OneStream: Breaking Down the Platform’s Key Features & Functionality
August 14, 2020
OneStream Software has quickly revolutionized the Corporate Performance Management space with its innovative platform. The following key elements represent why OneStream has become such a force in this space and why SC&H has partnered with OneStream.
The OneStream XF SmartCPM™ Platform is a one stop shop for many different finance, accounting and operational needs including:
- Financial Close and Consolidation
- Planning, Budgeting and Forecasting
- Reporting, Analytics and BI
- Financial Data Quality
The unified platform eliminates the risks associated with managing and upgrading fragmented CPM applications. It also eliminates risks associated with complex data integrations and validation issues between antiquated and fragmented products.
Extensible Dimensionality™ is a unique differentiator for OneStream. It provides a mechanism to manage metadata at different levels of detail for various purposes within the solution. For example, any business unit can do the following:
- Statutory Reporting – perform consolidations at a different level of detail than other business units or the corporate office while maintaining accuracy in the consolidation process
- Budgeting / Planning – complete the budget/plan at a lower level of detail than the corporate budget require while maintaining accuracy in the consolidation/aggregation process
Extensible Dimensionality™ provides the ultimate level of flexibility in designing and building a solution for your organization at any level while still maintaining the accuracy and traceability of the financial reporting process.
The OneStream XF MarketPlace™ provides each organization an opportunity to extend its OneStream investment with a variety of downloadable and configurable solutions. The list of solutions is constantly growing and includes a wide variety of options to add value to your deployment. Here are a few of the highlights:
- Account Reconciliations
- People Planning
- Task Manager
- Tax Provisioning
- Thing Planning
- Capital Planning
- Reporting Compliance
- Guided Reporting
While some of the solutions will require configuration, many are plug and play and function like an app download on your smartphone or tablet. Time-to-value in many instances is immediate and as the list grows this feature will consistently add value to your overall OneStream investment.
Over the last several years, the industry accolades for OneStream have been significant. From Gartner and Inc. Magazine to Deloitte and Capterra, OneStream is consistently recognized for the value provided by its platform and company. Most recently in 2019, OneStream was named a Gartner Magic Quadrant Leader for Financial Close and Consolidation, and in 2020 OneStream was named a ‘Best Work Places’ by Inc. Magazine.
The Inc. Magazine ‘Best Work Places’ designation is determined by a survey of over 3000 companies on topics such as trust, management, effectiveness, perks and confidence in the future. SC&H is also designated a ‘Best Work Places’, further articulating the alignment between our organizations and culture.
Customer Success and Referenceability
OneStream’s mission statement is simply the following: ‘Every customer must be a reference and success.’ While that may sound unattainable for a software company, they offer simple and direct proof of this promise. OneStream takes a unique approach to customer references. An organization considering OneStream is given a list of every existing customer and can call anyone. The list includes the names of the customer including details about the system they replaced and the OneStream implementation. We have not found a single example of another software company that offers this approach to customer references.
To learn more about how SC&H Group can help you with OneStream, please reach out to us on our website here.