User interface is intuitive and local administration is very user friendly
This software shouldn't require a consultant to implement. OneStream could provide better training or in-house implementation included in the cost of the licenses.
Better reporting around Account Reconciliation compliance and adherence to the policies. Good approval workflow and audit logs
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.
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.
Efficiency. I first got my hands on OneStream as a Senior Consolidations and Financial Reporting Analyst. I saw the legacy excel workbooks that were used for Consolidations and was so thankful that the organization had recently implemented OneStream. Trying to refresh the legacy workbooks was a nightmare... it would lock up my excel, constantly "break" with #VALUE!s all over the place, etc. I loved OneStream XF so much that I decided to change my career and work on Implementation. I now work for an official OneStream partner and have loved learning about all of the exciting OneStream solutions out there!
I would say that OneStream is still a relatively new software. As such, you can't "google" your way to solutions. There are, however, various tools available such as OneStream Academy, OneStream Knowledge Base and OneStream Community that help you "google" your way to solutions.
So many problems! Number one benefit was not having to switch between multiple applications to arrive at the same (or sometimes a lesser) result. Why jump into multiple ERPs, multiple excel books, etc when you can find it all in one place?
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 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.
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.