Van Oord is a Dutch family-owned company with over 150 years of experience as an international marine contractor. They are specialized in dredging, oil & gas infrastructure and offshore wind. They are strongly rooted in the Dutch continuous struggle with water and value innovative and sustainable solutions. The company’s annual turnover is around 2 billion euro and they employ approximately 5,000 employees. For more information, visit VanOord.com.
Van Oord operates with a complex structure that is constantly changing and increasingly disruptive. With a finance staff of around 250 people, 200 reporting entities and averaging 300 active projects across more than 50 countries, the sheer volume of data to manage was a challenge. On top of that, Van Oord deals with various local statutory, fiscal and reporting regulations.
Van Oord’s CPM landscape consisted of Infor MPC for consolidation and Microsoft Excel for data processing, project cost control and reporting. The result was duplicate data entries and required manual eliminations. Van Oord was operating with multiple versions of the truth. “Reconciliation and data quality issues were ending up at business unit and group level for further investigation and solving,” said Stephan Perrenet, Manager Group Reporting at Van Oord. “Equipment and project specifications were entered as free text, making aggregation and ‘slice and dice’ very difficult.”
Van Oord wants to transform its finance function to become more lean, agile and future-proof to adapt to the constantly changing environment. They needed a solution that would easily integrate financial accounting, project cost control, project reporting and equipment reporting into a single, unified platform.
Implementing a Modern CPM Platform
OneStream allows for a phased implementation approach so that Van Oord and Agium EPM could follow a realistic timeline, which is key to a successful build. They kicked off the project focused on consolidation, forecasting, planning and reporting, followed by high-level project performance management. They are currently extending project performance management to include integration with Van Oord’s ERP.
To ensure complete ease of mind, Van Oord ran a full shadow test-run, in which they executed the full quarterly close for actuals and forecast in both the old system Infor MPC and OneStream simultaneously. This gave Van Oord full confidence and acceptance of OneStream.
“Working together with Van Oord, Agium EPM ensured the financial close and consolidation process is future-proof and data models accommodate the increasing demand for a higher level of detail while supporting high data quality and full audit trail possibilities on every level,” said Perrenet. “Agium EPM designed a safe migration path from the previous CPM and scattered Excel environment to the integrated OneStream platform.”
OneStream is one of the drivers in the finance transformation at Van Oord, and the company has already achieved the first benefits from having one unified data model within one single application. As a modern CPM solution that standardizes and automates critical finance processes, OneStream ensures a faster close and reliable management information.
Actuals and forecasting take place in one single process flow, which is uniform across all reporting entities. Guided workflows deliver a clear view on the progress of their reporting units during the close cycle, and confirmation rules contribute to data quality management. Project revenue and results are now available in a uniform way on reporting unit level and on consolidated levels in different organizational rollups. Project, equipment and department details are fully integrated and available for “slicing and dicing.” In addition, Van Oord has automated all intercompany matching, equity pickup and intercompany elimination, which has solved their challenge of manual eliminations.
The team at Van Oord is very happy to see OneStream meeting their goals of building a basis for a future-proof and more agile finance organization. Phase 1 established the base model, actual reporting, forecasting and reporting in OneStream. In phase 2, the project will further focus on working capital management, interfacing with other systems and several OneStream XF MarketPlace solutions. Both Van Oord as well as Agium EPM are confident the current model is designed to cater for these additional requirements.
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 Diamond OneStream Partner and has to date (February 2020) successfully worked on more than 70 OneStream projects in eight 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 Agium-EPM.com.
About OneStream Software
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.