Introduction
Strategic Planning & Modeling
Integrated Business Planning
Case Studies
Conclusion
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Financial Data
Quality Management
Introduction
01
Financial Data Quality Management
The effectiveness of budgeting, planning, forecasting, financial consolidation and reporting processes is fully dependent on getting timely and accurate data from GL/ERP, HCM, CRM and other systems. That’s why powerful data integration is a critical component of any successful CPM implementation. Effective data integration ensures the timeliness and accuracy of financial and operational data that’s used to fully unify reporting, analysis and planning to support key decision making.
Legacy CPM and ERP systems were not built to work together naturally and tend to remain separate as siloed applications, each with their own purpose. There is often little or no connectivity between the systems, and users are forced to resort to manually retrieve data from one system, manually massage the data, then load it into another system. Lack of full integration creates a multitude of challenges including manual steps, wasted resources and time, risk of errors, poor financial data quality and lack of traceability and complete auditability.
OneStream’s unified platform offers market-leading data integration capabilities with seamless connections to more than 150 GL/ERP, HCM, CRM and other data sources, on-premise or in the cloud.
This includes full integration with SAP, PLeX, Microsoft Dynamics, Oracle E-Business Suite, JD Edwards, PeopleSoft, Infor and others. The OneStream platform incorporates all industry standard integration capabilities such as ODBC, RESTful and SOAP web service API’s, and custom 3rd party communication tools.
Full integration goes beyond just compatibility. How? By also including a seamless connection and the ability to drill-back and drill-through [from the CPM platform] all the way down to transactional detail in the source system(s). The process is fully automated, with 100% traceability with audit trails for data, metadata and process changes.
OneStream’s Guided Workflows protect business users from complexity by guiding them uniquely through all data management, verification, analysis, certification and locking processes. Users achieve financial data quality management and verification through standardized and simplified data collections and analysis with reports at every step in the workflow. Guided Workflows provide standard, defined and repeatable processes for maximum confidence and reliability in a business user-driven process.
With 36 countries reporting monthly, including over 70 entities and 15 local currencies, MEC’s financial consolidation and reporting process includes a high volume of intercompany activity. With OneStream, data collection is much easier with Guided Workflows leading users through their tasks. Users upload trial balances on their own vs. sending to corporate, which speeds the process and ensures data quality. The new system was very easy for users to learn and adopt with limited training.
TESTIMONIAL VIDEO: MEC Global
With OneStream, The Carlyle Group is able to budget and reforecast at both the legal entity and project level. The company has improved visibility and traceability into allocations and budget version changes, with realtime budget impact viewing capabilities.
Self-service Reporting and Analysis enables business users to see the immediate impact of changes on plans and reports. Submitting revenue and expense budget updates and reviewing the impact was reduced from 1 week to 5-10 minutes.
CASE STUDY
The Carlyle Group
Effective financial data quality management is no longer simply a requirement to ensure accuracy in financial close, planning, reporting and analysis processes. In today's fast paced environment, effective financial data quality management provides sophisticated organizations with a true competitive advantage by enabling organizations to conquer the complexity of their financial systems and lead at speed to drive performance. And with the first and only truly unified platform for CPM, OneStream is powering over 700 of the world's largest and most successful organizations to address their needs for today and continuously evolve to meet the growing demands of tomorrow.
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CASE STUDY: AAA Life Insurance
AAA Life Insurance implemented OneStream to support all their financial consolidation, reporting, budgeting and analysis needs. Since, AAA Life has streamlined the financial close process, and dramatically improved visibility into data and transparency into results. Find out how they can drill-down from OneStream calculated or consolidated numbers all the way back to their transactional ERP system to get rapid answers to critical questions.
For every organization and the people who run it, the importance of accurate financial statements and management reporting cannot be understated. Why? Because even the smallest error or misstatement in external reporting can materially impact investor confidence and cost CFOs their jobs. Internally, high-quality and accurate management reporting is critical to empower Finance teams and their business partners to develop insights and guide key decisions to drive performance. But as data volumes and organizations become more complex, financial data quality is becoming difficult to manage and hard to control, adding risk and cost to already labor-intensive, inefficient processes.
