OneStream Customer Success Story: Dril-Quip

onestream dril quip holland parker houston texas

Global entities need enterprise-level support for accounting, financial, and business functions. This was the case for Dril-Quip, one of the world’s leading manufacturers of offshore drilling and production equipment for subsea applications.

Dril-Quip was using Excel spreadsheets to try to capture activity at their manufacturing locations in the United States and internationally in Brazil, Scotland, and Singapore. Data from each location was brought back to their main headquarters in Houston, Texas, to perform financial consolidations, reporting, budgeting, planning, and forecasting.

Furthermore, Dril-Quip also provides technical advisory services, reconditioning services, and running tools for use in connection with the installation and retrieval of its products.

Their complex business accounting, financial, reporting, and business needs simply could not be met with Excel spreadsheets. This led to management seeking a Corporate Performance Management (CPM) solution to support their global challenges.

The answer was OneStream, providers of the OneStream XF software platform that helps simplify processes for the most sophisticated, global enterprises.

Our CPM consulting firm joined the project to implement OneStream XF software for Dril-Quip. The result was a complete transformation in how the company performed critical functions in their business.

The HollandParker Solution to Complex Business Problems

Dril-Quip was completely dependent on Excel spreadsheets to execute consolidations, reporting, and their close process.

As you can imagine, this led to data inconsistencies and errors from manual input that affected the integrity of their numbers.

The process also created a lengthy and inefficient close process, gaps in accountability with regional controllers, and headaches for senior management trying to gain visibility to make strategic decisions.

The company also needed to strengthen internal controls over financial reporting. There was simply too much room for error that was slowing down performance.

Once management selected OneStream as their CPM vendor, our team executed the software implementation process. This included gathering requirements, roadmapping the transition to OneStream, developing the design, building the application, providing training to all stakeholders and users, and providing ongoing support.

Utilizing our firm as their implementation partner, Dril-Quip met all of their financial reporting and planning goals:

  • Corporate Financial Consolidation and Reporting
  • Global Rolling 18-month Forecast
  • Sales Planning – leveraged smarter data to manage workflows
  • People Planning – managed headcount and salaries
  • Capital Planning – managed fixed assets and depreciation

WEBINAR

Building to the ‘Top’ with OneStream: HFM Replacement Story

The Results From Working with OneStream and HollandParker

Each OneStream customer success story looks different from company to company. The beauty of OneStream XF software is that it’s a modern, unified platform that can be implemented to address a business’ primary needs first, then progressively address additional needs as their business changes.

OneStream does not believe in a one-size-fits-all model that is forced on businesses. It’s about simplifying and aligning business processes with a unified platform.

In the case of Dril-Quip, we worked with the company to implement OneStream XF software to primarily address financial consolidations and financial planning and analysis. We also supported the company’s budgeting process, inventory management, and data organization.

The overall results included:

  • The Dril-Quip Consolidations team reduced their close cycle by 3 days.
  • The FP&A Group saved 60 days annually.
  • Inventory recapture was reduced from days to minutes.
  • The annual budget process was moved up to Fourth Quarter due to reliable forecasting.
  • Management had more time to analyze data, make adjustments, and address variance.
  • Data reliability was transformed from Excel to OneStream, creating more transparency and ownership throughout the organization.

HollandParker Equipped to Support Transformation Using OneStream

Our team was pleased to see such positive results for Dril-Quip. Now the company has confidence in their accounting and financial processes while also having the ability to be more strategic in their business decisions to support global projects and initiatives.

To read our full OneStream customer success story working with Dril-Quip, view our Case Histories website page.

To find out more about how our CPM consulting firm helps global enterprise company achieve similar results, contact us today about OneStream XF software implementation.

Share this

About the author

Philip Parker

The Pre-Transformation Checklist for Finance

An 11-Step Risk Reduction Tool for CFOs and CAOs Who Aren’t Sure Where to Start

By following this checklist, organizations can systematically approach their finance technology transformation, ensuring that all critical aspects are addressed and that the transition is smooth and successful.

