OneStream Software Introduces New Machine Learning Capabilities at Splash 2021
Make smart forecasting accessible to finance and operations teams while boosting the productivity of data science groups.
OneStream Software, a Leader in Enterprise Performance Management (CPM) Solutions for the World’s Largest Enterprises, Today Preview New Artificial Intelligence (AI) Services and Machine Learning Capabilities (ML) in its Splash 2021 Virtual Experience. New AI and ML capabilities reinforce OneStream’s mission to provide a financially intelligent platform that supports a wide range of business requirements across the world. business – from financial close and end of period reporting to planning, forecasting and operational analysis.
The current COVID-19 pandemic has put enormous pressure on CFOs and finance departments, accelerating the need for predictive technologies. OneStream’s 2021 Hanover Research Finance Decision-Makers survey found that more than half of CFOs surveyed increased their investments and use of data analytics tools in 2020, with 59% investing in AI and 54 % investing in ML.
“Looking at the market, there aren’t many FP&A vendors that can handle large volumes of data for predictive decision making without relying on a data science team or third-party tools,” said Tom Shea, CEO of OneStream. “Our new integrated AI and ML capabilities will make smart forecasting accessible to finance and operations teams, expanding use cases outside of finance for demand planning, sales planning and workforce planning. while increasing the time to value for customers. “
OneStream’s new AI services and ML capabilities will allow finance and operations teams to easily integrate advanced forecasting and other ML techniques into their existing planning processes. The main advantages of the solution include:
- Analysis of large amounts of data generated from internal sources such as ERP, CRM and Supply Chain systems as well as external sources such as weather and other macroeconomic data, creating thousands of ML models in parallel.
- Delivers AI results and ML predictions that are usable seamlessly and transparently in OneStream analytical models, giving businesses the efficiency and confidence to get the most out of advanced ML predictions.
- Solves common business issues such as demand planning, revenue forecasting, anomaly detection, and cohort analysis.
- Improves the productivity of in-house data science resources by proactively delivering thousands of forecasts in a fraction of the time compared to traditional ML modeling techniques or other solutions on the market.
- Supports efficient Extended Planning and Analysis (XP&A) across the enterprise.
Feedback from customers and industry analysts validates the direction OneStream is taking with its approach to enable its unified platform with AI and ML capabilities. The executive director of financial applications for a leading cosmetics company said, “Deploying ML solutions for business users can be very difficult without a dedicated team of data scientists. OneStream’s approach of integrating ML capabilities into their smart finance platform and delivering predictive solutions designed for business users will greatly facilitate deployment and rapidly increase value in areas such as demand planning. and revenue forecasting.
Howard Dresner, Director of Research at Dresner Advisory Services, commented, “In our 2021 Wisdom of Crowds Business Performance Management market study, 52% of respondents remain unsure of the business value of learning. automatic and AI. Many users may expect vendors to bundle these features with their enterprise performance management solutions; thus, adoption is likely to increase over the next 12-24 months if vendors meet their roadmap intentions.
OneStream’s AI and ML capabilities are highlighted in Tom Shea’s keynote presentation today at Splash. An overview of OneStream’s AI and ML capabilities will be available to existing customers in the fourth quarter of this year with commercial availability expected in 2022.
About OneStream software
OneStream Software provides an industry-leading intelligent financial platform that reduces the complexity of financial transactions. OneStream unleashes the power of finance by unifying business performance management (CPM) processes such as financial planning, closing and consolidation, reporting and analysis through a single, extensible solution. We give the business financial and operational information to support faster, more informed decision-making. All in a cloud platform designed to constantly evolve and evolve with your organization.
OneStream is an independent software company backed by private investors KKR, D1 Capital Partners, Tiger Global and IGSB. With over 750 clients, 200 implementation partners and 900 employees, our primary mission is to ensure 100% success for our clients.
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