Financial and operational data needs to be timely, accurate and easily accessible for insightful reporting, analysis and to guide decision making. Yet, despite billions of dollars invested into legacy corporate performance management (CPM) systems, many Finance teams still spend too much time moving and reconciling data between between multiple ERPs and legacy CPM systems rather than actually harnessing their data to drive performance. In short, many Finance teams are challenged just to complete the basic blocking and tackling to get their job done.
And for Finance teams who are facing more pressure than ever to drive performance, spending time on mundane, low-value tasks is unacceptable. That's why modern Finance leaders are taking matters into their own hands with financial data quality solutions that that help them conquer the complexity of integrating data from multiple IT systems and processes. How are they doing it? Read on to learn more.
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06 Conclusion
05 Case Studies
04 Bringing Financial Data Quality to the Next Level
03 OneStream Addresses the Challenges
02 Data Integration Challenges
01 Introduction
06 Conclusion
05 Case Studies
04 Bringing Financial Data Quality to the Next Level
03 OneStream Addresses the Challenges
02 Data Integration Challenges
01 Introduction
06
05
04
03
02
01
Addressing the Challenges
03
Financial Data Quality Management
Bringing Financial Data
Quality to the Next Level
04
Financial Data Quality Management
Case Studies
05
Financial Data Quality Management
06
Financial Data Quality Management
69% of companies with 1,000 or more employees have general ledgers from multiple vendors.
Effective data integration
ensures the timeliness and accuracy of financial and operational data that’s used to fully unify reporting, analysis and planning to support
key decision making.
Data Integration Challenges
02
Financial Data Quality Management
READ THE CASE STUDY
—Source: Ventana Research, Strategic Considerations for Financial Consolidation Systems
With OneStream, The Carlyle Group is able to budget and reforecast at both the legal entity and project level. The company has improved visibility and traceability into allocations and budget version changes, with realtime budget impact viewing capabilities.
Self-service reporting and analysis enables business users to see the immediate impact of changes on plans and reports. Submitting revenue and expense budget updates and reviewing the impact was reduced from 1 week to 5-10 minutes.
Addressing the Challenges
03
FINANCIAL DATA QUALITY MANAGEMENT
Addressing the Challenges
03
FINANCIAL DATA QUALITY MANAGEMENT
Business Challenges
02
FINANCIAL DATA QUALITY MANAGEMENT
Introduction
01
FINANCIAL DATA QUALITY MANAGEMENT
Planning, budgeting and forecasting in today’s global economy requires organizations to be prepared with the ability to respond quickly to new market opportunities or threats. The increasing pace of change in business is putting more pressure on Finance organizations to improve agility and to better align Finance and operational plans.
Success requires the ability to set corporate targets or budgets, combined with the ability to continually monitor performance and
Case Studies
Case Studies
05
FINANCIAL DATA QUALITY MANAGEMENT
%
Did You Know...
INCREASE
TRANSPARENCY
IMPROVE DATA INTEGRITY
SIMPLIFY DATA INTEGRATION
100% transparency and
audit trails for data, metadata and process change visibility from
report to source.
Powerful pre-data and
post-data loading validations and confirmations ensure
your data is right at every step in the process
Gain direct integration to any open GL/ERP system. Empower users to drill-back and drill-through to source data.
3 Goals for Effective Financial Data Quality with CPM
The effectiveness of budgeting, planning, forecasting, financial consolidation and reporting processes is fully dependent on getting timely and accurate data from GL/ERP, HCM, CRM and other systems. That’s why powerful data integration is a critical component of any successful CPM implementation. Effective data integration ensures the timeliness and accuracy of financial and operational data that’s used to fully unify reporting, analysis and planning to support key decision making.
Legacy CPM and ERP systems were not built to work together naturally and tend to remain separate as siloed applications, each with their own purpose. There is often little or no connectivity between the systems, and users are forced to resort to manually retrieve data from one system, manually massage the data, then load it into another system. Lack of full integration creates a multitude of challenges including manual steps, wasted resources and time, risk of errors, poor financial data quality and lack of traceability and complete auditability.
With OneStream, the entire enterprise can utilize its core financial and operational data using a single, unified data model and visualization layer. And with full integration to ERPs and other systems, the enterprise can simplify corporate performance management processes, reduce errors and inefficiencies and allow its teams to focus on driving performance.
