How a Modern Enterprise Resource Planning (ERP) System Supports Growth
Key Takeaways
⇨ Diamondback Energy implemented SAP S/4HANA to streamline financial processes and support rapid growth in the oil and gas sector.
⇨ Partnering with Ernst & Young LLP, they utilized pre-built industry-specific SAP solutions to achieve a quick and efficient ERP deployment.
⇨ The implementation led to significant reductions in month-end and year-end closing times, demonstrating tangible operational improvements.
Today’s leading companies depend on internal technology to support their external growth strategies. In response, chief finance officers need systems and processes that can help enable these growth goals. To strike an equilibrium between the need for speed and accuracy, a smart financial driver is a must.
As a result of several acquisitions, Diamondback Energy, a US-based independent oil and natural gas company known for being quick to market, was experiencing significant growth. This expansion caused operational complexities and began to put increased pressure on their current systems. Realizing they had outgrown their accounting and finance platforms, Diamondback needed an enterprise resource planning (ERP) solution that could improve efficiencies in their financial processes and better support their expansion goals.
Diamondback chose the SAP S/4HANA® suite because of its proven track record with many upstream oil and gas companies. And, when it came time to implement the new solution, Diamondback turned to Ernst & Young LLP (EY) professionals. The EY team has proven experience leading large transformation projects and had already created ready-to-market EY Energy Industry Cloud for SAP solutions, saving Diamondback considerable time and the need for customizations. In addition, the EY team could deploy the solution with little disruption to Diamondback’s employees.
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“Our business is growing fast, and we needed to quickly invest in our accounting and finance functions,” said Tracy Dick, Chief Accounting Officer for Diamondback Energy. “We also recognized the need for an experienced ERP implementation team who understood the essence of what we wanted to achieve. For us, it wasn’t just about choosing a new ERP, it was about finding the right strategic advisor who could help us deploy the solution efficiently with minimal disruption for our employees.”
