Unify finance data with AI for strategic impact

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December 10, 2024

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OneStream

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Unify finance data with AI for strategic impact

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Overview

OneStream is an enterprise finance management platform that offers unified services, seamlessly integrating finance and operational data. It aims to effectively increase the strategic influence of the CFO by breaking down data silos and converting them into streamlined strategic resources.

This is achieved through revolutionary Financial Planning & Analysis (FP&A), financial close, account reconciliation, and more - all accessible from a single platform.

OneStream's primary function is to optimize financial performance by consolidating all financial and operational data, providing insight across every level of an organization.

Furthermore, OneStream leverages the capabilities of Artificial Intelligence (AI) and Machine Learning (ML) to boost decision-making processes and enhance productivity.

This enables organizations to plan quicker, forecast with remarkable precision, and boosts performance across all teams. Its AI solutions, referred to as Sensible AI, are purpose-built for finance.

To meet the evolving needs of businesses, OneStream also offers an 'infinitely extensible' platform, allowing for the extension and adaptation of its capabilities as business requirements change.

This facilitates data-driven decisions across different departments such as sales and people planning, without the addition of technical debt. It has been recognized as a leader in the Gartner Magic Quadrant for financial planning for its comprehensive vision and execution capabilities.

Among its satisfied customers, noted brands like Polaris, have used the platform to improve forecasting accuracy, streamline financial operations and enhance collaboration.

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July 29, 2024

Initial release of OneStream.

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Pros and Cons

Pros

Unifies finance and operational data

Increases CFO's strategic impact

Breaks down data silos

Revolutionary Financial Planning & Analysis

Integrated financial close solution

Efficient account reconciliation

Single platform accessibility

Optimizes financial performance

Provides organizational level insight

Boosts team-wide productivity

Quick planning capability

Remarkable forecasting precision

'Infinitely extensible' platform

Adapts as business changes

Facilitates data-driven decisions

Supports sales and people planning

Eliminates technical debt

Recognized Gartner Magic Quadrant Leader

Improve forecasting accuracy

Streamlines financial operations

Enhanced collaboration

Turns data silos into resources

Successful case studies available

Trusted financial brands serviced

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Cons

Lacks API integration

Expensive for small businesses

Learning curve for beginners

Limited extension customization

Too finance-focused

Per-user cost model

Integration processes can be complex

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Q&A

What is the primary function of OneStream?

OneStream's primary function is to optimize financial performance by consolidating all financial and operational data, providing insight across every level of an organization.

How does OneStream integrate finance and operational data?

OneStream integrates finance and operational data by unifying these data elements into a single platform. It breaks down data silos and transforms them into streamlined strategic resources, enabling companies to access and make use of all their finance and operational data from one point.

In what ways does OneStream enhance decision-making processes?

OneStream enhances decision-making processes by leveraging Artificial Intelligence (AI) and Machine Learning (ML) capabilities. These technologies allow organizations to plan faster, forecast with remarkable precision, and improve performance across teams, hence making decision-making more efficient and accurate.

Can OneStream be used for sales and people planning?

Yes, OneStream can be used for sales and people planning. By being an 'infinitely extensible' platform, it allows for data-driven decisions across different departments including sales and people planning.

What benefits does the 'infinitely extensible' platform of OneStream offer?

The 'infinitely extensible' platform of OneStream offers the ability to extend and adapt its capabilities as business requirements change. This means it is able to accommodate the evolving needs of businesses, facilitating data-driven decisions across different departments without the addition of technical debt.

In what ways does OneStream assist businesses in financial performance optimization?

OneStream assists businesses in financial performance optimization by consolidating all financial and operational data, and providing insights across every level of an organization. Its Artificial Intelligence (AI) and Machine Learning (ML) capabilities enhance decision-making processes and productivity, enabling organizations to plan quicker, forecast with high accuracy, and improve performance across all teams.

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What AI capabilities do OneStream offer?

OneStream offers AI capabilities through its feature, Sensible AI. This component of OneStream is designed specifically for finance, helping users plan faster, forecast with greater accuracy, and perform at their best.

Why is OneStream referred to as a leader in the Gartner Magic Quadrant?

OneStream is referred to as a leader in the Gartner Magic Quadrant for its comprehensive vision and execution capabilities. It has been recognized as a leader in financial planning, a testament to the comprehensive, effective, and efficient solutions it provides for finance and operational data integration.

How does OneStream break down data silos?

OneStream breaks down data silos by consolidating them into one unified data platform. This unification of data enables seamless integration of finance and operational data, making all these data accessible from a single point.

Which aspects of Financial Planning and Analysis does OneStream cover?

OneStream covers all aspects of Financial Planning & Analysis (FP&A). This includes providing a platform for financial close, account reconciliation, and other relevant tasks - all accessible from a single platform.

How is OneStream's Sensible AI solutions different from other AI solutions?

OneStream's Sensible AI solutions, unlike many other AI solutions, are purpose-built for finance. They are designed to help customers plan faster, forecast with greater accuracy, and perform at their best, tailored specifically towards optimizing financial performance.

How do AI and ML capabilities of OneStream boost productivity?

The AI and ML capabilities of OneStream boost productivity by automating processes and enhancing decision-making. They enable organizations to plan quicker, accurately forecast, and improve performance across all teams.

What sort of businesses can benefit most from OneStream's features?

All types of businesses can benefit from OneStream's features, especially those that require comprehensive finance and operational data integration and optimization. It is ideally suited for businesses that encounter issues with separate data silos and desire to streamline and optimize their financial performance.

How can OneStream aid in financial close and account reconciliation?

OneStream aids in financial close and account reconciliation by unifying all finance and operational data into one platform. This provides organizations with access to their necessary financial data for these processes at any time, reducing complexity and enhancing efficiency.

How does OneStream adapt its capabilities as business requirements change?

OneStream adapts its capabilities as business requirements change through its 'infinitely extensible' platform. It can extend and adapt its features and tools to meet evolving business needs, paving the way for data-driven decisions across different departments.

What's the role of AI in OneStream's finance management platform?

AI plays a significant role in OneStream's finance management platform by boosting decision-making processes and productivity. It allows organizations to plan quicker, forecast with remarkable precision, and improve performance across all teams.

How can OneStream enhance forecasting accuracy?

OneStream enhances forecasting accuracy by leveraging AI and ML capabilities. These technologies allow the platform to identify patterns, trends and correlations in the data, which leads to more efficient, precise and accurate forecasting.

What is the significance of OneStream in increasing the strategic influence of the CFO?

The significance of OneStream in increasing the strategic influence of the CFO lies in its ability to effectively break down data silos and convert them into streamlined strategic resources. This unification and optimization of data allows the CFO to have more insightful visibility into all levels of the organization, boosting strategic decision-making.

What makes OneStream's AI purpose-built for finance?

OneStream's AI is purpose-built for finance, making it tailor-fit to handle and optimize financial processes. It helps companies plan faster, forecast with greater accuracy, and perform at their best, catering specifically to the requirements of financial operations.

Can OneStream help eliminate technical debts?

Yes, OneStream can help eliminate technical debts. Its 'infinitely extensible' platform facilitates data-driven decisions across different departments such as sales and people planning, allowing for the extension and adaptation of capabilities as business requirements change, without the addition of technical debt.

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