Updated 14-03-2024
This blog post has been updated (14-03-2024) to reflect the latest advancements in (since its original publication in 2017).
Let's explore why OneStream is considered a game-changer in the world of Corporate Performance Management (CPM), backed by insights from Gartner, a leading IT research and advisory firm.
Are you a finance professional unfamiliar with OneStream? This is your chance to get up to speed!
For those already using Oracle Hyperion HFM or FDM: You might recognize the minds behind OneStream – Bob Powers and Tom Shea. After their creations were acquired by Oracle, they embarked on a new project: a revolutionary CPM platform designed to streamline financial processes we now know as OneStream.
What is OneStream Software?
OneStream is a Performance Management solution which supports complex financial consolidation, Budgeting, Forecasting, financial reporting and data quality management.
It's a single platform for the complete performance management cycle, transforming the future of finance for businesses. They differentiate between other vendors by offering a Marketplace where you can download additional solutions for things like Capex Planning, Lease Accounting and Tax Provisioning without the need to integrate or buy additional licences.
Download, Configure and go.
OneStream can manage various financial tasks, including:
- Financial consolidation:
Streamline the process of combining financial statements from multiple subsidiaries or legal entities into a single, group-level statement. - Budgeting & forecasting:
Create budgets and forecasts with greater accuracy and efficiency, streamlining the budgeting process and empowering the finance function to be a true business partner for strategic decision-making. OneStream integrates seamlessly with your existing accounting software and financial systems, eliminating the need for manual data entry and reconciliation struggles. - Reporting & data quality management:
Generate financial reports with confidence, knowing your data is accurate and reliable. OneStream also provides tools to ensure data integrity throughout the entire financial close process.
OneStream's origin
The company was started by the same individuals who built the technology presently used in Oracle’s EPM data consolidation (Hyperion Financial Management) and data integration (Upstream / Financial Data Quality Management) solutions.
In designing the software, the founders focused on simple yet logical attributes such as full transparency from data origin to final sign-off with full audit-trail along the way. Another key attribute is the provision of a full EPM solution on a single platform.
It's one platform for Consolidation, Planning and Reporting that eliminates all the issues you encounter using software "suites" and has the potential to transform organizations.
What is OneStream's vision?
Their vision is a world where corporate and business units no longer need to compromise between one polluted application and multiple product and application deployments.
They deliver complete CPM solutions without compromises, allowing finance teams to leverage historical data and forecasting methods to improve long-term financial performance management
What is OneStream, and why is it so visionary?
OneStream offers a unique approach compared to traditional CPM suites, earning recognition from Gartner as a Leader in both Financial Close & Consolidation and Financial Planning & Analysis software.
A True Unified Platform:
No more juggling separate modules or integrations. OneStream operates like a smartphone – download specific solutions (from the Marketplace) as needed without integration hassles. Gartner highlights this as a strength, emphasizing a more cost-effective and easier approach to ownership.
The CPM smartphone analogy
There are many tools out there that claim to be a unified platform but simply are not. To understand the difference you need to know what makes a unified platform a TRULY unified platform and not a “suite”.
No more integrations and Modules
An easy way to understand OneStream is to compare it to the evolution of mobile phones:
Feature Phones (like Nokia 3210s):
In the past, businesses relied on standalone software applications, similar to feature phones. These tools functioned independently and offered limited integration with other systems. You need multiple phones to achieve different tasks.
Early Smartphones (like BlackBerry):
The introduction of "suites" resembled the first steps towards a unified platform, similar to early smartphones like BlackBerry. While offering some integration, these "suites" often required additional development work for full functionality and weren't as open to expansion. Blackberrys had agendas, mail and other functionality bundled like a suite.
OneStream: The Modern Smartphone of CPM
Just like a modern smartphone, OneStream is a unified platform that goes beyond basic suites. It offers a central platform with many solutions for various financial processes, fostering collaboration and streamlined workflows.
Similar to app stores on smartphones, OneStream allows for future expansion with its Marketplace to fit your specific needs at your own timeline of improvement.
A detailed explanation of the smartphone analogy
To comprehend the essence of OneStream, let's first grasp the analogy of a platform vs smartphone. A platform serves as a foundational layer where various software applications can be built upon existing software. An apt comparison is with your smartphone, particularly an iPhone, which operates on its own unique system, fostering a plethora of seamlessly integrated applications. Developers of these applications leverage the iPhone's core functions, avoiding the need to reinvent the wheel with each new app. This practice is known as "reusing core functionality."
