Increased scenario planning is used to help improve overall business planning
As a result of recent market volatility, Dolphin Drilling needed to greatly improve its use of forecasting to compete. However, a spreadsheet-driven process made a monthly rolling forecast incorporating ever-shifting changes in currency, crews and customers almost impossible to produce.
- Multiple spreadsheets covering various rig, legal entity, and group levels made it difficult to conduct business planning and forecasting
- A spreadsheet-driven model didn’t allow for rapid scenario planning to react to a quickly-changing market
- Too much time was being spent on manual data entry and verifying accuracy
- Automated data collection reduced budgeting processes from days to minutes
- Accurate, detailed data allowed the company to begin conducting detailed monthly rolling forecasts
- Increased ability to conduct scenario planning lets the company see the impact of changes in things like exchange rates, staff changes, and drilling contracts on the company’s bottom line