Client Success History | Publicly Traded Oil and Gas Company

A publicly-traded oil and gas company was using several pieces of software and time-consuming manual processes to perform financial functions.

This approach posed the risk of human error, created inefficiencies, and reduced the timeliness of results for reporting and decision-making purposes. HollandParker solved the client’s challenges by streamlining financial processes and implementing the OneStream intelligent finance platform.

Created a single source of truth to capture financial performance.
Unified planning, financial close and consolidation, reporting, and analytics in a single platform.
Implemented custom business rules.
Replaced Excel spreadsheets with dynamic dashboards.
Reduced time required to perform critical functions.
Accelerated reporting for internal and external use.

The Pre-Transformation Checklist for Finance

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

Summary

A publicly-traded oil and gas company was using several pieces of software and time-consuming manual processes to perform financial functions. This approach posed the risk of human error, created inefficiencies, and reduced the timeliness of results for reporting and decision-making purposes. HollandParker solved the client’s challenges by streamlining financial processes and implementing the OneStream intelligent finance platform to create a single source of truth that could be used to capture and present financial performance.

Woman and man talking in business environment

The Problem

Why Publicly Traded Oil and Gas Company Approached HollandParker?

The company followed a complex series of steps each reporting period to capture financial data from 25,000+ business units:

One platform was used as the ERP system (J.D. Edwards)
Reporting was performed in two distinct systems (Insight and Cognos). Insight was the primary source for internal and external reporting, while Cognos contained operational and volume data
Reporting in Insight was not standardized, which resulted in the creation of hundreds of individual reports and led to maintenance issues.
Insight was used for budgeting and forecasting but lacked driver-based capabilities.
Financial information was prepared in Excel to load into insight.
Data was extracted from Insight, loaded to JDE, and loaded to Cognos for reporting.

The Solution

How We Approached the Problem

HollandParker devised a solution to replace manual processes, centralize data from the client’s multiple pieces of software, capitalize on the features and functionality of OneStream to optimize performance, and provide training as needed.

Smiling husband and wife shaking hands with businesswoman

We broke down business units into 8 user-defined dimensions to improve performance and reporting capabilities.
We provided training to end-users on how to find pertinent financial details.
Using People Planning in OneStream, we created a centralized workflow for Budget and Forecast to replace Excel spreadsheets.
To support Revenue Planning, we utilized OneStream’s Thing Planning and driver-based planning capabilities.
We created a series of forms to standardize data capture across the enterprise.
We implemented custom business rules to calculate financial results.
We replaced Excel spreadsheets for Planning with dynamic dashboards.
We enabled the company to produce necessary reports for external and internal use.