The Benefits of Reusing Core Functionality
By reusing existing functions, developers save time and effort. They can swiftly create applications by tapping into what's already available. Let's explore this further with a practical example.
Example: The Unified Contact List
Consider your iPhone's contact list - maintained once but accessed by various apps for different purposes. Developers of these apps didn't have to manually create tools for managing contacts. Instead, they utilize the iPhone's existing contact functionality. Whether making calls, sending texts, connecting on social media, or handling finances, all these apps access the same contact list seamlessly.
Streamlining Operations with OneStream
Drawing parallels with the iPhone's ecosystem, OneStream operates as a platform where software can be built upon existing software. It offers reusable core functions, such as engines for data quality, presentation, and consolidations.
Unlocking Efficiency: The Power of Reusability
Key elements like calculations, data, and metadata need only be loaded once into OneStream's platform and can be utilized across different applications. Imagine setting up your entity structure, chart of accounts, and security measures just once, streamlining operations significantly.
Facilitating Growth with the Solution Exchange
OneStream further enhances its offering through the solution exchange, akin to the App Store on your iPhone. This feature empowers users to enhance their OneStream experience by accessing additional functionalities and solutions as they grow and evolve.
The OneStream Solution Exchange explained:
Your One-Stop Shop for Financial Solutions
OneStream's Marketplace goes beyond a typical " app store" – it's a treasure trove of solutions designed to empower your finance teams. Think of it as a curated library filled with tools that seamlessly fit in your existing OneStream platform, eliminating the need for complex integrations or lengthy development projects.
Here's how the OneStream Marketplace caters to your evolving needs:
OneStream MarketPlace: Built-in and Ready
This category houses solutions developed and maintained directly by OneStream. They come included with your OneStream platform license, offering a cost-effective way to extend its functionality. These solutions address common challenges in areas like:
- Productivity – Enhance team efficiency with tools that streamline workflows.
- FP&A – Gain a sharper edge in financial planning and analysis.
- Close & Consolidation – Navigate the financial close process with greater accuracy and speed.
PartnerPlace: Expanding the Ecosystem
The PartnerPlace section brings solutions developed by OneStream's trusted development partners. You can browse the OneStream Solution Exchange to discover these partner-created solutions and directly connect with them to explore licensing options.
Among the 5 partners who have a development partner status globally, Amco stands out as the creator of solutions like lease accounting, Pillar 2 and ESG reporting, which are currently the most used solutions by OneStream customers worldwide.
Our unwavering commitment to quality is reflected in the high user adoption rates for our solutions, as shown in areas like lease accounting, Tax Compliance and ESG reporting.
This customer appreciation underscores the difference between Amco's offerings and the competition. We prioritize building solutions that not only address your immediate needs but also provide a strong foundation for future growth and scalability.
OpenPlace: Community Collaboration
The OpenPlace section fosters a spirit of collaboration. Here, you'll find solutions contributed by the OneStream community, including customers, partners, and even OneStream employees. Think of it as a knowledge-sharing platform where you can access tools, utilities, and blueprints readily available for download. While these solutions are community-supported, they offer a valuable starting point for tackling specific challenges.
Unlocking the Potential: Streamline, Extend, and Collaborate
The OneStream Marketplace empowers you to streamline workflows, extend the capabilities of your OneStream platform, and foster collaboration within the finance and operations community.
OneStream Marketplace solution examples
- How can OneStream help with Lease Accounting
New lease accounting standards create challenges for your finance team. Our automated lease accounting solution streamlines the process, saving time and enabling efficient reporting. - How can Onestream help with ESG Reporting
Staying on top of ESG reporting requirements can be complex. Amco offers a solution that simplifies data collection, streamlines reporting, and ensures transparency. Focus on your sustainability goals while meeting reporting obligations. - How can OneStream help with Global Tax Compliance
Improve efficiency and accuracy in your tax reporting with Amco's integrated tax provisioning solution for OneStream. Unify corporate finance with your tax processes, streamline workflows, and free up valuable time for your finance team.
What are the benefits of OneStream?
