With help from OneStream partner Agium EPM, Damen completed the first phase on schedule and within budget. Damen’s first focus was 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 is set up to manage actuals reporting with equity pickup, as well as comparisons of weekly vs. monthly cashflow. Plus, project performance management reporting and forecasting keeps Damen aligned regarding which entities are working on a ship at any given time, and all related intercompany activity.
“We prepared many things to ensure a hassle-free transition,” said Koekebacker. “A large part of the implementation included change management, but the implementation of the actual OneStream platform was the most fun part of the journey. The project was a success and we essentially went live with both consolidation and forecasting implemented simultaneously.”
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. This 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.
One Version of the Truth
With OneStream, Damen Shipyards has increased the level of maturity of their finance function by unifying consolidation and forecasting. In addition, Damen increased its finance agility and transparency via integrated statutory and project-based reporting using OneStream’s unique data blending function. OneStream blends validated financial data, highly dimensional operational data and detailed transactional data together for comprehensive and controlled visualization. OneStream’s Extensible Dimensionality® also enables Damen to integrate actual, forecasting and tax reporting processes within one platform.
“OneStream helps us to not only make projections towards the future, but also oversee the field of investments, acquisitions and working capital spending,” said Koekebacker. “OneStream unites 170+ process workflows which guide users through the steps of the actual data process and intercompany matching. A great benefit is the all-in-one concept, where various apps are integrated into a single model. Traditional consolidation and planning systems are far less integrated - with different modules that had to be purchased and linked separately.”
Damen has eliminated costs by reducing manual processing and simplifying the Finance-IT landscape. OneStream has helped Damen link strategy to plans and execution, making the company’s goals more attainable than ever.
OneStream offers Damen a reporting requirement at group level with the possibility to expand. “After implementing the current scope, we will roll out reporting at divisional and entity level and start linking the source systems step by step,” said Koekebacker. “We are also interested in machine learning applications and further finance automation. OneStream helps us take an essential step in that direction.”
Soon Damen wants to be able to forecast the overall cost of building a ship by following an S-Curve model in OneStream. This will allow the business to understand how to increase their performance in the most rapid and efficient way, based on data stored in OneStream. In addition, Damen looks to extend their investment with add-on solutions from the XF MarketPlace.
About the Implementation Partner
Agium, founded in 2002, deploying almost 200 professionals is a Dutch financial management consulting company engaged in projects worldwide with offices in Delft, Hoofddorp and Breda. Agium EPM is combining thorough accounting and finance knowledge with years of technical experience in the field of Enterprise Performance Management (EPM) software — which truly distinguishes them.
Agium EPM is a Platinum OneStream Partner and has to date (June 2019) successfully worked on more than 60 OneStream projects in seven countries, they have developed several solutions on the OneStream XF Platform that benefit their customers office of finance, such as IFRS16, Integrated Project Reporting, Capex Reporting and Automated Equity Pick Up. For more information, visit www.agium-epm.com.