Whether you call it enterprise performance management (EPM) or corporate performance management (CPM), the industry is changing. A big part of that change is new technologies rising from the ranks and competing with the big names you’re used to hearing about.
Most of these new kids on the block are trying to integrate all your CPM processes on one platform. Which brings us to OneStream XF, the unified CPM platform that brings together your processes for planning and forecasting, financial close and consolidation, as well as financial reporting.
As a OneStream consulting and services firm, we get a lot of questions about the product. In this blog post, we’ll simplify things for you, answering the most frequently asked questions.
What do you mean by “unified platform?”
It’s pretty simple. If you’re used to having several tools that must be integrated with another tool, the idea of a unified platform is a breath of fresh air. With OneStream, it’s simply one platform and one tool. You no longer need a “planning tool” to do your planning, budgeting, and forecasting. It’s on the same platform as your other CPM operations, whether it be financial close or account reconciliations.
With OneStream, gone are the days of time-consuming and error-prone integrations.
How can I rely on such a new tool when there are so many other trusted CPM technologies?
OneStream has some interesting origins. It was created by the inventor of Hyperion Financial Management (HFM), Bob Powers. Furthermore, everyone on the OneStream team has been working in this space for at least a decade — they know their stuff.
If that isn’t enough for you, OneStream has put together testimonials and success stories so you can hear it firsthand from customers.
Is this tool on-prem or in the cloud?
It’s your choice. OneStream can either be hosted on-premises or in the XF Cloud. The XF Cloud leverages the Microsoft Azure Cloud Platform, which is an integrated cloud services platform where developers can build, deploy, and manage applications.
I keep hearing about a “market place.” What is it?
The XF MarketPlace is one of the great perks of using OneStream. It’s like if an app store were to merge with a knowledge-sharing forum, but only for users of a specific CPM product. The XF MarketPlace is available to all active customers. There they will find downloadable solutions —like OneStream’s specialty planning solutions — and content created by partners, customers, and OneStream employees.
How does OneStream ensure that I’m compliant with accounting standards?
OneStream has multiple compliance solutions, including:
- Multi-GAAP Reporting
- Sarbanes-Oxley Support
- Solvency II Controls
- FinRep and CoRep
OneStream allows you to reconcile between multiple compliance solutions, including US-GAAP and IFRS at any point in time. Each solution uses standard, defined, and repeatable processes using guided workflows, giving you complete transparency.
My organization relies on Excel for many processes — will OneStream replace our reliability on spreadsheets?
Spreadsheets can cause data inconsistencies, but this doesn’t mean that Excel is a bad tool. Organizations will never stop using Excel — it’s too powerful. That’s why OneStream uses the XF Office Blend so that you can combine Office content (Microsoft Work, PowerPoint, and Excel) with OneStream XF.
Learn more in this blog post: Using Excel to Get the Most Out of OneStream.
How will OneStream work with my ERP or source system?
OneStream has an XF integration connector that can directly connect to any ERP, including Oracle, PeopleSoft, JDE, Microsoft AX/Dynamics, Infor, and more.
We need a lot of customization in our planning application(s). Is that possible with OneStream?
The thing about OneStream is new solutions continue to become available, and the right customization is possible with a good consultant. However, you should first consider OneStream’s custom planning solutions available in the XF MarketPlace. These solutions attempt to address any planning need you might have, and there are sure to be more solutions added over time. Currently, you can choose:
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US-Analytics is a full-service OneStream consulting firm. To ensure end-to-end coverage of your technology, we provide a complete range of services: process and advisory, infrastructure, implementations, upgrades and migrations, training, and managed services.