Related posts you might like

BUILDING A SCALABLE FINANCE STACK: WHAT HIGH-GROWTH CFOS NEED TO KNOW

BUILDING A SCALABLE FINANCE STACK: WHAT HIGH-GROWTH CFOS NEED TO KNOW

View Post
Why CFOs Should Lead the Finance Transformation Agenda

Why CFOs Must Lead the Finance Transformation Agenda

View Post

Building to the ‘Top’ with OneStream: An HFM Replacement Story

View Post

Privacy Policy

Introduction

Welcome to Holland Parker. We are committed to protecting your personal information and your right to privacy. If you have any questions or concerns about our policy or our practices with regard to your personal information, please contact us at [email protected].

Information We Collect

We collect personal information that you provide to us when expressing an interest in obtaining information about us or our products and services, when participating in activities on the website, or otherwise contacting us.

The personal information that we collect depends on the context of your interactions with us and the website, the choices you make, and the products and features you use. The personal information we collect can include the following:

  • Name and Contact Data: We collect your first and last name, email address, postal address, phone number, and other similar contact data.
  • Payment Data: We collect data necessary to process your payment if you make purchases, such as your payment instrument number (e.g., a credit card number), and the security code associated with your payment instrument.
  • Login Credentials: We collect passwords, password hints, and similar security information used for authentication and account access.
  • Other Information: We collect any other information you directly provide to us through our website.

How We Use Your Information

We use personal information collected via our website for a variety of business purposes described below. We process your personal information for these purposes in reliance on our legitimate business interests, in order to enter into or perform a contract with you, with your consent, and/or for compliance with our legal obligations.

We use the information we collect or receive:

  • To send administrative information to you.
  • To fulfill and manage your orders.
  • To post testimonials.
  • To request feedback.
  • To send you marketing and promotional communications.
  • To deliver targeted advertising to you.
  • For other business purposes.

Sharing Your Information

We may process or share your data that we hold based on the following legal basis:

  • Consent: We may process your data if you have given us specific consent to use your personal information for a specific purpose.
  • Legitimate Interests: We may process your data when it is reasonably necessary to achieve our legitimate business interests.
  • Performance of a Contract: Where we have entered into a contract with you, we may process your personal information to fulfill the terms of our contract.
  • Legal Obligations: We may disclose your information where we are legally required to do so in order to comply with applicable law, governmental requests, a judicial proceeding, court order, or legal process.
  • Vital Interests: We may disclose your information where we believe it is necessary to investigate, prevent, or take action regarding potential violations of our policies, suspected fraud, situations involving potential threats to the safety of any person, and illegal activities.

Cookies and Other Tracking Technologies

We may use cookies and similar tracking technologies to access or store information. Specific information about how we use such technologies and how you can refuse certain cookies is set out in our Cookie Policy.

Data Security

We aim to protect your personal information through a system of organizational and technical security measures. We have implemented appropriate technical and organizational security measures designed to protect the security of any personal information we process.

Retention of Data

We will only keep your personal information for as long as it is necessary for the purposes set out in this privacy policy unless a longer retention period is required or permitted by law.

Your Privacy Rights

In some regions, such as the European Economic Area (EEA), you have certain rights under applicable data protection laws. These may include the right to (i) request access and obtain a copy of your personal information, (ii) request rectification or erasure; (iii) restrict the processing of your personal information; and (iv) if applicable, to data portability.

Updates to This Policy

We may update this privacy policy from time to time in order to reflect changes to our practices or for other operational, legal, or regulatory reasons.

Contact Us

If you have questions or comments about this policy, you may contact us by email at [email protected].

The Pre-Transformation Checklist for Finance

Tap into wisdom gained through 300+ finance transformations to uncover answers to questions you have and those you should.

This field is for validation purposes and should be left unchanged.