Is Custom Really King?

With the endless amount of information available at our fingertips, today’s consumer is more price-conscious than ever. Consumers instinctively search for promo codes before making an online purchase, research sale prices on cars before heading to the dealership and use apps to pull up a discount before they head to the register.

But are consumers hurting themselves in their quest for a discount? Do discounts save consumers money or are they spending even more money to get to a discount?

Finance departments in large organizations are facing similar questions. In the enterprise performance management (EPM) software space, we see companies mix-and-match technologies and applications to, supposedly, save money. A final question lingers:

Is building a customized offering worth the frustration?

Building our own Cable Package

One of the hottest frugal trends is “Cord Cutting,” or ditching pricey cable packages in favor of on-demand streaming services like Netflix and Hulu. With hundreds of subscription services available, the modern content consumer can customize their experience to perfectly suit their needs and interests.

As part of this exercise, let’s build our own package.

  • At a rate of $12.99/month, Netflix is by far the most popular choice of service. And yes, they still offer the hit NBC show The Office, something we’ll absolutely want. But as Netflix’s 3rd party library is shrinking in favor of original programming, consumers will need more options to stream older shows.
  • At $11.99/month, Hulu offers a massive catalog of popular shows like Seinfeld and It’s Always Sunny in Philadelphia, so we’ll have to add that to our “package.”
  • Our package is limited in movie offerings, and since we order so much from Amazon anyway, adding Amazon Prime for $12.99/month will give us access to a catalog of hit movies, TV shows, and even more original content.
  • Disney+, though not yet released, will be a must for any fan of the entertainment giant’s products and is a steal at $6.99/month.
  • We’ll need some access to live TV if we want to watch sports and any other must-see live programming like Survivor, all of which can be covered by a combination CBS All Access at $9.99/month and YouTube TV at $40/month.
  • And naturally, HBO Now at $12.99/month is an absolute necessity so we can keep up with Game of Thrones.
  • Most importantly, we’ll need a quality internet provider to adequately stream all this content. Verizon Fios offers a 300Mbps high-speed option at a cost of $59.99/month.

Our custom package gives us everything we could possibly want for a total of $169.93/month. That seems high, doesn’t it? But consider the underlying cost:

That’s seven subscriptions with seven different bills, seven different apps, and seven different user interfaces that don’t talk to each other and rely on the Internet to work.

If only there was a way to put all those services together into one easy to use package, almost like a “box,” with one interface, one app, one controller, and one bill. My Comcast bill, which includes everything above except the original programming, comes to $164.51/month.

Constant customization is not always the answer

Customizing every aspect of an experience is often more complicated and more expensive, and it’s not only something that consumers do, but that businesses also do constantly. One app for Planning and Forecasting, one app for Consolidations, one app for People Planning – and none of them talk to each other effectively. Trying to integrate three to four different apps is at best a time suck and at worst, a massive financial cost.

Companies are starting to realize that this method doesn’t work; they need systems that work together and speak the same language – and a single “box” may be the answer.

Why OneStream wins

OneStream provides a single, unified platform for actuals, budgets, forecasts, plans, account reconciliations, profitability analysis and more. The platform offers the unique ability to meet standard needs like Planning and Consolidations with the ability to be extended through a solutions marketplace to address additional requirements such as People Planning or Capital Planning as those needs arise. This single “box” is the most effective way for finance leadership to keep track of the overall health of their organization.

If people use Netflix, Hulu, and Disney+, they toggle back-and-forth between the applications to get everything they need. Similarly, using multiple applications slows businesses down as they spend more time searching for information rather than analyzing it. Rather than use various applications for different departments, OneStream provides  a single source of truth and enables finance leadership to see the full picture and make strategic decisions in real-time.

Let’s re-watch that last line: OneStream provides  a single source of truth and allows finance leadership to see the full picture and make strategic decisions in real-time. Today, many organizations cite agility as a key priority. They want to be able to pivot quickly when potential challenges or opportunities arise and mitigate risks over time. OneStream’s real-time access to financial and operational data allows organizations to create more efficient financial processes and ensures they act on obstacles and thrive with opportunities.

Consumers expect more from technology than ever before and that means businesses should too. As consumers, we expect to have all the options – shows, movies, music – available to us and we pay a pretty penny to ensure this happens. In the same way, businesses need to see all their financial options – forecasts, budgets, actuals, new scenarios etc. – to stay competitive. By working in one place and out of one “box,” OneStream allows users  to leverage the data available to them and enhance their decision-making processes and eliminate risky integrations, validations and reconciliations between multiple applications—giving customers a truly unified  experience in a single platform.

View our eBook: Why Choose OneStream A Deep Dive into OneStream's Planning, Consolidations, and Financial Close  Solutions