Enterprise software startup OneStream launches predictive analytics for financial and operational planning
Finance teams in many organization are playing an increasingly important role in operational business planning. Already trusted to accurately report financial results and drive financial planning, many organizations are now tasking the CFO and finance teams with more responsibility, including operational data analysis, forecasting and planning. OneStream Software is an enterprise software startup that provides a market-leading CPM solution that unifies and simplifies financial consolidation, planning, reporting, analytics and financial data quality for sophisticated organizations
Today, the Rochester, Michigan-based OneStream Software, announced the launch of a new predictive analytics solution that provides advanced planning and forecasting capabilities for the OneStream XF platform. Predictive Analytics 123 enables finance leaders to create predictive forecasts for financial and operational planning, share these insights and collaborate with their business partners on critical business decisions.
Founded in 2010 by Robert Powers, OneStream unleashes Finance teams to spend less time on data integration and system maintenance – and more time focusing on driving business performance. Deployed via the cloud or on-premise, OneStream’s unified platform enables organizations to modernize Finance, replace multiple legacy applications and reduce the total cost of ownership of financial systems.
“The digital transformation of finance is about creating faster, smarter ways to leverage financial and operational data to derive more value for the business. Predictive Analytics 123 enables finance teams to easily create forecast scenarios and predictive models that previously required data science teams to build and manage, all within the OneStream XF platform. Great finance leaders are always seeking new and innovative ways to ‘ask why’ and create meaningful dialogue with their business partners. By integrating predictive models directly into the planning process, finance leaders are armed with unbiased, statistically significant insights to share, validate operational assumptions and help increase forecast accuracy, which can create millions of dollars in business value for our customers,” said Tom Shea, CEO of OneStream.
Predictive Analytics 123 extends OneStream’s planning and forecasting capabilities and builds on the governed analytics capabilities that were released last quarter. Governed analytics allows finance executives to blend detailed operational and transactional data with trusted financial data managed within the OneStream XF platform.
Predictive Analytics 123 adds predictive modeling with the ability to quickly seed new forecasts and create visualizations with easy, self-service capabilities. This enables finance teams to validate corporate and operational plans, reduce forecast bias and help drive important dialogue to support quick and effective decision making.
“We’re excited by the potential to bring predictive models directly into our long-range planning and integrated business planning process. Our FP&A team is continuously seeking new opportunities to develop better insights and increase collaboration with our commercial and operations teams. We look forward to leveraging OneStream’s Predictive Analytics solution to give our business partners better visibility into future risks and opportunities to make the best decision possible for the business,” said Alex Beired, global director, financial planning and analysis, Guardian Industries.
“We see the adoption of advanced analytics as a key part of finance’s evolving mission to provide critical decision-making data to all areas of the business. By integrating various predictive models directly into the platform, OneStream is helping finance expand their influence and capability to provide more valuable and timely information, enabling business leaders to make the right decisions while also building the credibility of the finance team as an influential business partner for the organization,” said Craig Schiff, CEO, BPM Partners.
Predictive Analytics 123 is available for immediate download from the OneStream XF MarketPlace of productivity and business solutions that extend the capabilities of the Onestream XF platform. For more information go to Predictive Analytics 123 or join our Future of Planning Webinar on January 28.