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Dril-Quip Streamlines Financial Reporting and Planning with OneStream
Technology Category
- Functional Applications - Enterprise Resource Planning Systems (ERP)
Applicable Industries
- Oil & Gas
Applicable Functions
- Business Operation
Services
- Cloud Planning, Design & Implementation Services
- System Integration
- Training
The Challenge
Dril-Quip previously used Microsoft Excel® spreadsheets for their month-end close process, which created inconsistencies in data collection and a lengthy, inefficient close process. The visibility senior management had within geographic segments was limited, affecting strategic decision-making. Budgeting and forecasting were also done in Excel® using a top-down approach, leading to disjointed drivers and versioning. The company needed a unified and streamlined solution for financial consolidations, internal and external reporting, forecasting, and analysis that could be easily maintained and deliver accurate reporting. Strengthening internal controls over financial reporting was also a priority.
About The Customer
Dril-Quip, Inc. is a leading manufacturer of offshore drilling and production equipment, primarily for deepwater applications. The company designs and manufactures subsea, surface, and offshore rig equipment for use by oil and gas companies and drilling contractors worldwide. Dril-Quip also offers technical advisory services, reconditioning services, and running tools for the installation and retrieval of its products. The company is known for its high-quality, reliable equipment and services, which are essential for the demanding conditions of offshore drilling.
The Solution
Dril-Quip evaluated both OneStream and Oracle HFM to address their challenges. After thorough evaluation, including demos and a review of the total cost of ownership, OneStream was selected for its ability to provide a unified solution for all financial reporting and planning needs. OneStream was implemented to deliver multiple solutions, including financial consolidation and reporting, global rolling 18-month forecast, sales planning, people planning, and capital planning. The solution replaced several spreadsheets and homegrown solutions, providing confidence in the data reported both internally and externally. OneStream's pre-built functionality for automatic intercompany eliminations and custom dimensions for inventory turnover helped streamline processes and improve accuracy.
Operational Impact
Quantitative Benefit
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