- Tech Insights
Large enterprises have unique and sophisticated corporate performance management needs beyond consolidation and budgeting including planning and analysis, automating cash flow and timely reporting. These enterprises are dynamic and changing with each passing day, hence they need a Corporate Performance Management (CPM) solution that can quickly and easily scale and align to their changing business. OneStream provides a unified corporate performance management solution, on-premise or in the cloud, for financial consolidation, reporting, planning and operational analytics in one platform not multiple applications running on multiple systems. “We have eliminated the complexity of maintaining and integrating multiple applications. We reduce inefficiencies and cost by automating processes and offering easier training, better analysis and more business agility,” says Tom Shea, CEO, OneStream.
Bob Powers, CTO of OneStream and Shea incorporated their seasoned experience and deep CPM domain expertise to find a better way for the Office of the CFO to consolidate, plan, and report financial and non financial data. Powers was the inventor of Oracle Hyperion Financial Management (HFM) and Shea was co-founder and inventor of UpStream Software, which is now known as Oracle Hyperion FDM. Product development for OneStream XF began from their kitchen tables as they worked countless hours to ensure what they developed was indeed a betterment to the CPM products currently on the market.
OneStream XF employs Guided Workflows which provides verification throughout the financial consolidation and reporting process, immediate error notification for end-users to quickly and easily correct issues and flexible mapping to deliver data quality confidence for all collections and analysis. From report to source, OneStream offers 100 percent transparency and audit trails for data, metadata and process changes including rules and mapping. Adjustments and eliminations never disappear and are visible at every level of the consolidation and their customers know who made what change, when, where and how. OneStream XF supports US GAAP, IFRS and local statutory reporting requirements.
" We provide increased business agility and faster analysis by eliminating the complexity of maintaining and integrating multiple applications for enterprise-wide financial consolidations, budgeting, reporting and planning. "
The OneStream XF Platform is a financially intelligent engine for sophisticated consolidation and reporting, budgeting, forecasting and planning, data quality, data integration and ad hoc analytics. Because OneStream XF is available on-premise or in the cloud, customers can deploy based on which option best fits their organization. Additional solutions including Account Reconciliations, People Planning, Sales Planning and Task Manager are available in OneStream’s XF MarketPlace. Each solution can be downloaded on-demand, directly to the OneStream platform eliminating the maintenance burden and reducing training time normally associated with multiple platforms and modules.
Evoqua Water Technologies, a leader in water and wastewater treatment products, systems and services for industrial and municipal customers implemented OneStream XF for financial consolidation, reporting, budgeting and forecasting. They leveraged the consolidation functionality to automate intercompany eliminations in all hierarchies, currency translation and cashflow reporting. OneStream’s core budget and forecast capabilities gave Evoqua the ability to perform forecasts at detailed profit center and cost center levels. Management and external reporting is now standardized with executive dashboards and Guided Reporting as well as monthly financial reporting book. Evoqua also implemented the OneStream XF MarketPlace solution for Account Reconciliation and now has a unified reporting and reconciliation system with a risk adjusted balance sheet.
OneStream plans continued growth in their customer base, employees, partners and platform as well as expanding their geographical sales, services and support footprint. The company is dedicated to the quality of their product and the success of their customers. “As the requirements of the Office of the CFO are continually changing and expanding, OneStream’s XF MarketPlace offers a unique advantage to quickly and reliably deliver domain specific solutions that extend the value of our customer’s initial investment without adding any technical complexity,” adds Bob. “This is a true differentiator and resonates with large organizations that feel the burden of the risk, cost and complexity of a multi-product and application environment.”
OneStream XF delivers the first unified solution for Corporate Performance Management Software also known as Enterprise Performance Management or EPM.