There's an App for That: Help Your Finance Team Consolidate Their Internal Systems

How many hours would your team save if you had all your financial data in one system?

This is one of my favorite questions to ask prospects. And while they linger on this question, I like to remind them we have other technologies where this question isn’t considered a hypothetical, fantasy thought.

Take cell phones. Anytime you upgrade to a new model, you get more bells and whistles. There are upgrades upon upgrades. What was once a known as a simple phone has turned into a small computer that can fit inside your pocket with hundreds of different options available.

Can I listen to music? Yup.

Take high-quality photos? Easy as pie.

Browse a shopping site? You bet.

Get directions instantly? Of course.

Make a reservation for flights, cars, hotels and restaurants? Thank goodness!

I still remember those first mobile phones, those grey bricks with a massive antenna. I remember the first texts I sent, clicking the number “5” three times to get to the “L” in my message. While it seems archaic now, we used that technology just 15 years ago.

Let’s think about for a second. Only 15 years ago did we still rely on separate devices for everything.

  • I used an iPod or a Walkman to listen to music.
  • I had to pack a camera to take photos at an event (and then wait a few days to get the photos developed not knowing if I captured the right memory).
  • I searched for a flashlight to illuminate an area.
  • I would need to bring a map or a Garmin on any trip.
  • I bought consumer goods via printed catalogs that arrived at my house. If I wanted to purchase something, I’d have to call them and place an order.

A single device, the iPhone (or Samsung or Android), replaces all of these. And I also don’t need to wait around for a cab to show up anymore (thank you Uber and Lyft!), so there’s that.  

Think differently

Though our personal devices have advanced, it seems like our office technology hasn’t. I’ve been in this industry for decades and it still baffles me that companies continue to work on disconnected systems. There’s one system for the Account Recs, another for Consolidations, Planning, Forecasting, Budgeting and yet another for Capital Planning, People Planning and of course, Excel to fill the gaps. It’s like packing a separate Walkman, flip phone, flashlight, Garmin, and camera for every trip.

People are reluctant to change, but the reality is that you (and your company for that matter) are missing out on sophisticated technology that can help you perform your jobs better. I’ve heard clients rave about Excel reporting and how it is so great, except when you realize it’s not efficient or automated. It’s like using a rotary phone and realizing an iPhone exists. You can see instantly that there’s a lot available at your fingertips.

Like Apple encourages us to think differently, using a solution like OneStream Software can revolutionize your finance team’s capabilities. Imagine if all your ERP systems fed into one CPM system that allowed users to meet all their internal and external reporting needs? What if you didn’t have to move data outside the application? Suddenly, your team is reducing risk, saving time, sleeping better at night and is more efficient all around.

  • MarketPlace XF: Like an iPhone allows you to “get an app when you need it,” OneStream’s MarketPlace allows you to do the same. Once you are on the OneStream XF platform, you can download over 50 solutions from the MarketPlace such as Account Reconciliations, People Planning, Capital Planning and use them instantly to extend your investment. The MarketPlace keeps growing and expanding every day – yes there’s a solution for that!
  • Upgrades: We’ve all seen those alerts on our iPhone that the software is updating. Usually, we opt for the upgrade to take place while we sleep, and in just a few hours, it’s ready for us when we wake up. Similarly, OneStream’s upgrades are only a few hours at most frequently with no consulting assistance. And similar to the iPhone, any solution from the MarketPlace can be upgraded independently from the platform. So, no need to upgrade your entire system if one solution needs an upgrade.
  • One Platform = One Version of the Truth: We’ve all added apps to our iPhone over the years. We start with a few and expand the number of apps, adding folders and pages to organize them all. If your company is considering OneStream, you can land and expand as you get comfortable with the software. You may start with Consolidations and add Budgeting and Forecasting and then People Planning down the road. Because it’s the same platform, a company can choose to have one administrator and not require various application expertise. A company’s consulting cost is minimized because the customer already has the foundation in place for the next “phase”.

If you aren’t convinced that OneStream can truly do it all, OneStream has slated for a future release to include business intelligence (BI) capabilities.

In closing, I encourage you to pause and think about how many applications and systems your finance team currently uses. Can you imagine how much more they can accomplish each day; how much more strategic they can be and how much more value they can add if all that data was stored in one place?  The executives can make real-time decisions at the click of a button!

Like the iPhone, there is a real solution to this disconnected problem. There is a single source of truth available to companies.

 

Interested in learning more about OneStream? Check out our eBook, Why Choose OneStream. 

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