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OneStream Software: Pioneering CPM 2.0
Tom Shea and Bob Powers are names synonymous to the Corporate Performance Management (CPM) space. The two gentlemen, who are the founders of OneStream Software, were responsible for the creation of Oracle Hyperion FDM and Oracle Hyperion Financial Management, in the finance software domain. Fast forward to 2016, and these two thought leaders have overcome the challenges in the CPM space by developing OneStreamXF—a unified corporate performance management (CPM) platform that delivers core solutions for financial data quality, financial consolidation and reporting, budgeting and analysis.The OneStream XF Unified CPM platform and single code base can be deployed either on-premise or in the Cloud with their PaaS deployment model powered Microsoft Azure. This provides the ultimate in flexibility to their clients as it’s the same product no matter which deployment method is chosen. The XF Unified CPM platform complies with statutory financial requirements of U.S. Generally Accepted Accounting Principles (GAAP), International Financial Reporting Standards, and local statutory financial consolidation and management requirements of the clients. The platform can be easily expanded by downloading the additional pre-built and configurable, solutions, from the company’s ‘OneStream XF MarketPlace’ which is similar to the App store concept with your mobile device. “Our unified solution delivers a core platform that can be extended for solutions such as people planning and account reconciliation without the need to purchase additional software or hardware,” informs Jim Campbell, Vice President, North America Sales, OneStream Software. OneStream completely changes the process of software upgrades where the norm has become multi-month upgrades costing upwards of $100k in many cases. Due to their highly efficient infrastructure design based on 100 percent Microsoft technology stack, they can upgrade their software platform in hours, not months. Also, when upgrading the platform, there is no impact on the Marketplace solutions as they simply work with the platform upgrades, similar to the concept of upgrading your iPhone where your apps still work.
OneStream employs their own consultants or has a vast network of trusted partners to implement the right financial solutions to their clients. These consultants identify risks and mitigate them with best practices due to their extensive domain knowledge. To ensure the success of their projects, OneStream assigns subject matter experts (SMEs) to every project to help its customers and partners deliver a 100 percent reference-able client base.
By offering a single product with a consistent end user experience, the firm accelerates the learning process of the clients. This helps to build strong user adoption across the organization which is often a point of failure in enterprise software projects. In one example, OneStream’s Unified XF CPM platform is utilized by a multi-national conglomerate to streamline their complex business processes which took multiple applications from a competing vendor. By solving their needs with a single application, it greatly improved the efficiency of each business unit as previously they had to deal with a myriad of data and meta-data integration and synchronization for their financial management applications. With the help of OneStream, the client reduced eleven financial applications to a single OneStream application that manages their unique requirements around corporate statutory reporting, operationally relevant management reporting as well as rolling forecast requirements. “In this case, our unified solution delivered an extremely complex financial consolidation with a rolling forecast with greater efficiency at a significantly lower cost of ownership to the organization.”
OneStream lets corporate finance and accounting teams get back to business by allowing them to analyze data to make better business decisions rather than worry about the mechanics and integrity of systems. “OneStream is experiencing tremendous growth and market adoption due to our simplified approach to solving complex financial challenges, delivering world class approach to support, and our commitment to customer success. 100 percent customer referencability is not a marketing tag line for us, it’s everyone’s passion. Our platform provides us the opportunity to innovate in the CPM space by delivering value add solutions to our customers at a blistering pace,” says Campbell.
By offering a single product with a consistent end user experience, the firm accelerates the learning process of the clients. This helps to build strong user adoption across the organization which is often a point of failure in enterprise software projects. In one example, OneStream’s Unified XF CPM platform is utilized by a multi-national conglomerate to streamline their complex business processes which took multiple applications from a competing vendor. By solving their needs with a single application, it greatly improved the efficiency of each business unit as previously they had to deal with a myriad of data and meta-data integration and synchronization for their financial management applications. With the help of OneStream, the client reduced eleven financial applications to a single OneStream application that manages their unique requirements around corporate statutory reporting, operationally relevant management reporting as well as rolling forecast requirements. “In this case, our unified solution delivered an extremely complex financial consolidation with a rolling forecast with greater efficiency at a significantly lower cost of ownership to the organization.”
OneStream lets corporate finance and accounting teams get back to business by allowing them to analyze data to make better business decisions rather than worry about the mechanics and integrity of systems. “OneStream is experiencing tremendous growth and market adoption due to our simplified approach to solving complex financial challenges, delivering world class approach to support, and our commitment to customer success. 100 percent customer referencability is not a marketing tag line for us, it’s everyone’s passion. Our platform provides us the opportunity to innovate in the CPM space by delivering value add solutions to our customers at a blistering pace,” says Campbell.