- Improved Efficiency:
Streamlined workflows and a unified platform save time and resources, boosting the efficiency of the finance function and improving the overall operating model** for the business. - Enhanced Accuracy:
Data consistency and reduced reconciliation efforts lead to more reliable reports, increasing confidence in financial data for decision-making. - Increased Agility:
OneStream empowers finance teams to adapt to changing business needs quickly, providing greater agility as the business navigates the future of finance. - Simplified User Experience:
The intuitive interface makes it easier for users to navigate and utilize the platform's functionalities. - Extensible Dimensionality™:
This innovative feature allows for different levels of detail across dimensions. Imagine having a more granular budget process compared to monthly actuals reporting – all within the same platform, eliminating reconciliation struggles.
OneStream & AI + machine learning: A powerful combination for enhanced Corporate Performance Management
OneStream is heavily invested in Artificial Intelligence (AI) and Machine Learning (ML) to revolutionize how businesses approach planning and forecasting. This translates to significant benefits for companies:
Some examples include:
- Effortless, Automated Forecasts:
Generate thousands of accurate forecasts automatically, freeing up valuable time for analysis and strategic decision-making. - Smarter Forecasts with Business Knowledge:
OneStream's ML considers your business expertise, factoring in promotions, events, and external influences for more precise predictions, enhancing the accuracy of the forecasting method. - Unified Planning for Better Decisions:
Move beyond siloed data. OneStream creates a holistic view of your finances by unifying demand plans with sales, inventory, and labor costs, supporting better budgeting and financial performance managemen
Navigating OneStream partners: Levels and Benefits
OneStream offers a tiered partner program, connecting businesses with solution providers who can help them maximize the value of the OneStream platform. Here's a breakdown of the partner levels and the advantages of working with Platinum and Diamond partners:
OneStream Partner Levels:
Silver Partner:
Provides basic implementation services and demonstrates a foundational understanding of OneStream.
Gold Partner:
Delivers a wider range of implementation services and possesses a stronger knowledge of the OneStream platform.
Platinum Partner:
Offers comprehensive implementation and support services, showcasing in-depth expertise in OneStream functionalities.
Diamond Partner:
Represents the highest level of OneStream partnership, demonstrating exceptional knowledge and a proven track record of successful implementations across various industries.
As a triple diamond partner AMCO offers services you won't find with other partners like Application Life Cycle management and ready to use off the shelf AMCO solutions you won't find in the regular Marketplace.
Understanding the benefits of working with a diamond Partner:
- Deep OneStream Expertise:
Diamond partners possess extensive experience with OneStream implementations. They have a thorough understanding of the platform's capabilities and can customize solutions to your specific needs, transforming your budgeting process and financial operations.
- Streamlined Implementation: These partners have a proven track record of efficiently navigating OneStream deployments. They can ensure a smooth and timely implementation, saving you valuable time and resources.
- Ongoing Support: Diamond partners offer ongoing support (ALM) beyond the initial implementation. They can guide you through data migration, user training, and optimization of your OneStream platform to ensure continued success.
- Industry-Specific Knowledge: Some diamond partners specialize in particular industries. This specialized knowledge allows them to tailor solutions that address the unique challenges and requirements of your business sector, maximizing the return on investment (ROI) from your financial systems.
- Advanced Development Capabilities (For development Partners): development partners have the expertise to extend OneStream's functionalities through custom development. This allows you to leverage solutions that perfectly align with your unique business processes. AMCO is one of 5 partners globally who currently hold this special certification.
Are you currently working with legacy CPM systems?
If you're looking for a modern CPM solution that can transform your finance processes, OneStream is definitely worth considering.
Its focus on user-friendliness, a unified platform, and a rich Marketplace of solutions makes it a compelling choice for businesses looking to future-proof their finance function and drive digital transformation initiatives.
New to OneStream? Schedule a 30 min overview
Our experts will walk you through the platform in just 30 minutes.
Ready to take the next step? Book a meeting with our experts. Fill up the contact form to book a meeting and discover how to transform finance with Onestream
Disclaimer:
Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally, and is used herein with permission.
Related Resources
The Definitive Guide to ESG Reporting [in OneStream]
This definite guide to ESG will cover all the important questions around ESG reporting. If you want to improve your ESG score and guarantee the success of ESG initiatives, this guide is for you. Download now!
How to Improve Profitability with People Planning
People are the most important part of an organization and to understand the profitability, People should be part of that. Read on to find out how to improve profitability by mastering People planning.
Get to know AMCO
With over 100+ OneStream customers for 175+ projects to date globally. AMCO Solutions offers full lifecycle: implementation, training development, and managed services.
