About ONEOK
ONEOK, Inc. is a leading American midstream service provider headquartered in Tulsa, Oklahoma. Founded in 1906, ONEOK focuses primarily on the natural gas industry, connecting prolific supply basins with key markets. As a Fortune 500 and S&P 500 company, ONEOK generates around $17 billion in revenue.
Situation
ONEOK Energy Services Company, a leading midstream service provider headquartered in Tulsa, Oklahoma generating around $17 billion in revenue, tackled substantial IT modernization hurdles. They grappled with critical challenges in financial reconciliation and close processes as well as managing costly, intricate infrastructure for on-premises applications such as Hyperion, which required extensive upkeep.
Additionally, they faced issues with disjointed close processes, involving manual tracking and labor-intensive tasks. ONEOK initiated a comprehensive corporate-wide effort aimed at reducing total cost of ownership (TCO) and boosting operational efficiency.
Action
In response to these challenges, ONEOK partnered with Centroid for a one-month project to migrate from on-premise Hyperion to cloud-based solutions for account reconciliation and financial consolidation, implementing a 6-week transition to Cloud Reconciliations from the on-premise ARM application. Centroid streamlined ONEOK’s close process with a 4-week implementation of Close Manage and initiated a comprehensive cloud migration roadmap for scalability and future-readiness, while also implementing new cloud features for enhanced data security and operational governance.
Impact
ONEOK’s strategic collaboration resulted in transformative outcomes for their IT and financial operations, achieving 100% independence from on-premises infrastructure outages with Cloud Data Management and reducing the close calendar duration by 20%, from 10 days to 8 days. This initiative also enhanced ONEOK’s financial reporting capabilities, supporting seamless future acquisitions and expansions.
Partnering with Centroid to migrate critical applications to the cloud not only modernized ONEOK’s IT infrastructure but also positioned them as a leader in leveraging cloud technology to enhance agility, reduce costs, and drive sustained growth and innovation in the competitive oil and gas industry.