Client Success History | Fortune 500 Oil and Gas Company

A Fortune 500 oil and gas company needed to move from antiquated Corporate Performance Management (CPM) technologies and processes to a unified platform that could streamline finance, accounting, and operations.

The company selected OneStream to help modernize Financial Planning and Analysis (FP&A). After our expert team implemented OneStream and introduced new processes, the power of FP&A was unleashed throughout the organization.

Saved time and effort by automating Budgeting & Forecasting.
Increased the reliability of forecasting through an automated process.
Broke the company’s dependence on an Excel-based model for key financial processes.
Freed up FP&A to focus on analyzing financial performance to improve decision-making.
Increased the security of financial processes.

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Summary

A Fortune 500 oil and gas company needed to move from antiquated Corporate Performance Management (CPM) technologies and processes to a unified platform that could streamline finance, accounting, and operations. The company selected the OneStream intelligent finance platform, which alleviated a significant burden on the Financial Planning and Analysis (FP&A) team. After our expert team implemented OneStream and introduced new supporting processes, the power of FP&A was unleashed throughout the organization to accelerate growth.

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The Problem

Why Fortune 500 Oil and Gas Company Approached HollandParker?

The company was using older and siloed CPM software that slowed down their Consolidations, Budgeting, Forecasting, and People Planning phases. They were also dependent on Excel and error-prone manual processes. This macro problem created micro challenges throughout the organization.

Budgeting & Forecasting was Excel-based, which placed excessive responsibility on FP&A to compile results from other teams’ input.
Custom eliminations, equity pickup, NCI (non-controlling interest), and adjustments were made at the parent level, which made it challenging to correctly seed into the Forecast.
There were special requirements where certain users could only see data for a specific subset of accounts, which created inefficiencies needing to track down information.
Workflows were overly complex, broken out by Responsibility Center and Business Unit.
Financial data security was a concern because tools and processes were outdated.

The Solution

How We Approached the Problem

We implemented the OneStream platform and strategically introduced new processes that eliminated unnecessary tasks and unleashed the power of Finance. Through our solution, the FP&A team was disentangled from their responsibility of compiling results and placed into a value-added reviewer role.

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Optimized the entire Planning process. We created three major workstreams for Gross Margin Planning, G&A/OPEX Planning, and People Planning to help FP&A perform monthly, quarterly, and annual reviews.
Introduced slice security for Gross Margin accounts, G&A, and OPEX.
Created custom seeding business rules that were applied to a detailed data management sequence and linked through a workflow so that users could seed data at the click of a button.
Added approximately 150 workflow profiles with separate security rules for Budgeting & Forecast and People Planning.
Introduced form workflows that isolated specific Responsibility Center and Business Unit requirements in Cube View
Replaced the previous Budgeting & Forecasting process of users completing their own sections and supplying back to the FP&A team with a new process of using OneStream to consolidate the results of each input.
Set up FP&A to be able to lock each financial scenario once all of the data was loaded and reviewed.