The Challenge

Dril-Quip previously used Microsoft Excel® spreadsheets as a consolidation and reporting tool for their month end close process. Inconsistencies in data collection via Excel spreadsheets created a lengthy and inefficient close process for Dril-Quip. Further, the visibility senior management had within geographic segments limited the ability to make strategic decisions.

The company wanted a unified and streamlined solution for all their financial consolidations, internal and external reporting, forecasting, and analysis – that is easily maintained, with the ability to push down accountability to global regions and that delivers accurate reporting. The company also had a need to strengthen its internal controls over financial reporting.

What OneStream Did

Dril-Quip initially implemented OneStream XF to deliver multiple solutions to meet all their financial reporting and planning requirements in one application. This included financial consolidation and reporting, global rolling 18-month forecast, sales planning, people planning and capital planning.

Later, Dril-Quip leveraged the cloud support team at OneStream to seamlessly move to the Microsoft Azure® cloud within hours. Dril-Quip Management placed more than 10 reference calls and noted that upgrades took hours rather than months. Overall, OneStream was chosen because it was determined to be a lower cost provider with a better product and better customer service.

What OneStream Achieved
On aggregation of monthly forecasts alone, Dril-Quip saved sixty days annually through the implementation of OneStream XF. Sales Planning tools are in use by senior management and require users to annotate any deviations from CRM and backlog data, thereby reducing follow up questions. Finally, the use of an 18-month rolling forecast enabled the company to move its annual budget process and Board of Directors approval into the 4th Quarter.

Best Outcome: 60 days saved annually in forecasting.