OneStream Customer Success Story: Dril-Quip
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
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.