See How We Deliver Real-World Results

Business Challenges: An oilfield services firm was struggling with unexplained inventory growth, unforecastable cash flow and unauditable period-end financials, and frequent inventory write-downs to overhead for parts that should have been charged as part of service delivery with associated mark-ups, resulting in lower project profitability. The client engaged Eikon-X to triage these challenges and to implement changes to the operating model. Approach : 1) Documented current P2P operating model (people, process, data and tech gaps) for the 16 direct material categories of both consigned and purchased parts moving through a hub-and-spoke network of DCs, field warehouses, and truck stock. a. Supply Chain: assessed processes strategic sourcing, product and services vendor selection and onboarding, transactional purchasing, purchase requisitions and purchase orders; process for hot shot, day-of-purchases, and spot market purchases versus strategic sourcing and category management b. Operations, Warehousing, Logistics: assessed material receipts and put-away, pick-pack, replenishment signal, consignment management, and cycle count processes 2) Conducted root cause analysis of process breakdowns, discovering: a. Little direct connection from the replenishment signal to purchasing to job costing and invoicing or approvals; anyone could make purchases of any amount from any supplier b. No one single source of the truth – multiple, redundant home-grown tools with frequent manual transcription of data across platforms created confusing and unreliable signals throughout the supply chain c. No internal controls or segregation of duties to prevent errors and fraud - Sales team managed suppliers and executed transaction purchasing, Purchasing issued purchase orders only to match supplier invoices once received, Accounting paid invoices without supporting documentation d. No accountability for shrinkage of high value truck stock sold to competitors e. No inventory strategy, standard process, or standard inventory accounting method f. Little quantified data for KPIs to truly gauge performance 3) Over a six-week project, the team designed and implemented the future state operating model: a. Created level 5 process maps and screen/keystroke instructions for each step in the end-to-end procure-to-pay process, breaking down Level 4 activities into specific, individual tasks, showing exact steps, systems, timing, and responsibilities, crucial for training, execution, and automation, acting as the "how-to" guide b. Supply Chain process changes i. Reorganized roles and responsibilities across the process to remove Sales from supplier relationships and purchasing ii. Implemented new purchase requisition and purchase order processes, added project number and ticket number as required entry fields on purchase orders; established process controls and KPIs to drive accountability iii. Developed product vendor and service provider on-boarding packet c. Field Operations and inventory management processes, systems, and metrics i. Established in a price book and in the Quick Books Online item master a new taxonomy of item and service numbers, warehouse bin numbers, units of measure, and standard cost ii. Added item and service numbers as required entry fields to operations field tickets iii. Established cadence for full physical cycle counts for warehouses and trucks iv. Assessed and selected cloud-based inventory management system d. Accounting and Controls i. Separated key duties of supplier selection, PR generation, PO generation and approval hierarchy, and accounts payable invoice approvals, ensuring no single person has control over a whole process to ensure financial reporting integrity and compliance ii. Established a three-way match requirement for payables to verify a suppliers’ invoices by comparing it to the original purchase order (and ensuring PO was issued prior to the invoice date) and the goods receipt to prevent fraud and errors, ensuring payment is only made for correctly ordered and delivered goods or services iii. Implemented new, single purchasing and accounts payable technology tool tied to Quick Books Online to accelerate and streamline both the sourcing activities and month-end financial close iv. Implemented single accounting method and mapped item/service/bin numbers to both field tickets and to chart of accounts to tie field service, inventory Results : The new closed-loop, linked, and auditable transactional data flow from field operations through supply chain to warehouse operations, clearly separated ownership of duties, and new KPIs and accountability controls created predictable project revenue and cost of goods/services sold, stabilized cash flow with insight into open purchase orders and supplier invoices, and reduced overall inventory by over 40%.

Order-to-Cash Transformation in Oilfield Services

Supporting Growth for a Leading Independent Power Generation Service Provider

FP&A Staff Augmentation Client Overview: A rapidly growing e-commerce company faced a critical challenge in managing its weekly cash operations. Despite being well-funded and scaling quickly, the client struggled to find and retain the right Financial Planning & Analysis (FP&A) talent to manage cash flow and forecasting effectively. The Challenge: The company needed an experienced FP&A professional to handle key responsibilities related to weekly cash management, including forecasting, variance analysis, and short-term liquidity planning. However, they encountered several roadblocks: Talent Shortage: They were unable to find candidates with the right blend of skills and experience in FP&A, especially those with a background in e-commerce and fast-paced environments. Cost Constraints: Most qualified candidates demanded high compensation, which was difficult to justify for a role requiring only 50% utilization. Operational Risk: The absence of a reliable resource was beginning to impact decision-making and financial clarity around liquidity. Our Solution: We stepped in to provide a tailored and efficient solution through our high-value delivery center in India. Our approach included: Talent Matching: We onboarded a dedicated FP&A professional under the staff augmentation model with specific expertise in weekly cash forecasting. This was an existing resource in our team who was already performing the same function for a family office operation Flexible Engagement Model: Recognizing the part-time nature of the role, we proposed a 50% utilization model, allowing the client to pay only for the time required. Cost Efficiency: By leveraging our delivery center in India, we delivered a cost-effective solution without compromising on quality or experience. Results & Impact: The outcome was transformative for the client: Immediate Value: The new FP&A resource seamlessly integrated with the finance team, taking over weekly cash management responsibilities from week one. 50% Utilization, 100% Impact: The flexible pricing model allowed the client to optimize costs while maintaining continuity and control. Strategic Clarity: Improved cash visibility enabled better short-term financial planning and more confident decision-making at the leadership level. Long-Term Partnership: The client has since explored additional support functions with us, recognizing the value of skilled offshore resources.

Safeguarding a $5M Acquisition Through HSE

Augmented Intelligence in Demand Planning

Supporting a Multi-State Transition from a PEO

From Six Months of Executive Hiring Stagnation to a Game-Changing Hire in Just Five Days

IT M&A: Acquiring private companies and achieving SOX compliance