What I love most about OneStream is its infinite adaptability and customization. Being mostly open allows architects like myself to adapt it to the specific needs of any industry or accounting needs. You can do all reporting levels, from consolidations to budget & planning to HR, and so much more, without needing multiple CPM tools. OneStream can do it all!
Honestly, there's not a lot I don't like about OneStream, and the few complaints I have, OneStream provides the ability to request enhancements and corrections for. They are very responsive to customer requests.
OneStream is streamlining and simplifying every finance function in one tool. This reduces license fees and data storage costs, allowing companies to run "in real time" without aggregating data elsewhere from multiple tools and worrying about multiple chart of account mappings.
OneStream offers a unified platform for financial planning, consolidation, reporting, and analysis, eliminating the need for multiple tools. Its user-friendly interface and drag-and-drop functionality make it easy for non-technical users to operate. OneStream's powerful workflow engine and robust security features ensure data accuracy and integrity. The platform provides real-time financial intelligence, enabling organizations to make informed decisions quickly.
OneStream's implementation and customization can be complex, requiring technical expertise and extensive training. The platform may not be cost-effective for small businesses or those with simpler financial needs.
Utilizing OneStream for multiple functions, rather than relying on individual tools for each task, can minimize the need to transfer data between various applications, oversee metadata, and verify data consistency across different tools.
The tools and functionality available on this platform make it simple to access key data, build dashboards, and automate operations. It connects with Microsoft applications, making it possible for users to connect and extract data for quicker decision-making.
OneStream is a cutting-edge platform that is ideal for businesses with a variety of use cases. the value for money might not be as substantial if you only use a tiny percentage of its features. Its adaptability is one of its main advantages, although this can also be problematic. To ensure you maximise the potential of the platform, it is crucial to obtain advice from an experienced OneStream consultant or user.
For simplified financial planning and analysis, OneStream is an all-in-one solution. Businesses can save money on licence costs and data storage by using OneStream for a variety of tasks instead of needing several solutions. It provides an integrated method of financial management, allowing for real-time operations without the hassles of dealing with numerous chart of accounts or mapping problems. OneStream is a state-of-the-art platform for reporting and consolidation that enables companies to provide accurate, dependable, and fast financial reporting.
OneStream gives the entire package for one price. Close and Planning as well as everything else is on one place for one price.
It can be complicated to learn. The theory is the same as the other EPM software, but the layout allows for more specialization.
Data movement is much easier with OneStream. There is no disconnect between Close and Planning.
The XF platform is the real deal. Customers love it, and developers love to build on the platform. Anyone with a curiosity to learn will find value in using OneStream.
It is relatively new (10 years), and best practices are still being refined and developed, and communicated. There also is a lot to know to become an expert, so pace yourself.
Planning, consolidation, and defining repeatable processes that can be automated. A developer can automate any manual mouse click event on the platform using Data Management Sequences and Steps. It is very powerful.
-Community is very helpful -Extremely fast support -Extremely fast compiling and processing of data -Very flexible reporting -Once setup correctly, very easy to maintain -Fast and impactful additions to the features in updates
-Hard to learn the advanced usage of the software (administrating/reporting) -Not a widespread phenomenon yet, so there is not a lot of use cases found on the internet
We currently use Onestream for our consolidation and reporting. It is very easy to put in a widespread of values, while maintaining the integrity of the information.
The interface is simple to understand. I have tried 50 users so far and they quickly understand how to use it and feel comfortable to explore additional features.
It was unable to import the subledger detail to allow us to reconcile the control accounts. We must still manually run the subledger report and attach it manually to each reconcilation. Other than that, it seems to achieve our requirements.
We have achieved better compliance and corporate visibility to our account reconciliations. We can timely meet auditor requests and evidence the support for balance sheet accounts.
Being a consultant (previously Oracle/ Hyperion) i really like that OneStream is a real platform where you don't need to move your data around. Consolidation, planning, data integration but also operational reporting using BI is included in the platform.
Since OneStream is so advanced it really fits companies with more then 1 usecase. If you only use a small part of it the value for money might not be that good. A great feature is that everyting is possible but that is also a challenge. make sure you are advised by an experienced OneStream consultant/ user.
Using OneStream for multiple purposes instead of a separate tool for all reduces the effort in moving data around, managing metadata and validating that the data is equal over the different applications/ tools.