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Dril-Quip, Inc. OneStream XF Success Story
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.
Budgeting and forecasting were prepared in Excel® using a top-down approach. The regional controllers were responsible for taking the Excel spreadsheets from each entity and department within their responsibility and aggregating the data into income statement format using Excel formulas. Drivers and versioning were disjointed and not easily identified.
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.