3 Steps to Better OneStream Usage for Corporate Performance Management
One of the reasons why OneStream has skyrocketed in revenue and value is the transformative nature of their software for corporate performance management. Companies that migrate to the OneStream XF software platform are seeing tremendous results in terms of streamlined financial close, consolidation, planning, and reporting.
Companies are also seeing a dramatic reduction in the time required to perform key financial functions and realizing the cost benefits of using a unified platform versus managing several legacy systems.
As a OneStream user, you should be seeing the same results for your company. However, if you are not, consider three steps to achieve better OneStream usage and start seeing transformative results. You may even consider working with a Platinum OneStream implementation partner such as HollandParker.
1. Gather Feedback About Usage Issues with OneStream XF Software
Using the OneStream XF software is a team effort. You may be in charge of finding better ways to use OneStream to achieve transformative results, but you also need to gather feedback from your financial and accounting teams, IT team, and global business units to understand what the issues are.
From our experience, the common issues that companies have with OneStream XF usage include:
- OneStream XF software not fully implemented
- Personnel not fully trained on how to use the software
- Stakeholders not able to view relevant information
- Phase 1 of implementation not aligned with your primary needs
- Changes to your business or technology created new software deployment needs
Specific to technological issues, many companies migrate from legacy or outdated CPM/EPM software platforms to OneStream XF. Many of those applications were designed to fit the software at the time of implementation. A better solution is to revamp your design and consider all the capabilities you currently need or will need in the future in OneStream XF.
There is no forced deployment option with OneStream XF software. OneStream offers flexible deployment options, either on-premise, hosted, or in the cloud. OneStream XF is specifically designed to be flexible and agile to meet the needs of each customer.
2. Are You Using Apps From the OneStream XF MarketPlace?
After migrating to OneStream, you need to get the most out of the software.
OneStream built the amazing XF MarketPlace with solutions that support a variety of financial, accounting, business, and management functions.
Depending on where you are on the OneStream implementation journey (Consolidations, Account Reconciliations, or Budgeting & Forecasting), you can identify solutions in the marketplace that support each phase of implementation.
The XF Marketplace includes more than 50 solutions that you can download, configure, and deploy to easily extend the value of the OneStream XF platform. Relevant Apps can be found under three categories:
- Close and Reporting
- Productivity Tools
- Specialty Planning Solutions
The solutions in the XF MarketPlace eliminate the noise of technical complexity and allow you to start solving your most pressing business problems. There is tremendous opportunity to use these value-added solutions for your changing business needs.
3. Work With a Platinum OneStream Implementation Partner
A third reason why you may not be seeing transformative results from the OneStream XF software is the original implementation.
We talk to Fortune 500 and enterprise companies on a weekly basis who use OneStream XF for their financial functions, but they do not believe they are getting the most out of the software.
What we discover from our conversations is that the software was not completely implemented by the original implementation partner, Phase 1 of implementation did not address the company’s immediate needs, or the implementation partner did not have a capable staff or available resources to fully support the project.
To get the most out of OneStream XF, work with a Platinum level implementation partner.
HollandParker is a Platinum level partner that specializes in OneStream XF implementation. Each of our consultants are experts in the solution across multiple industries. That means we can support every aspect of implementation to deliver the transformative results for your specific needs.
To achieve better OneStream usage, consider working with our consulting firm to support Phase 2 of implementation, software updates, or team training for your personnel and stakeholders. Contact us today to schedule a consultation with our team of experts.