Dril-Quip 1

Dril-Quip

Discover how our OneStream implementation services enable your organization to streamline the financial close, report with confidence, and deliver faster, more accurate insights to stakeholders.

Unified

Streamlined Reporting

One Stream

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Dril-Quip’s new driver-based forecasting process within OneStream not only simplifies the workflow for each of our users by providing a guided step-by-step process, but it also enhances our users’ experience through the automation of processes that were previously manual in nature. As a result, company management is able to make important operational and strategic decisions based on key trends identified by this higher quality forecast.

Trevor Ashurst

Dril-Quip Manager

For Financial Planning & Analysis and Investor Relations

Dril-Quip, one of the world’s leading manufacturers of offshore drilling and production equipment, needed to advance from Excel to the OneStream software platform to unify and streamline their financial consolidations, reporting, budgeting, planning, and forecasting.

HollandParker worked with the Dril-Quip team to implement OneStream software to complete the transition.

The Pre-Transformation Checklist for Finance

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

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Dril-Quip is one of the world’s leading manufacturers of offshore drilling and
production equipment. The company also provides technical advisory
services, reconditioning services, and running tools across the globe.

HollandParker worked with the Dril-Quip team to implement OneStream XF
software to complete the transition.

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The problem

Why Dril-Quip Approached HollandParker?

Dril-Quip was dependent on Excel spreadsheets for consolidations,reporting, and their close process. This led to data inconsistencies, errors from manual input, a lengthy and inefficient close process, a lack of visibility for senior management to make strategic decisions, and gaps in accountability with regional controllers. The company also needed to strengthen internal controls over financial reporting.

The Solution

How We Approached the Problem

Dril-Quip OneStream XF over Oracle HFM to address each financial
challenge in a one-stop software solution. Utilizing HollandParker as their
implementation partner, Dril-Quip met all of their financial reporting and
planning goals:

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Here Are the Key Achievements for This Client

Consolidations team reduced close cycle by 3 days.

Inventory recapture reduced from days to minutes.

Financial planning and analysis group saves 60 days annually.

Annual budget process moved up to 4th Quarter due to reliable forecasting.​

More time to analyze data, make adjustments, and address variance.

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Transparency and ownership of data throughout the organization.

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Finance Leaders Fired for hiring us

25+

Years Experience in Enterprise 
Finance Technology

HollandParker by the Numbers

589

finance technology implementations completed

25+

Years Experience 
in Enterprise 
Finance Technology

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.

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Introduction

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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.

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