Damen Shipyards is a multinational shipbuilding group, with more than 12,000 employees and a presence in over 100 countries. With a global focus, Damen delivers more than 175 vessels annually to customers worldwide. A unique differentiator about Damen is that the company produces and keeps ships in stock. But as a result, they have strict agreements regarding the quantity of ships they can build and keep at any given time. Therefore, it is essential that Damen has insights into each location to stay compliant with these standards.
Damen was in the process of rolling out a global IFS ERP system when the finance team realized they needed a better way to oversee the organization. “We recognized that we needed another system on top of our global ERP system to bring all data together and gives the flexibility to oversee data from recently acquired companies,” said Jurriaan Koekebacker, Group Controller at Damen. “We were using SAP BPC for financial consolidation, but the system was ultimately being held together by Excel spreadsheets.” This left the finance team with a disjointed mess of data to manage.
With OneStream, Damen Shipyards has increased the level of maturity of their finance function by unifying consolidation and forecasting. In addition, Damen increased its finance agility and transparency via integrated statutory and project-based reporting using OneStream’s unique data blending function. OneStream blends validated financial data, highly dimensional operational data and detailed transactional data together for comprehensive and controlled visualization. OneStream’s Extensible Dimensionality®️ also enables Damen to integrate actual, forecasting and tax reporting processes within one platform.
Damen has eliminated costs by reducing manual processing and simplifying the Finance-IT landscape. OneStream has helped Damen link strategy to plans and execution, making the company’s goals more attainable than ever.