The Pros & Cons of OneStream XF

Publication Date: 07/15/2019

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OneStream XF is a relatively new software created by two founders (Tom Shea and Bob Powers) with extensive knowledge and experience in the CPM industry. Their goal was to redefine the industry and unify CPM into one application. OneStream as a company was founded in 2009 and went from R&D to operations in 2011.

OneStream XF focuses on providing more data and information to financial executives and managers - thus enabling CFOs and other financial executives to make better informed decisions. Although a revolutionary and groundbreaking piece of software, OneStream is a relatively new company so little information is available on it (especially when compared to Oracle). This article will cover some of the key topics (pros & cons) of OneStream.

Pros

One Platform

To reduce the learning curve time and make data integration simpler, OneStream XF focuses on providing one platform for all financial needs. The platform provides financial consolidation, reporting, budgeting, forecasting, and planning.

XF Marketplace

XF Marketplace allows users to search for actions and add them if needed to the platform. These services include account reconciliations, tax provisioning, internal help desk, application monitoring, and people/capital/cash planning. There are a total of 30+ apps available that can be added additionally to the platform.

Data Quality & Analytics

OneStream XF has a built in analytics platform that can perform reporting, creating dashboards, and exporting to Excel spreadsheets. Data quality is also upheld through direct data integration, web forms, journals, file loads, Excel sheets, and so forth.

Cons

OneStream is New

Due to OneStream being a relatively newer software, it can be difficult for companies to find consultants who can properly implement business rules onto the platform. And because it is entirely customized, there are no preset options that companies can "fall back on" or rely on in extreme cases. Not only that, but troubleshooting and other issues can be difficult to find the solutions to through Google.

Too Many Applications

Some companies may find that the excess of applications on a single platform to be overwhelming. For small companies that may only require one aspect of financial planning (for example, planning & budgeting), the excess of other financial activities on the OneStream XF platform may be overwhelming both in training and cost-wise.

NEED HELP?

Need help implementing OneStream XF? No worries - our consultants at Paradigm SES are well-versed in EPM software and can help your company successfully implement OneStream XF. Feel free to contact us for more information and details. A consultant will get back to you shortly.