Case Studies > Victaulic Enhances Financial Reporting and Consolidation with OneStream

Victaulic Enhances Financial Reporting and Consolidation with OneStream

Company Size

1,000+

Country

United States

Product

OneStream
Hyperion Enterprise
LedgerLink

Tech Stack

OneStream

Implementation Scale

Enterprise-wide Deployment

Impact Metrics

Customer Satisfaction
Digital Expertise
Productivity Improvements

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

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 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.

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

Victaulic shortened their close process by providing the consolidation team a workflow that runs confirmation rules on trial balance data, override data, and rollforward data to ensure the quality of companywide results.
OneStream provided direct mapping to several source systems thus streamlining data integration and providing a speedy consolidation process saving time and effort and creating faster and more user-friendly reports.
Subsidiaries using the M3 GL system with different chart of accounts are now being mapped using a global transformation rule to ensure consistency.
Users do not have to select different entities for USD and local currency rolled-up data. It’s done by merely selecting the consolidation currency member.

Quantitative Benefit