Smith International ranks 65th among InformationWeek’s Top 500 companies leveraging technology in 2008
“Planning for an acquisition prompted our need for a BPC solution. We had to be able to forecast financial results to determine profitability depending on multiple scenarios.”
Melissa LeClair, SMITH BITS/SMITH Services, A Schlumberger Company
CHALLENGES AND OPPORTUNITIES
- Creating alternate hierarchies to represent three operating segments: Smith Oilfield, M-I SWACO, and Wilson
- Standardize and centralize the budgeting and planning process removing template variations and ending the reconciliation of duplicate Excel files
OBJECTIVES
- Build an adaptable budgeting planning tool allowing ease of multiple revisions and iterations of the budget before approval
- Ability to get month end reporting out quicker
- Remove manual processes that allowed for human error and were labor-intensive and cumbersome to aggregate
IMPLEMENTATION HIGHLIGHTS
- Rolling forecast approach implemented in one business unit has continued to be implemented in more areas of the reporting structure
- Report writing seminars were conducted and end user WebEx training sessions were posted to the company intranet
WHY AKILI/SAP
- Akili was recommended to implement the initial solution in 2007 and has since implemented 8 or 9 additional project phases, version upgrades, and has extended the solution internationally
BENEFITS
- Smith made Information Week’s Top 500 list of companies leveraging technology best in their industries
- Akili helped Smith be successful in their initiatives to implement their planning and reporting solution
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