bankingciooutlook

OneStream: Pushing Businesses beyond Regulatory Constraints

Follow OneStream on :

Tom Shea, CEO, OneStreamTom Shea, CEO
OneStream provides a unified and extensible Corporate Performance Management platform that helps in modernizing finance, planning, reporting, analytics, and financial data quality for global organizations. The company’s platform particularly assists in lease accounting—a field that’s constantly changing with time. Recently, few modifications in accounting guidelines seem to have made things more complex than ever. But with OneStream’s CPM platform, accounting needs of global enterprises seem to have eased a bit.

The platform simplifies and aligns consolidation, planning, reporting, and data quality processes across an enterprise, allowing customers to extend their investment through a marketplace of pre-built solutions and utilities. In simple terms, OneStream Software enables Finance and IT professionals to “get back to business” reducing time-consumption in managing systems and integration and contributing more time in driving business performance.

The idea behind the CPM platform is to simplify processes for global enterprises by altering fragmented legacy applications. Institutions can modernize finance with OneStream’s Unified Smart CPM Platform, thereby eliminating the risk and costs of managing and upgrading fragmented CPM applications that are all up in the cloud. OneStream offers its services to some of the prominent companies in the industry like Dril-Quip, AFL, Guardian, and Johnson Outdoors.

Further, OneStream provides regulatory compliance solution that is best suitable for lease accounting. While addressing the most complicated global consolidation and reporting requirements, their platform accelerates the close financial processes. The platform increases its agility with proper forecasts and driver-based planning. The company invests in powerful data integration, certifications, and audit trails for good financial and operating results. Flexibility being a major concern, the platform can work across on-premise to host as well as the cloud.

Staying updated to latest lease accounting demands, the company assures security and availability through the advanced extensible platform.

One of the main software offerings of the company is OneStream XF, which helps in meeting statutory financial reporting requirements, including US GAAP, Multi- GAAP, IFRS, and other local statutory requirements. The particular software eradicates the complications related to data integration, as well as validation and reconciliation between applications, modules, or multiple products. The issue with non-integrated CPM platforms is that they turn out to be outdated. So, OneStream comes up with XF MarketPlace solutions that provide a platform where it updates its features as per customer requirements. Customers also get to download it for free to keep pace with the changing business needs. In one single model, OneStream XF seems to bring together relational, source transactional reporting, analytical, and stage, all for sole user experience, to deliver the best in the industry performance. Without facing any IT hurdle, the platform can deliver important financial and operational solutions.

The company makes sure that its offerings reduce costs significantly while deploying multiple applications installation, deployment, maintenance and licensing, eliminating costly integrations. OneStream software aims to launch the next-gen Smart CPM platform to streamline financial planning.

Fruit of the Loom, a Berkshire Hathaway company has established themselves as a pioneer in the manufacture, design, and marketing of apparels, equipment, and intimates. The company was facing growth complexity and acquisitions. Using Oracle Hyperion Financial Management for their financial consolidation and reporting wasn’t working for them. Lack of satisfaction, costly upgrade, and critical processes led them to choose OneStream XF. The reason behind selecting OneStream was entirely based on the functionality of the software, and also the ability of the software to extend into areas such as budgeting and planning.

The benefit that Fruit of the Loom experienced includes enhanced workflows with great financial results. Cash flow reporting has significantly become easier and automated. Through the Extensible Dimensionality of OneStream, Fruit of the Loom developed better visibility into operating results via geography, location, products, and brands.

The company has been delivering services in the market for years, and with their CPM platform, they have gained experience in delivering solutions to the world’s leading organizations. To reflect upon the latest achievements of OneStream—they are included in the Dresner Advisory Wisdom of Crowds Study with outstanding results. As a renowned regtech solution provider, the company intends to expand its footprint across the globe.