Case Studies > Dril-Quip Streamlines Financial Reporting and Planning with OneStream

Dril-Quip Streamlines Financial Reporting and Planning with OneStream

Company Size

1,000+

Region

America

Country

United States

Product

OneStream
Oracle HFM
Epicor ERP

Tech Stack

OneStream
Oracle HFM
Epicor ERP

Implementation Scale

Enterprise-wide Deployment

Impact Metrics

Cost Savings
Customer Satisfaction
Digital Expertise
Productivity Improvements

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

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 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.

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

OneStream provided a simplified process for global regions to load their trial balance directly from the general ledger, ensuring timely and accurate reporting.
The pre-built functionality for automatic intercompany eliminations made it easier to identify and resolve out-of-balance conditions quickly.
OneStream enabled Dril-Quip to generate financials for SEC reporting more efficiently by leveraging custom dimensions to organize costs.
The implementation reduced the time for consolidations and intercompany eliminations from days to minutes, significantly improving efficiency.
Internal reporting for departmental spending, which used to take a day, can now be prepared and distributed in minutes, reducing the monthly close cycle by three days.

Quantitative Benefit