Ep. 003 - Three Office of Finance Challenges Solved by OneStream

In this episode, Andy dives into the transformative power of OneStream in addressing three critical challenges faced by the Office of Finance: the inefficiency of managing multiple-point solutions, the burden of technical debt, and the need for flexibility in financial reporting. Through expert insights, Andy illuminates how OneStream's unified platform not only streamlines financial operations but also significantly reduces the total cost of ownership and enhances business adaptability with its innovative approach to corporate performance management.

Key Highlights:

[00:01 - 03:21] Complexity in Financial Operations: Addressing Challenges

CPM solutions are faced with evolving challenges.

Importance of addressing these challenges for efficient financial operations.

Overview of three key challenges: multiple-point solutions, technical debt, and inflexible systems.

[03:22 - 09:20] Unified Financial Solutions

Prevalence of disparate systems leading to inefficiency.

Difficulty in integrating and consolidating data across platforms.

OneStream's unified platform approach to solve integration issues.

[09:21 - 13:10] Technical Debt: OneStream's Maintenance Solutions

Accumulation of outdated or costly-to-maintain systems.

Dependency on key personnel for system management.

OneStream's financial intelligence reduces maintenance costs and simplifies data management.

[13:11 - 19:38] Flexibility in Systems: OneStream's Adaptive Dimensionality

Legacy systems hinder adaptability to business changes.

Customized solutions create barriers to system evolution.

OneStream's extensible dimensionality offers flexibility and operational relevance across different business units.

[19:38 - 20:56] Closing Segment

Summary of the three main challenges and OneStream's solutions.

Emphasis on the benefits of a unified CPM platform.

Encouragement for exploring OneStream to address financial system challenges.

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Get in touch with Andy:

Email: Andy.Smetana@NovaAdvisory.com

LinkedIn: https://www.linkedin.com/in/andy-smetana/

Thank you for tuning in!

Tweetable Quotes:

“OneStream is really one financial stream. It's a platform, and it's the first and only platform built solely for finance.”  - Andy Smetana

“OneStream can read data from across the business landscape, it can enrich it, it can summarize or aggregate data, consolidate data, can roll it up by different views of a business, whether that be by region or country, or product lines.”  - Andy Smetana

“OneStream is designed to solve for those inflexible system problems. And it does that in one primary way through a proprietary term called extensible dimensionality.” - Andy Smetana