Download PDF
Victaulic Enhances Financial Reporting and Consolidation with OneStream
Technology Category
- Analytics & Modeling - Predictive Analytics
- Platform as a Service (PaaS) - Application Development Platforms
- Platform as a Service (PaaS) - Data Management Platforms
Applicable Industries
- Oil & Gas
Applicable Functions
- Business Operation
- Quality Assurance
Services
- Software Design & Engineering Services
- System Integration
- Training
The Challenge
Victaulic needed to replace Hyperion Enterprise and LedgerLink. Their requirements revolved around gaining consistent and accessible reporting, improving their data quality as well as simplifying their close processes. They lacked visibility into their month-end close, had no audit trails, and limited multi-currency support. Financial Reporting information was in Enterprise while FP&A information was in their BI tool. Sub-account, elimination entities, and alternate currency entities resulted in massive account and entity structures. Cash flow reporting for auditors was done manually in Excel® without the benefit of process transparency or audit controls.
About The Customer
Since 1919, Victaulic has been the originator and world’s leading producer of mechanical pipe joining solutions. Used in the most demanding markets, Victaulic innovative piping technologies and services put people to work faster while increasing safety, ensuring reliability, and maximizing efficiency. The company has 13 manufacturing facilities and 30 branches worldwide with 3,600 employees who speak 43 languages across the globe. With over 1,900 global patents, Victaulic solutions are at work in more than 140 countries across diverse business lines including oil, gas and chemical, mining, power generation, water and wastewater treatment, military and marine, as well as commercial building and fire protection.
The Solution
Victaulic implemented OneStream to gain more insight into their business and improve the close process from end to end in a single product that is easily extended to deliver multiple solutions in one application. Significant benefits were achieved around data quality by providing validation checks during the data submission process which made data more readily available. They were also able to standardize workflows and reports across the enterprise. OneStream’s Guided Workflows created an easily navigable and user-friendly environment and Guided Reporting allowed users to run and view their set books, which is a compilation of different reports based on parameters selected. OneStream provided efficient drill-through capabilities into their transactional detail, something they were not capable of doing in their previous environment. Victaulic implemented a fully automated Cash Flow solution using OneStream, with the ability to generate Cash Flow reports for audit and for internal management use. The Cash Flow solution replaced their offline Excel® spreadsheets. Additionally, they enhanced their bridge data collection and analysis capabilities by collecting more detail inside the system, by running validations on the explained bridge amounts and by providing simple, powerful dashboards and reports for analyzing variances and the bridge explanations.
Operational Impact
Quantitative Benefit
Related Case Studies.
Case Study
Taking Oil and Gas Exploration to the Next Level
DownUnder GeoSolutions (DUG) wanted to increase computing performance by 5 to 10 times to improve seismic processing. The solution must build on current architecture software investments without sacrificing existing software and scale computing without scaling IT infrastructure costs.
Case Study
Remote Wellhead Monitoring
Each wellhead was equipped with various sensors and meters that needed to be monitored and controlled from a central HMI, often miles away from the assets in the field. Redundant solar and wind generators were installed at each wellhead to support the electrical needs of the pumpstations, temperature meters, cameras, and cellular modules. In addition to asset management and remote control capabilities, data logging for remote surveillance and alarm notifications was a key demand from the customer. Terra Ferma’s solution needed to be power efficient, reliable, and capable of supporting high-bandwidth data-feeds. They needed a multi-link cellular connection to a central server that sustained reliable and redundant monitoring and control of flow meters, temperature sensors, power supply, and event-logging; including video and image files. This open-standard network needed to interface with the existing SCADA and proprietary network management software.
Case Study
Refinery Saves Over $700,000 with Smart Wireless
One of the largest petroleum refineries in the world is equipped to refine various types of crude oil and manufacture various grades of fuel from motor gasoline to Aviation Turbine Fuel. Due to wear and tear, eight hydrogen valves in each refinery were leaking, and each cost $1800 per ton of hydrogen vented. The plant also had leakage on nearly 30 flare control hydrocarbon valves. The refinery wanted a continuous, online monitoring system that could catch leaks early, minimize hydrogen and hydrocarbon production losses, and improve safety for maintenance.