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Frank’s International

Frank’s International 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. Please visit FranksInternational.com to learn more.
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Challanges

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.

Using legacy systems for financial reporting and budgeting

Many manual and inefficient processes

Limited ad hoc reporting

Recent IPO demanded a more robust solution

Solutions

Most of the Finance leadership team had used Hyperion products in the past, and there was a bias towards going in this direction. After considering a long list of alternative solutions, and their ability to meet the complex global reporting requirements of Frank’s International, the team narrowed the evaluation down to OneStream and Oracle Hyperion.

The project team created a detailed requirements scorecard system to evaluate the two solutions. Assessments were done based on product demos, proof of concept implementations, and customer reference calls. The global finance leadership team was assembled in Houston for head-to-head demos. In the end, OneStream consistently scored higher and won the selection.

Financial Consolidation and Reporting

Financial Data Quality Management

Planning, Budgeting, and Forecasting

Results

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.

Improved data quality

Automated intercompany eliminations

Faster consolidations and planning cycles

Faster reporting and analysis

Better visibility into costs and other operational details

Leveraging a Unified System
with Extensibility

With AFL’s rapid growth, we recognized the need for a CPM solution that could effectively handle our complex environment while also offering us the ability to adapt to changes,” said Pam Brady, Global Financial Business Analyst at AFL. “The consolidation process that took hours in our previous system now takes only minutes with OneStream. In addition, OneStream offers full budgeting and forecasting capabilities along with superior cash flow reporting and a solution for account reconciliations that replaced our previous account reconciliation solution. The Guided Workflows provide simple end user steps that allow us to focus on results instead of mechanics.

OneStream

  • Explore OneStream
  • Hands-On Workshop
  • CPM Express

Who We Are

  • Company Overview
  • Milestones
  • Management Team
  • Consulting Team

Services

  • New OneStream Customer
  • Existing OneStream Customer