Improving the Financial Planning & Analysis Process with OneStream

John Nilsen Jul 28, 2023

What is OneStream?

OneStream is a Corporate Performance Management software solution that integrates data streams across all business processes into a unified platform. The flexible OneStream software system is customizable for each organization, enabling multiple Corporate Performance Management tools within a single unified platform.

The integrated OneStream platform allows organizations to shift from monthly or quarterly analysis to daily rolling analysis by leveraging a unified data stream and AI-powered forecasting, streamlining Corporate Performance Management reporting and enabling rapid organizational responses to changing business needs.

OneStream readily replaces legacy Corporate Performance Management solutions. For example, OneStream offers an exceptional Hyperion replacement and Oracle EPM replacement, which are two of the main legacy EPM software products.

Financial Planning and Analysis (FP&A) is among the many Corporate Performance Management tools available through the OneStream platform. The following is a complete breakdown of how your organization will benefit from the OneStream Financial Planning & Analysis offering.

Improving Your FP&A Process with OneStream

OneStream offers an exceptional CPM finance solution that streamlines your entire FP&A process.

OneStream’s advanced analytics strategy provides your finance team with dashboarding, reporting and visualization tools that automatically integrates operational and transactional data streams from across your organization, speeding up data analysis by minimizing the manual time spent collecting and manipulating the data. This reduces dependence on outdated finance software and spreadsheets.

Using OneStream’s built-in predictive analytics, the dashboard provides the most accurate forecast type for each dataset, further boosting the efficiency of your team’s FP&A and improving your CPM.

But why is Corporate Performance Management important?

To put it simply, the number of rapidly changing variables that affect your business means annual, quarterly, or even monthly budget planning and forecasting is always playing catch up to wider market conditions. Consumer behaviors can shift rapidly while economic and political uncertainty means the suppliers and regional operations your organization depends upon can change course before your next budget forecast planning occurs.

The ability to quickly integrate and analyze data into forecasts on a daily basis means your finance team can move from creating annual operating plans into conducting rolling forecasts. These forecasting meetings can occur daily if needed, allowing your organization to respond in real-time to the market volatility driven by all variables that affect your FP&A.

OneStream also offers improved transparency for forecasting by graphically displaying and deploying data across all aspects of planning, budgeting, and forecasting processes. The unified data stream means the entire FP&A team is on the same page, minimizing planning errors associated with inconsistent data or modeling between different elements of your finance team.

Finally, OneStream’s customizable platform allows your organization to add functionality and scale up over time as your Corporate Performance Management needs evolve.

Compared to legacy EPM solutions, OneStream’s capabilities in the realm of CPM are unmatched. In terms of FP&A, OneStream offers an exceptional replacement to systems such as Oracle’s ePBCS.

Improve Your FP&A Process with OneStream - And CompIntelligence

While OneStream’s FP&A CPM solution may sound appealing, there is certainly complexity associated with transitioning from legacy FP&A systems to the OneStream platform.

That’s where the CompIntelligence's CPM Practice comes in.

With over 12 years of experience, 70 clients, and 280 projects delivered with 100% customer success, our Corporate Performance Management consulting team ensures your organization has a seamless transition to the OneStream platform.

We are not just a CPM consulting firm. Our process includes OneStream training for everyone on your FP&A team and full ongoing administration of your CPM, minimizing the administration and management tasks for your organization and allowing your team to focus on what matters most: rapidly responding to evolving budget and forecasting demands in real-time.

The CompIntelligence team provides the following areas of expertise to ensure your get the most out of your OneStream CPM:

Fully outsourced administration including ongoing maintenance, major application modifications, and troubleshooting.
Ongoing backup and administration support to minimize the risk to business operations, including on-site and remote support as needed.
Application support including complex tasks involving advanced knowledge of the CPM.
Installation and configuration of CPM environment.
Application and infrastructure review for maximal performance.

Contact the CompIntelligence team today to learn how we can maximize your organizations FP&A through the OneStream platform.

Common Pitfalls to Consider

Although OneStream can positively transform your FP&A and CPM processes, there are a few pitfalls you should be aware of if you are transitioning from your current CPM or EPM to the OneStream platform. Outside of the actual implementation, the client should assess what resources will be needed both in admin staffing as well as training for teams that will be end users.

Lift and Shift

Trying to implement a ‘lift and shift’ when moving your on-site data into the OneStream cloud can result in simply importing your existing inefficient, fragmented processes as opposed to transforming your data into a unified stream.

That’s where OneStream’s Extensional Dimensionality(R) comes in.

Effectively, this feature is the ‘secret sauce’ that allows the platform to handle the data requirements of large enterprises in a single application, replacing legacy systems, spreadsheets, and point solutions.

Conflating Training and UAT

Ignoring training or starting training during User Acceptance Testing is another issue that can arise when switching to OneStream. To put it simply, OneStream training should occur prior to UAT to avoid delays and errors during implementation and ensure that all users fully understand how to use OneStream when they are initially trying it out.

Not Devoting Enough Resources

Poor project management is another issue that arises when companies migrate to OneStream. Improperly budgeting hours can quickly result in scope-creep, resulting in higher costs of transitioning to OneStream and potential costly interruptions in business activities.

Finally, the data being entered into OneStream must be high quality from the outset. Improper data governance or master data management means that the OneStream platform will not give useful analytical forecasts. The phrase “Garbage-in, garbage-out” comes to mind when describing this issue.

While OneStream is an incredibly powerful platform for streamlining FP&A and helping your team adapt budget forecasts in real-time, it depends on the initial data being high-quality to provide the actionable insights that make it such a powerful CPM solution.

Not Adding a Qualified Architect

Finding the right team starts with getting the right architect. A good architect should have experience, and not just a little. Someone who has led multiple implementations will have critical insights based on past successes and setbacks. They should also understand what OneStream terms “Extensible Dimensionality” which OneStream itself calls it’s “secret sauce”

The last factor to consider with your architect is whether they can make a long term commitment. In some respects, the real work often begins after implementation, when long term support and ongoing training is needed to maintain a healthy OneStream. Having the right people in place after implementation should be a priority.

CompIntelligence Solves Many of These Problems

The CompIntelligence team removes the risk of these pitfalls by providing a clear upfront budget expectation for the transition to OneStream, expert migration of your existing data structures into the OneStream cloud, and complete training to ensure your team has the skills and competence needed to get the most out of the OneStream platform. Our team also offers managed services for ongoing support after implementation.