Frank’s International initially focused their OneStream implementation on financial consolidation and reporting. Their design was
The solution was implemented on-time and under-budget. It provided enhanced validation and error-checking, better reporting and visibility and was rolled out globally. The stakeholders were happy and immediately began requesting more data be loaded into the system.
Immediately upon going live with OneStream in January 2017,
The planning solution had to accommodate the complexities of the company’s business model. This included a large volume of intercompany activity, oil rig-level gross margin detail, and a rolling-forecast horizon of 18 months, which crossed over year-end in every scenario.
“To accommodate our complex requirements, Frank’s International leveraged the Extensible Dimensionality® of OneStream to capture rig name, product type, location, product vs. equipment rental and service and cost of revenue detail needed for planning purposes,” said Ed Goodwin, VP Finance & Treasurer, Frank’s International.
The benefits of OneStream began accruing quickly at Frank’s International. Said Ed Goodwin, “I think the biggest benefit has been the speed of analytics that we've been able to do and the level of detail I can get down to very quickly with the drill downs with the Excel Quick Views.” Mr. Goodwin continued, “I would say across the board, our organization now has a better understanding of what their costs are
“With OneStream the company has seen drastic improvements in the intercompany matching and elimination process, and faster consolidation and planning
OneStream Software provides a marketleading CPM 2.0 solution, the OneStream XF SmartCPM™ platform. OneStream XF unifies and simplifies financial consolidation, planning, reporting, analytics and financial data quality for sophisticated organizations. Deployed via the cloud or on-premise, OneStream’s unified platform enables organizations to modernize Finance, replace multiple legacy applications, and reduce the total cost of ownership of financial systems. OneStream unleashes Finance teams to spend less time on data integration and system maintenance – and more time focusing on driving business performance.
The OneStream XF MarketPlace features more than 50 downloadable solutions that allow customers to easily extend the value of their CPM platform to quickly meet the changing needs of finance and operations. We are driven by our mission statement that every customer must be a reference and success.