A modern platform that supports all facets of Corporate Performance Management. In this OneStream Catch Up we will share our experiences and show you the top 3 features of OneStream!
Would you rather see the summary? Please find the infographic here.
Top-3 features of OneStream
Every Performance Management solution helps to provide more insight, for instance in the financial figures and how well the organization performs. OneStream does this as well of course. But what is specific about this solution?
1. Integration within the platform
Thanks to the platform setup of OneStream, you truly get one source. From this one source you can not only ‘look back’ through the consolidation functionality – including strong audit trail and drill-through to your ERP systems -, but also ‘look ahead’ through budgeting and planning functionalities. With ‘Object-Oriented’ metadata modeling you can build in an account reconciliation solution, a project administration or a consolidation register.
In practice, we notice that a lot of know-how has been incorporated in the solution; the platform is robust and runs like a train. OneStream was developed by two prominent thought leaders from the field of Performance Management; Tom Shea and Bob Powers. They have – amongst others – previously developed Upstream (Oracle FDM) and Hyperion (HFM).
The chosen structure creates a strong integration within the platform. However, you still have the freedom to model your own specific process. For example, one organization has replaced fourteen different consolidation applications with one OneStream platform. All fourteen divisions now work independently within the same platform. At the same time, each division has been able to maintain its own way of working.
2. Extensible Dimensionality
A second strong feature is the flexibility of the dimensions, called ‘Extensible Dimensionality’ by OneStream. Many organizations want a different level of detail for forecasting and budgeting than for the actuals. With Extensible Dimensionality you can select at which level you want to budget per account. Even between various scenarios you can work on different levels of detail.
Suppose you have in your actuals a ‘parent’ account, where you cannot enter data, but you still want to budget on this level. Extensible Dimensionality enables you to enter the required data for your budget. You can create an application with one set of accounts, which you can configure at different levels of detail.
The MarketPlace works as an ‘App store’. Here, you can easily download templates, just like you do with apps on your phone. You can also download training materials in this way.
For example, take Cash planning. You’ll find a pre-defined template in the MarketPlace, supplemented with a webinar. The template can easily be downloaded as a zip-file onto your laptop, after which you can enter it in your OneStream environment. You can then further design it yourself and include it in the workflow, which can be adapted to your process. The same applies to People planning or Capex planning. A ready-made connector for SAP ERP is available as well.
In practice, we see that the MarketPlace offers many functionalities, but that not many organizations are actively using this yet. We do expect that this will happen more and more, because it gives you additional functionalities quickly and easily.
For which type of organization is OneStream a good fit?
This solution is particularly interesting for large organizations with complex consolidation or planning needs. For example, we think of retail organizations with hundreds of stores that would like to be able to compare each individual store. Or globally operating organizations with different tax environments. In such complex situations, you really make use of the possibilities of the platform and OneStream comes into its own best.
In addition, OneStream fits well with organizations that have a roadmap for finance. For example, organizations that want to realize a High Performance Finance Function (HPFF). If your organization wants to take consolidation, reporting and planning processes to a higher level, then the platform adjusts well to that growth and can even accelerate it; both in terms of functionalities and in terms of licenses. Within OneStream you work with one license for all functionalities, so your functional wishes are not limited by licenses that you would otherwise have to purchase. OneStream facilitates and accelerates the steps that you want to take with finance in the coming years.
For which roles is OneStream interesting?
Due to strong integration, OneStream is suitable for various roles within the organization. Within finance, both financial control and business control can use the platform for their processes. In addition, the reporting and dashboarding functionalities make the solution very interesting for the CFO.
In practice, we see that OneStream is widely used. For example, for sustainability reporting; as you can access data from various sources in OneStream, you can also report on other components such as environmental indicators and HR information. This integration of data is also interesting for tax managers.
Would you, next to the OneStream Catch Up, like to know more? Read all about this Performance Management Platform.
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