the global health and wellness company founded on science and innovation, recently implemented OneStream XF across its five manufacturing divisions allowing for powerful real-time insights into customers, and manufacturing operations. OneStream software was named a Leader in the latest Gartner Magic Quadrant for Cloud Financial Planning and Analysis Solutions.
INW has experienced rapid growth since 2014, advancing its mission to offer cutting-edge science and innovation in multiple health and wellness categories. Its most recent strategic affiliation with Living Ecology expanded the company's offering into the $9.6 billion fruit and nutrition bar category. Keeping pace with its acquisitive growth strategy required an innovation investment commitment to its internal financial systems that were legacy spreadsheet-based systems, in various formats—impeding timely consolidation and becoming increasingly complex to manage. Moving forward, INW will be able to lead at speed with its national manufacturing operations and will be well-positioned to support future growth.
OneStream XF, a unified platform that simplifies financial consolidation, planning, reporting and analytics consolidated INW's various financial systems giving the company a singular tool that was fully in use in just 60 days. OneStream XF provides internal stakeholders a more efficient, agile, and comprehensive financial picture.
"As an acquisitive company, the OneStream system has been instrumental in our ability to quickly integrate accounting and include our newly acquired companies in our monthly financial reporting," said Melissa Carter, Chief Financial Officer, INW. "In addition, we were able to remove several days from our month-end close process soon after implementation. Within the first year, we rolled out a budgeting system and quarterly forecast process, which has been very beneficial to the company."
The beginning of 2020 brought the COVID-19 pandemic and unease in the marketplace. OneStream XF allowed INW the ability to forecast multiple scenarios based on the various market conditions. In one weekend, the company was able to create three different scenarios and review the potential impact of the pandemic on the business, something that helped CEO Gary Giles easily understand the landscape at hand.
"INW Manufacturing is a great example of a fast-growing, dynamic organization that realized they could no longer support critical financial processes in Excel due to increasing business complexity," said John O'Rourke, VP of Product Marketing and Communications at OneStream Software. "We are very pleased that the forward-thinking finance team at INW selected OneStream and are proud of the success the organization has had with our cloud-based platform in streamlining financial close and reporting, and providing the required agility in budgeting, planning and forecasting and quickly integrating acquired companies."
INW was recently chosen by OneStream as a case study example of its system implementation and Amy Funari, INW Systems Administrator, will serve as the North Texas Regional OneStream Community Leader. OneStream XF has been in the market since 2010 and is used by more than 600 organizations globally.
INW's history began at United 1 Laboratories located in Carrollton, Texas, in 2014 operating with five full-time employees and 30,000 square feet of manufacturing space. Since then, the company has rapidly expanded to employ 1,200 who operate five manufacturing divisions, a supply chain division, and more than 925,000+ square feet of manufacturing space across the country.
Sources: Gartner Magic Quadrant for Cloud Financial Planning and Analysis Solutions, Robert Anderson, John Van Decker and Greg Leiter, 06 October 2020.