Support for Phased Submissions
Drill-Through to Source GL or ERP Data
Complete Audit Trails and Controls
Direct Integration with any Open ERP or Data Source
Read any GL Trial Balance File or Report in any Format with No Manipulation
E-mail or Text Error Alerts
Post-Consolidation Validation and Confirmation
Pre-Consolidation Mapping and Intersection Validation
OneStream’s Key Financial Data Quality Management Features
OneStream’s Financial Data Quality Management provides strict controls to deliver confidence and reliability in the quality of financial results. Capabilities include:
Drill-down, drill-back and drill-through to transactional details, including journal entries. The drill-back and drill-through end user process is not delivered in a clunky 3rd party tool, portal or interface. The OneStream drill-back and through all happens in the comfort of the OneStream standard user interface and experience so the end user never has to exit OneStream to see the transactional details of the ERP.
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DIRECT INTEGRATION CONNECTORS
AAA Life Insurance
MEC Global
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have them from four or more vendors.
69
%
27
OneStream enables seamless data integration and drill-through while elminating technical complexity. OneStream Integration Connectors offer direct integration with any open GL/ERP or other open source system with a fast and efficient direct-to-source system integration process. Because our integration connector can move from any table to any other table, the series of clicks that are normally required for drilling through to a specific transaction in an ERP system can be augmented with a one-click process to get the most relevant details immediately.
GUIDED WORKFLOWS
DRILL-BACK FUNCTIONALITY
If your CPM solution doesn’t fully integrate with your source systems, you do not have an effective financial data quality management solution.
OneStream Software has a strong foundation in financial data quality that allows for unparalleled flexibility and transparency into the data loading and integration process. OneStream’s financial data quality is not a module or separate product, but built into the core of the OneStream platform — providing strict controls to deliver confidence and reliability in the quality of your data.
With OneStream, the entire enterprise can utilize its core financial and operational data using a single, unified data model and visualization layer. And with full integration to ERPs and other systems, the enterprise can simplify corporate performance management processes, reduce errors and inefficiencies and allow its teams to focus on driving performance.
OneStream’s Guided Workflows protect business users from complexity by guiding them uniquely through all data management, verification, analysis, certification and locking processes. Users achieve financial data quality management and verification through standardized and simplified data collections and analysis with reports at every step in the workflow. Guided Workflows provide standard, defined and repeatable processes for maximum confidence and reliability in a business user-driven process.
OneStream's Financial Data Quality solution helps Finance teams across the globe build confidence across all of their stakeholder reporting needs while enabling more complete and transparent analysis.
Here are just a few more additional benefits:
OneStream’s Key Benefits
Simplifies the data collection, consolidation and certification
Reduces costs of compliance, internal controls and audit requirements
Improves confidence in the quality of financial results
Provides consistency and accuracy with complete transparency
Gain visibility into journals, adjustments and eliminations at any level in the consolidation
INCREASE
TRANSPARENCY
IMPROVE DATA INTEGRITY
SIMPLIFY DATA INTEGRATION
100% transparency and
audit trails for data, metadata and process change visibility from report to source.
Powerful pre-data and
post-data loading validations and confirmations ensure
your data is right at every step in the process
Gain direct integration to any open GL/ERP system. Empower users to drill-back and drill-through to source data.
3 Goals for Effective Financial Data Quality Management with CPM
If your CPM solution doesn’t fully integrate with your source systems, you do not have an effective financial data quality management solution.
Simplifies the data collection, consolidation and certification
Reduces costs of compliance, internal controls and audit requirements
Improves confidence in the quality of financial results
Provides consistency and accuracy with complete transparency
Gain visibility into journals, adjustments and eliminations at any level in the consolidation
Copyright ©2020, OneStream Software, Inc. All rights reserved.
OneStream Software is a registered trademark of OneStream Software, Inc.
OneStreamSoftware.com
Sales@OneStreamSoftware.com
362 South Street
Rochester, MI 48307-2240
Phone: +1.248.650.1490
Contact Us
Conclusion
Copyright ©2020, OneStream Software, Inc. All rights reserved. OneStream Software is a registered trademark of OneStream Software, Inc.
OneStreamSoftware.com
Sales@OneStreamSoftware.com
362 South Street
Rochester, MI 48307-2240
Phone: +1.248.650.1490
Contact us
