Using built-in financial intelligence speeds up the deployment process, lowers costs, and assures that the application’s findings are accurate. Planning, forecasting, financial close and restructuring, financial and management analysis, and a wide variety of analytics are all supported by corporate performance management (CPM) applications.
Any company that chooses to use spreadsheets, relational or multi-dimensional databases, or packaged CPM software to facilitate these processes but doesn’t have built-in financial intelligence will have to build financial intelligence themselves. This adds to the implementation’s time and cost, as well as the upgrade’s difficulty. And if these elements are not properly constructed, they can produce incorrect results.
Financial Intelligence’s Eight Essential Elements:
- Account Intelligence
- Time Intelligence
- Currency Intelligence
- Intercompany Intelligence
- Cash Flow Intelligence
- Consolidation Intelligence
- Security and Audit Trails
- Financial Statement Reporting
The unified SmartCPM platform from OneStream is an example of a purpose-built program for financial close and convergence, planning, budgeting, forecasting, monitoring, and analytics. It was built from the ground up with a high level of financial sophistication, making it ideal for meeting the demands of effectively and efficiently conducting these processes in a massive, complicated organization.
The OneStream XF platform, in addition to offering out-of-the-box support for core elements of financial intelligence, offers numerous benefits that other platforms do not.