Case Studies Franks International

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	Franks International

Franks International

Technology Category	Analytics & Modeling - Predictive Analytics Functional Applications - Enterprise Resource Planning Systems (ERP) Platform as a Service (PaaS) - Data Management Platforms
Applicable Industries	Oil & Gas
Applicable Functions	Business Operation
Services	Software Design & Engineering Services System Integration
Challenge	Frank’s International was using legacy systems for financial reporting and budgeting. The solution was not designed to handle financial consolidations, currency translation, or complex ownership structures. So, there were a lot of manual steps involved in the process leading to inefficiencies. The data warehouse system was bogged down by complex data transformations, with no data validation rules. Planning was being done directly in the ledger, and ad hoc reporting was very limited. Having recently completed an IPO, the company realized it needed to reduce risk and implement new processes and systems, so in 2016 they began evaluating corporate performance management (CPM) solutions. Read More
About Customer	Frank’s International (NYSE: FI) is an industry-leading global provider of highly engineered tubular services, tubular fabrication, and specialty well construction and well intervention solutions to the oil and gas industry. They provide services to leading exploration and production companies in both offshore and onshore environments, with a focus on complex and technically demanding wells. With approximately $500M in revenue, they are one of the largest global providers of tubular services to the oil and gas industry. Read More
Solution	Frank’s International initially focused their OneStream implementation on financial consolidation and reporting. Their design was complex with lots of intercompany activity (and accounts), complex holding structures, related party transactions and non-controlling interests, and significant international revenue and FX exposure. 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 Frank’s team began working on planning and forecasting. Leveraging the financial model by inheriting and extending dimensions already in use for consolidation and reporting, they were able to deliver a barebones forecasting solution in 30 days. Then three months later, they delivered the full planning solution that included an 18-month rolling forecast. Read More Log in to view content
Contents

Technology Category

Analytics & Modeling - Predictive Analytics

Functional Applications - Enterprise Resource Planning Systems (ERP)

Platform as a Service (PaaS) - Data Management Platforms

Applicable Industries

Oil & Gas

Applicable Functions

Business Operation

Services

Software Design & Engineering Services

System Integration

Challenge

Frank’s International was using legacy systems for financial reporting and budgeting. The solution was not designed to handle financial consolidations, currency translation, or complex ownership structures. So, there were a lot of manual steps involved in the process leading to inefficiencies. The data warehouse system was bogged down by complex data transformations, with no data validation rules. Planning was being done directly in the ledger, and ad hoc reporting was very limited. Having recently completed an IPO, the company realized it needed to reduce risk and implement new processes and systems, so in 2016 they began evaluating corporate performance management (CPM) solutions.

About Customer

Frank’s International (NYSE: FI) is an industry-leading global provider of highly engineered tubular services, tubular fabrication, and specialty well construction and well intervention solutions to the oil and gas industry. They provide services to leading exploration and production companies in both offshore and onshore environments, with a focus on complex and technically demanding wells. With approximately $500M in revenue, they are one of the largest global providers of tubular services to the oil and gas industry.

Solution

Frank’s International initially focused their OneStream implementation on financial consolidation and reporting. Their design was complex with lots of intercompany activity (and accounts), complex holding structures, related party transactions and non-controlling interests, and significant international revenue and FX exposure. 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 Frank’s team began working on planning and forecasting. Leveraging the financial model by inheriting and extending dimensions already in use for consolidation and reporting, they were able to deliver a barebones forecasting solution in 30 days. Then three months later, they delivered the full planning solution that included an 18-month rolling forecast.

Impact #1	The benefits of OneStream began accruing quickly at Frank’s International. The speed of analytics and the level of detail available through drill downs in Excel Quick Views improved significantly.
Impact #2	The organization now has a better understanding of their costs than ever before. The speed relative to their prior solution set is exponentially faster.
Impact #3	Drastic improvements in the intercompany matching and elimination process, and faster consolidation and planning cycles.

Impact #1

The benefits of OneStream began accruing quickly at Frank’s International. The speed of analytics and the level of detail available through drill downs in Excel Quick Views improved significantly.

Impact #2

The organization now has a better understanding of their costs than ever before. The speed relative to their prior solution set is exponentially faster.

Impact #3

Drastic improvements in the intercompany matching and elimination process, and faster consolidation and planning cycles.

Benefit #1	Delivered a barebones forecasting solution in 30 days.
Benefit #2	Delivered the full planning solution in three months.
Benefit #3	Approximately $500M in revenue.

Benefit #1

Delivered a barebones forecasting solution in 30 days.

Benefit #2

Delivered the full planning solution in three months.

Benefit #3

Approximately $500M in revenue.

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Overview

Franks International

Operational Impact

Quantitative Benefit