OneStream Reduces Financial Close and Planning Processes by up to 50%
At OneStream Software, our mission is that “every customer is a reference, one success at a time.” That base of successful customers has been growing rapidly, now numbering over 900 organizations globally, and it’s really gratifying to see and hear about the benefits and value our solution is delivering to customers. Recently, Nucleus Research published a report highlighting how OneStream customers have reduced their financial close and planning cycles by up to 50% by implementing our platform. Read on to learn more about the report and the results cited.
Delivering Tangible Value to Customers
Delivering 100% customer success might sound like a catchy tagline for some companies, but at OneStream this is central to our mission, and it drives everything we do as a company. The results speak for themselves, with over 900 organizations globally, across all industries and geographies deploying our unified CPM software platform and achieving great results. What type of results? We think about the customer value being delivered by our platform across four key pillars:
- Reduced Technical Debt – Lower cost of ownership by eliminating multiple legacy applications and manual processes
- Increased Efficiency – average improvements of 39% in financial close and consolidation, 74% in reporting, and 32% in planning and budgeting – freeing up FTEs to focus on more value-added tasks.
- Improved Effectiveness – The impact on the business of making faster, more informed decisions.
- Reduced Risk – Benefits associated with avoiding costly mistakes that could harm the company, including reduced audit fees, fines, and compliance penalties.
OneStream has published numerous customer success stories that demonstrate how customers have achieved benefits and value in their organizations across these four pillars, and there has also been external validation of this value. The most recent is a report published by Nucleus Research that highlights how OneStream reduces financial close and planning processes by up to 50%.
Nucleus Research Validates Customer Success Claims
As part of the research process for the 2022 Nucleus Research Value Matrix for CPM solutions, the analysts at Nucleus interviewed several OneStream customers to learn about the benefits and value they had achieved through their deployments. Through these interviews, Nucleus found that organizations can complete budgeting and reporting cycles at least twice as fast with our unified platform and can also accelerate account reconciliations by 25%.
In addition to the efficiency gains highlighted above, Nucleus found that OneStream customers leveraged our unified CPM platform to eliminate various point solutions and integration solutions. One customer interviewed by Nucleus saved $150,000 annually in avoided subscription costs. Another customer replaced eight different Oracle Hyperion Financial Management (HFM) applications with OneStream, significantly reducing annual spend related to Oracle HFM licenses and maintenance.
According to the Nucleus report, “This value proposition compounds for large enterprises and conglomerates looking to simplify complex reporting structures and standardize their close, consolidations, planning, and reporting processes.” As merger and acquisition (M&A) activity continue to increase throughout 2022, Nucleus expects the adoption of comprehensive CPM solutions like OneStream to accelerate.
In the report titled “OneStream Cuts the Monthly Close in Half” Nucleus Research found that by offering a unified set of CPM capabilities within a single platform of solutions, OneStream streamlines user adoption and eliminates data exchanges to reduce cost and extend end-user value. Nucleus found that this value proposition is enhanced for conglomerates and organizations with acquisition-led growth strategies seeking to integrate systems and standardize financial processes across the organization.
As organizations continue to expand and outgrow their best-of-breed solutions, Nucleus expects OneStream to gain further appeal for its ability to connect siloed systems and simplify a wide range of enterprise processes. To learn more, download the report and contact OneStream if your organization is ready to jettison multiple legacy applications and embrace the future of Finance.
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