Download PDF
Case Studies > Damen Shipyards Enhances Financial Operations with OneStream's Unified Platform

Damen Shipyards Enhances Financial Operations with OneStream's Unified Platform

Technology Category
  • Functional Applications - Enterprise Resource Planning Systems (ERP)
  • Analytics & Modeling - Predictive Analytics
  • Analytics & Modeling - Real Time Analytics
Applicable Industries
  • Marine & Shipping
  • Construction & Infrastructure
Applicable Functions
  • Business Operation
Services
  • System Integration
  • Software Design & Engineering Services
  • Training
The Challenge
Damen Shipyards, a multinational shipbuilding group with over 12,000 employees and a presence in more than 100 countries, faced significant challenges in managing their financial data. The company was in the process of rolling out a global IFS ERP system when the finance team realized they needed a better way to oversee the organization. They were using SAP BPC for financial consolidation, but the system was ultimately being held together by Excel spreadsheets, leading to a disjointed mess of data. Damen needed a modern corporate performance management platform to improve financial and fiscal compliance, data governance, streamline forecasting, and reduce business risk.
About The Customer
Damen Shipyards is a family-owned company in the shipbuilding community on the River Merwede in the Netherlands. With 54 companies, Damen has shipyards and service hubs worldwide. The company is known for the commonality and reliability of its portfolio, which reduces maintenance requirements and maximizes vessel uptime, resulting in the lowest possible total cost of ownership over the vessel’s lifecycle. Since its founding in 1927, Damen has delivered more than 6,500 vessels and generates over €2B annually. The company employs more than 12,000 people and operates in over 100 countries, delivering more than 175 vessels annually.
The Solution
Damen Shipyards selected OneStream's unified platform to replace their SAP BPC system. With the help of OneStream partner AMCO Solutions, Damen completed the first phase of implementation on schedule and within budget. The initial focus was on streamlining the consolidation process by automating processes between operating companies and the holding company. In the second phase, Damen went live with project management and a 24-month rolling forecast scenario. OneStream was set up to manage actuals reporting with equity pickup, as well as comparisons of weekly vs. monthly cashflow. The platform also supports project performance management reporting and forecasting, keeping Damen aligned regarding which entities are working on a ship at any given time.
Operational Impact
  • OneStream fully replaced SAP BPC and is now set up with validation rules that verify user actions with full audit trail functionality.
  • Damen’s updated forecast process includes registers that drive balance sheet and profit and loss data.
  • The unified OneStream model enables Damen to extend the platform further for layered scenario planning for M&A and investments and a group-wide KPI framework.
Quantitative Benefit
  • Damen has delivered more than 6,500 vessels since 1927.
  • The company generates over €2B annually.
  • Damen employs more than 12,000 people.

Related Case Studies.

Contact us

Let's talk!

* Required
* Required
* Required
* Invalid email address
By submitting this form, you agree that IoT ONE may contact you with insights and marketing messaging.
No thanks, I don't want to receive any marketing emails from IoT ONE.
Submit

Thank you for your message!
We will contact you soon.