By Nancy Ackerman, Senior Manager, EPM Solution Architecture, Inspirage
It’s a riddle that has baffled candy enthusiasts for decades: How many licks does it take to get to the center of a Tootsie Pop?
The answer is almost as closely guarded as a candy maker’s secret recipes. But there’s an even bigger mystery afoot: How can Tootsie Roll Industries possibly track and account for making 62 million Tootsie Rolls every day? Not to mention Miniature Tootsie Pops, Pumpkin Pops, Candy Corn Pops, Double Bubble, Spider Web Fluffy Stuff, Wack-O-Wax Lips, and more?
Tootsie Roll Industries has been successful for the past 125 years because they do two things very well: They develop affordable candies that create a loyal customer following; and innovate to stay relevant and efficient. Their treats are even nut and gluten-free. While they don’t mess with established, beloved candy recipes, they do improve their processes and thoroughly analyze their business on a regular basis—and they recently moved from Hyperion Financial Management (HFM) on-premises to Oracle Fusion Cloud Enterprise Performance Management (EPM).
Using Oracle Cloud EPM Financial Consolidation and Close, Tootsie Roll reconfigured its accounts and entity hierarchies. This resulted in a faster close, more automation, tighter integration with their Oracle E-Business ERP system, better visibility and reporting of the countries where they do business, and fewer manual adjustments. Working with Inspirage, the company was able to adapt quickly to changing business requirements, improve controls, and deliver more efficient reports. They’ve also reduced the maintenance associated with maintaining an on-premises application. And it only took a few months to make the move—less time than it takes to get to the center of a Tootsie Pop! (Well, maybe. No one knows for sure.)
The annual Kscope conference unites a vast community of Oracle users and experts eager to share insights and best practices. That’s why Inspirage will be in Grapevine, Texas, this June, sharing our expertise in live presentations. One of those sessions, “Tootsie Roll’s Sweet Journey from HFM to FCC,” will explain how we supported our client’s move to the cloud to help them maintain their leading position in the industry. I'll discuss how Tootsie Roll’s migration to the cloud resulted in a more user-friendly experience, with complete operational support for internal and external reporting needs.
“Over the course of six months, Inspirage guided Tootsie Roll on its journey into the Oracle Cloud,” said Bill Day, Practice Director at Inspirage. “To prepare, the Inspirage team looked at the company’s current applications, decided what needed to be automated and replicated in the cloud, and determined what configurations had to be updated. From there, Inspirage built out the entire new implementation. All work on this project was conducted remotely as due to the COVID-19 pandemic. Inspirage helped with training and knowledge transfers to ensure the company’s users understood Financial Consolidation and Close and would gain the most value from it. One of the highlights of this project was the teamwork between Inspirage and Tootsie Roll. They were a wonderful company to work with!”
“Tootsie Roll’s Sweet Journey from HFM to FCC” takes place on June 20th from 4:15 PM to 5:15 PM in San Antonio 4. Mark your calendar and register for Kscope22 today. Be sure to use the Inspirage promotional code INS22 to save an extra $100 on your pass!