Overall Satisfaction with OneStream
We help organizations with their OneStream implementation journey. One such implementation was for an American Singaporean multinational electronics manufacturer. The customer was using an Excel-based approach for their Balance Sheet Accounts Reconciliation Process. 1500+ users are involved in the Accounts Reconciliation process for over 50k+ accounts. There was generally a significant issue with data quality. Since they were doing a manual approach to reconciliation, the timeliness of data is a big issue. In addition to being time-consuming, here are several pitfalls that they encounter every month: - Disintegrated approach - Huge volume - Lack of Standardization - Lack of a consolidated list of action items by responsibility The company took a decision to implement the OneStream Accounts Reconciliation Solution. The solution was a comprehensive risk management tool that also involved the consolidation of data at a parent level.
- With OneStream’s Account Reconciliation solution, the finance team can now see an overview of their reconciliations which saved a significant amount of time as compared to navigating through spreadsheets.
- OneStream allows much detailed transactional level data (with millions of transactions) from integrated source systems to be consolidated right up to the highest level with drill-down capabilities providing a detailed audit trail as well as full transparency across the organizational hierarchy. This was the biggest benefit as to why OneStream was the preferred choice.
- The native dashboarding capabilities allowed the company to replace their standalone BI tool with dashboards within OneStream.
- Analytical blend capabilities provided risk management and risk governance capabilities which before this was not possible for the customer.
- This is not a OneStream issue but more about an implementation approach where clarity should be there on how data needs to interact as well as a focus on user experience for faster user adoption.
- Value of OneStream to the customers is not only a single platform but all in a single application
- No need to worry about long upgrade cycles as upgrade happens in a couple of hours
- Higher user adoption as they just need to learn new use cases and not a new system
- Customers have moved from multiple EPM systems as well as multiple EPM applications to OneStream.
- Their ROI has been quite high as lesser admins are required, no need to move data back & forth, no need for an additional dashboarding / BI tool, once a user is on OneStream can leverage it for more than 50+ use cases at no additional license cost.
- Automation, direct integration, scheduling, complex calculation capabilities, all help to further improve ROI and free up the time for the team to do value-adding tasks.
- Last but not the least is the confidence on the numbers is much higher.
- Oracle Hyperion Enterprise Performance Management, Anaplan and SAP BPC (Business Planning and Consolidation)
OneStream's advantages stem from Extensible dimensionality Relational Blending Analytical capabilities. We continue to invest our time in OneStream to further extend the use cases of the platform.
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When as an organization you have more than one finance processes that need to be on some technology platform, OneStream is a great fit. Be it consolidation & reporting, planning & budgeting, account recs, tax provisioning, close management, transaction matching, etc. all these areas are handled well in OneStream. The benefits accrue from a single place to manage master data, data, security, and quick learning for users as different workstreams are rolled out.