Case Studies Team Industrial Services Implements OneStream for Financial Consolidation and Reporting

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	Team Industrial Services Implements OneStream for Financial Consolidation and Reporting

Team Industrial Services Implements OneStream for Financial Consolidation and Reporting

Technology Category	Analytics & Modeling - Predictive Analytics Platform as a Service (PaaS) - Application Development Platforms Platform as a Service (PaaS) - Data Management Platforms
Applicable Functions	Business Operation
Services	Cloud Planning, Design & Implementation Services Software Design & Engineering Services System Integration
Challenge	Founded in 1973, Team Industrial Services has grown to more than $1B in revenue and more than 7,000 employees through numerous acquisitions. However, a new acquisition the company was undertaking in 2016 was too big to integrate using the newly implemented MS Dynamics AX ERP and Excel® spreadsheets. The company needed a more powerful and scalable financial consolidation and reporting solution. Read More
About Customer	Headquartered near Houston, Texas, Team Inc. (NYSE: TISI) is a leading provider of specialty industrial services, including inspection, mechanical services and engineering assessment, required in maintaining and installing high-temperature and high-pressure piping systems and vessels that are utilized extensively in the refining, petrochemical, power, pipeline and other heavy industries. Team offers these services across its 220 branch locations and more than 20 countries throughout the world. Read More
Solution	After evaluating several alternatives, Team selected OneStream in March 2016, with the goal of going live with the new system by year-end, and choosing to deploy the solution via the Cloud. With the help of several partners and OneStream technical staff, Team went live in November 2016 with OneStream for financial consolidation and reporting. The next phase of the implementation, focusing on budgeting and forecasting, started in January 2017 and went live in May 2017. A cash flow reporting project started in February 2017 and went live in March 2017. Team Industrial Services later added the People Planning and Account Reconciliations solutions from the OneStream MarketPlace. Read More Log in to view content
Contents

Technology Category

Analytics & Modeling - Predictive Analytics

Platform as a Service (PaaS) - Application Development Platforms

Platform as a Service (PaaS) - Data Management Platforms

Applicable Functions

Business Operation

Services

Cloud Planning, Design & Implementation Services

Software Design & Engineering Services

System Integration

Challenge

Founded in 1973, Team Industrial Services has grown to more than $1B in revenue and more than 7,000 employees through numerous acquisitions. However, a new acquisition the company was undertaking in 2016 was too big to integrate using the newly implemented MS Dynamics AX ERP and Excel® spreadsheets. The company needed a more powerful and scalable financial consolidation and reporting solution.

About Customer

Headquartered near Houston, Texas, Team Inc. (NYSE: TISI) is a leading provider of specialty industrial services, including inspection, mechanical services and engineering assessment, required in maintaining and installing high-temperature and high-pressure piping systems and vessels that are utilized extensively in the refining, petrochemical, power, pipeline and other heavy industries. Team offers these services across its 220 branch locations and more than 20 countries throughout the world.

Solution

After evaluating several alternatives, Team selected OneStream in March 2016, with the goal of going live with the new system by year-end, and choosing to deploy the solution via the Cloud. With the help of several partners and OneStream technical staff, Team went live in November 2016 with OneStream for financial consolidation and reporting. The next phase of the implementation, focusing on budgeting and forecasting, started in January 2017 and went live in May 2017. A cash flow reporting project started in February 2017 and went live in March 2017. Team Industrial Services later added the People Planning and Account Reconciliations solutions from the OneStream MarketPlace.

Impact #1	The initial financial consolidation and reporting application included 1,031 base entities, 32 currencies, and utilized two user-defined dimensions for Services Lines and Departments. Statistical accounts were set up to collect and report additional data including cash flow, headcount, hours utilized, service lines and EPS.
Impact #2	OneStream was configured with a direct connection to four major GL systems, with flat file integration being used to collect data from 20 other GLs. More than 20 workflows were defined in OneStream, including cash flow and administrator workflows. Input forms were built for all required lead schedules and roll-forward data.
Impact #3	In addition to standard financial statements, additional reports were built in OneStream to track labor utilization rates over time, lead schedules with commentary by account, and service line profitability.

Impact #1

The initial financial consolidation and reporting application included 1,031 base entities, 32 currencies, and utilized two user-defined dimensions for Services Lines and Departments. Statistical accounts were set up to collect and report additional data including cash flow, headcount, hours utilized, service lines and EPS.

Impact #2

OneStream was configured with a direct connection to four major GL systems, with flat file integration being used to collect data from 20 other GLs. More than 20 workflows were defined in OneStream, including cash flow and administrator workflows. Input forms were built for all required lead schedules and roll-forward data.

Impact #3

In addition to standard financial statements, additional reports were built in OneStream to track labor utilization rates over time, lead schedules with commentary by account, and service line profitability.

Benefit #1	Seven months elapsed time from purchase to go-live
Benefit #2	85% automated cash flow, 75% faster than previous approach

Benefit #1

Seven months elapsed time from purchase to go-live

Benefit #2

85% automated cash flow, 75% faster than previous approach

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Overview

Team Industrial Services Implements OneStream for Financial Consolidation and Reporting

Operational Impact

Quantitative Benefit