This analogy is a powerful way to describe OneStream to non-technical and even non-financial audiences that are trying to figure out what it provides for consumers.
OneStream doesn’t handle all of the tasks necessary to “manage” a business. To manage these operations, OneStream relies on other specialized systems, which then collect data from throughout the organization to assist Finance and other executives in “managing” the business and making educated choices. GL/ERP, HCM, CRM, Supply Chain, Manufacturing, data warehouses, and other systems are the most frequent data sources.
OneStream can also gather and integrate data from external sources, such as exchange rates, industry benchmarks, and even weather data, and combine it with financial and operational data to aid decision-making. OneStream collects data and validates, organizes, and processes it as needed to assist the work at hand, thanks to its built-in Financial Data Quality Management features. Processes including global financial consolidation, strategic planning, financial budgeting, financial and operational forecasting, scenario modeling, and analysis are all part of corporate performance management (CPM).
Managing complex tasks that require more than simply data consolidation and aggregation. These procedures are aided by OneStream’s inherent financial intelligence. Understanding various types of accounts (e.g., assets, liabilities, revenue, costs, statistics), currencies, periods, intercompany relationships, and ownership structures are all part of this. This built-in financial intelligence is a key element of the “financial brain,” and it has a big influence on consumers since they don’t have to write this theory into the platform.
The reporting and analysis will follow after data is processed in OneStream. A range of integrated reports and analytical tools, including Cube views, GRA, Production Reporting, Interactive Dashboards, Excel, and MS Office interface, are included in OneStream’s Intelligent Finance platform. This enables consumers to empower a large number of people in the format that best suits their requirements with financial and operational data. This allows the users to compare the actual outcomes with the budget, with the newest projection, with previous periods.
Users utilizing OneStream need not expect to obtain financial or operating results until the end of the month or quarter-end. OneStream allows clients to combine high amounts of transaction data and mix it daily and weekly with financial data to enable users to discover major patterns and “financial signals” in their decision-making processes, which may affect future outcomes.
OneStream enables several alternative planning processes in forecasting the future, from long-term, strategic planning to yearly budgeting and driver-based roll-out forecasting for the future, spreading over 12 months or more. OneStream enables consumers to utilize sophisticated predictive analytics, including integrated statistical provisioning algorithms, which are capable of automatically generating projections based on historical trends.
These automated forecasts can be used to confirm conventional forecasts or can be a basic forecast, which can be enhanced by the input of additional decision-makers. The AI and Machine Learning capacities will soon increase, which can handle greater data and targets and become intelligent over time as fresh data is ingested and analyzed – exactly like a human brain.
What is the advantage of having a financially brilliant mind like OneStream that collects data from several systems, harmonizes essential funding procedures, and is available to users across finance and business lines? There are numerous important advantages, including:
- It enables the company to maximize the financial team’s value to the company. The Finance team can spend more time on value-added analysis and enabling more effective decision-making throughout the organization instead of managing spreadsheets or various antiquated applications and integrating and reconciling data across platforms.
- It enables Finance teams to provide financial and operational insights to the rest of the company. This means not only delivering timely and accurate statistics at the end of the month or quarter but also providing important insights to managers in near real-time, allowing them to make quick and effective decisions.
- It will scale and evolve to support your organization’s growth, whether organically or through acquisition. OneStream is meant to develop and adapt with your company over time, much like the human brain does.