When it comes to corporate performance management (CPM), distilled down to the simplest terms, Finance has three basic roles to fulfill in its support for the organization:
Binding all three roles together, of course, is effective financial reporting and operational analytics. Why does this matter? Well, for all the reporting and analysis to be impactful and well understood, it first must be communicated to stakeholders in a timely, clear and actionable format.
Supporting a Broad Set of Stakeholders
The variety of stakeholders and their differing requirements complicates the communication job for Finance teams. Here are just a few examples of the types of information needed to support internal and external stakeholders:
Compounding all of this of course is that each stakeholder has different needs with respect to what information is presented and how and when it’s presented. Translation? Finance must constantly provide reports and analysis that meet the various needs of all stakeholders.
Many Finance teams find themselves struggling to meet stakeholder reporting needs. Why? Mainly it’s because many Finance teams rely on a fragmented mix of reporting tools such as siloed spreadsheets, legacy corporate performance management (CPM) software and BI applications. Doing so means they must invest an inordinate amount of time and manual effort to not only copy and paste data but also then reconcile and format reports.
Ad-hoc reporting is also frustrating for Finance and LOB managers who require accurate information to make business decisions. Finance teams must often choose whether to provide their business partners with the training and access to yet another fragmented tool or to take the time to produce reports on an as-needed basis.
Either way, the burden is on Finance.
Reporting with a Modern, Unified Platform
OneStream’s unified, Intelligent Finance Platform (see Figure 1) with built-in reporting and analytics eliminates the complexity of fragmented reporting tools. OneStream empowers sophisticated organizations with built-in advanced reporting and analytic capabilities as part of a unified solution for financial consolidation, budgeting, planning, forecasting, reporting, analytics and financial data quality.
By intelligently aligning detailed operational and financial data, OneStream’s flexible financial reporting and analysis capabilities eliminate the need for Finance teams to waste time manually creating reports. In other words, OneStream unleashes them to focus on providing insights and analysis to better support key decisions.
OneStream’s built-in Reporting and Analytics includes the following capabilities to enable Finance and business leaders:
Interactive Dashboards: Delivers self-service capabilities for financial and operational data insights to executives, managers and business users. These dashboards (see Figure 2) combine tables, charts, graphs and other visualizations to provide unparalleled, immediate access to current financial and operational data – enabling proactive decisions that can impact performance.
To realize their full potential as strategic business partners, Finance leaders of sophisticated organizations require reporting capabilities that are unified with their CPM solutions but address the variety of other stakeholder reporting needs. OneStream achieves all of that to empower Finance to lead at speed with a single lens across the organization while providing a single version of the truth for financial, statutory and management reporting.
Empowering Finance to Meet Stakeholder Reporting Needs
OneStream simplifies financial and operational reporting by allowing users to focus on the quality and content of their data rather than constantly working through the mechanics of building reports. Here are just a few additional benefits OneStream offers for financial reporting and analysis:
To learn more, view the OneStream Stakeholder Reporting Overview video or download our interactive ebook here.