About Team Industrial
Headquartered near Houston, Texas, Team Inc. (NYSE:TISI) is a leading provider of specialty industrial services, including inspection, mechanical services and engineering assessment, required in maintaining and installing high-temperature and high-pressure piping systems and vessels that are utilized extensively in the refining, petrochemical, power, pipeline and other heavy industries. Team offers these services across its 220 branch locations and more than 20 countries throughout the world.
The Challenge
Founded in 1973, Team Industrial Services has grown to more than $1B in revenue and more than 7,000 employees through numerous acquisitions. However, a new acquisition the company was undertaking in 2016 was too big to integrate using the newly implemented MS Dynamics AX ERP and Excel® spreadsheets. The company needed a more powerful and scalable financial consolidation and reporting solution.
What OneStream Did
The initial financial consolidation and reporting application included 1,031 base entities, 32 currencies, and utilized two user-defined dimensions for Services Lines and Departments. Statistical accounts were set up to collect and report additional data including cash flow, headcount, hours utilized, service lines and EPS. OneStream XF was configured with a direct connection to four major GL systems, with flat file integration being used to collect data from 20 other GLs. More than 20 workflows were defined in OneStream XF, including cash flow and administrator workflows. Input forms were built for all required lead schedules and roll-forward data.
In Phase 2, leveraging the work that had already been completed in setting up the financial consolidation and reporting application, the Budgeting & Forecasting solution went live in five months after starting in January 2017.
In Phase 3, People Planning is now driving the budget for all people costs while Account Recs was able to leverage the data quality layer and reconcile the same trial balance accounts that they are already collecting and storing in the staging engine. A single trial balance load means that Team is always reconciling what they report and that they can instantly see the relationship between the balance sheet accounts and the percent of reconciliations complete.
What OneStream Achieved
Overall, the new OneStream XF solutions have saved Team Industrial Services time and money via automation of data collection, consolidation of actuals, budgets and forecasts, improved reporting, and drill-down capabilities. This has allowed the Finance organization to shift more of their time from data gathering to value-added analysis.
Best Outcome:
Full Shift from Data Gathering to Value-added Analysis
RESULT:
Only 7-months from purchase to go-live
RESULT:
85% automated cash flow, 75% faster than previous approach
RESULT:
Improved service line and hours reporting
