Showcasing Finance Innovation at OneStream
Innovation has been at the heart of OneStream’s DNA since the company’s early days of R&D. Having designed and developed some of the most successful Hyperion CPM products, OneStream’s founders had a great deal of domain knowledge and first-hand insights into what worked and what didn’t work so well with the first generation of CPM applications.
With a chance to start with a clean slate, OneStream’s founders sought out to create a next-generation CPM platform that overcame many of the barriers finance organizations faced in aligning reporting and planning in larger, sophisticated enterprises.
They leveraged their deep domain expertise, combined with state-of-the-art technologies, to design a unified CPM platform that could replace multiple legacy products. They also had the vision of providing a CPM platform that worked like an iPhone. One that provided out-of-the-box functionality to address key CPM requirements, with the ability to be extended through a marketplace of downloadable solutions that could be configured and deployed quickly and easily by customers.
FSN Innovation Showcase 2019
This innovation DNA and the results it has produced is the focus of the 2019 FSN Innovation Showcase report on OneStream Software. In the report, Gary Simon (CEO FSN & Leader of the Modern Finance Forum on LinkedIn) highlights three key innovations that have made OneStream so successful in replacing spreadsheets and multiple legacy CPM applications at over 300 organizations globally.
- Extensible Dimensionality® – the secret sauce of OneStream XF, enables the platform to support both corporate and detailed line of business requirements in a single application, with the ability to extend the chart of accounts, and other dimensions for specific entities and scenarios. This capability also enables OneStream to unify financial reporting, planning, forecasting and other processes in a single application, with different levels of detail supported across scenarios, without compromising the users’ ability to compare results across scenarios.
- The OneStream XF MarketPlace – modeled after the App Store, allows customers to download, configure and deploy additional solutions into the OneStream XF platform without licensing additional modules or adding technical complexity. The XF MarketPlace now includes over 50 value-added productivity and business solutions, and recently OneStream announced a new program that will enable partners to develop and offer their solutions to customers via the XF MarketPlace, starting in 2019.
- SmartCPMTM Platform – OneStream branded our platform as SmartCPMTM because of its ability to handle multiple requirements in a single application, extend and grow as companies add business units and new data dimensions, and draw on and analyze multiple dimensions without constraint. OneStream provides customers the choice to deploy the platform via the cloud, hosted, or on-premise if they aren’t quite ready for the cloud – with the ability to migrate to the cloud when they are ready in just a few hours. OneStream XF version 5.0 delivered the first steps in our X-Scale initiative, which will later enable intelligent scaling of cloud resources – i.e. “smart cloud” capabilities.
Relational Blending capabilities enable the platform to capture detailed, dynamically changing data, and “blend” this data into virtual cubes for multidimensional reporting and analysis by users. And OneStream is also extending the platform to allow data scientists to tap into their favorite Machine Learning engines for more sophisticated and powerful predictive forecasting and other use cases.
Innovation in Action
The report finishes up with several OneStream customer examples highlighting the power of the platform and its innovations. This includes Guardian Industries, who implemented OneStream for financial consolidation, reporting, planning and forecasting – replacing their legacy Hyperion applications – then extended their investment to support their tax provision requirements. The other featured customer is The Carlyle Group who replaced Hyperion Financial Management (HFM) as well as several legacy planning applications with OneStream’s unified platform.
To learn more, download the FSN Innovation Showcase on OneStream Software and feel free to contact us if you would like to learn more about how OneStream can help you modernize finance, simplify processes, and extend CPM across the enterprise.
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