OneStream Unveils a Portfolio of Purpose-Built AI Solutions; Announces Enterprise Finance AI Approach to Speed AI Adoption for the Office of the CFO
May 21 2024 - 9:00AM
OneStream Unveils a Portfolio of Purpose-Built AI Solutions;
Announces Enterprise Finance AI Approach to Speed AI Adoption for
the Office of the CFO
OneStream Software, the leading enterprise Finance management
platform that modernizes the Office of the CFO by unifying core
finance and operational functions, today announced at OneStream
Splash three purpose-built AI solutions. OneStream Sensible GenAI,
OneStream Sensible ML Scenario Modeling and OneStream Sensible AI
Library will speed AI adoption for Finance leaders and empower the
Office of the CFO to Take Finance FurtherTM.
"Finance leaders have long seen AI's potential for the Office of
the CFO, but initial AI tools lacked clear business use cases,
context, and transparency, raising more concerns than benefits,"
explained Tom Shea, CEO of OneStream at OneStream Splash. "We're
redefining AI for Finance to address these challenges, creating
trusted, secure, and purpose-built solutions tailored to Finance
pain points. Our new Sensible AI solutions announced today will
increase Enterprise Finance AI adoption and help CFOs plan faster,
forecast with greater accuracy, and unlock new growth
opportunities.”
Announcing a Suite of OneStream Sensible AI
Solutions
The OneStream Sensible AI portfolio is a set of packaged applied
AI solutions designed to address pertinent needs of Finance leaders
– such as forecasting and scenario planning. With ML and AI models
built directly on top of OneStream’s unified data model and
proprietary financial intelligence, Finance leaders can quickly
identify trends and business drivers and create forecasts from
trusted enterprise data with unparalleled accuracy and speed.
OneStream Sensible ML, OneStream’s first AI solution to market,
has already been implemented by several customers across
manufacturing, retail, and services sectors, including a leading
Utility Locating company, Stake Center Locating:
“OneStream Sensible AI solutions are purpose-built for finance,
addressing specific use cases within the finance function,” said
David Kennedy, CIO at Stake Center Locating. “OneStream Sensible AI
revolutionized our forecasting and planning processes, by
leveraging AI and advanced analytics, it ensures optimal resource
allocation and helps us uncover key business drivers. This approach
has led to significant improvements in forecasting accuracy,
resulting in significant savings to labor costs and empowering more
data-driven decisions.”
New OneStream Sensible AI solutions announced include:
- OneStream Sensible
GenAI combines context and conversation into one powerful
large language model chatbot to make GenAI impactful and sensible
for Finance leaders. By pulling data from OneStream’s financial
intelligence as well as a company’s own enterprise workflows and
data structures, Finance leaders can interact and query their own
data “cubes” in plain English. This financially intelligent
translator lets Finance leaders accurately steer the business by
gathering insights from financial and operational data directly
within the secure OneStream interface. Examples include a query on
comparing marketing spend in 2022 against 2023. OneStream Sensible
GenAI also enables leaders to access OneStream training and
documentation such as sales plans or contracts, automatically
within the chatbot.
- OneStream Sensible Machine
Learning (ML) Scenario Modeling capability builds on the
initial OneStream Sensible ML solution and creates real-time,
AI-driven “what-if” forecasting scenarios using a company’s own
enterprise information across operational and financial
workstreams. Finance teams can isolate key business drivers, such
as changes in interest rates, inflation, gas prices, new product
introductions and plant shutdowns, and validate the scenarios and
test their impact across forecasting, operational planning,
workforce planning, sales planning and other areas.
- OneStream Sensible AI
Library puts the power of AI reporting into the hands of
Finance leaders, without the need of a data scientist. The Sensible
AI Library makes it easier for Financial Close and Consolidation
and Financial Planning and Analysis teams to use pre-built AI
models to consume and interact with data across their financial
workflows. This allows teams to address key reporting and planning
challenges, such as detecting anomalies, cold start forecasting,
and fuzzy matching across a myriad of assets and locations.
Enterprise Finance AI: OneStream’s Commitment to the
Office of the CFO
To speed the adoption of AI for Finance, OneStream also
announced its commitment to ensuring the Office of the CFO can
obtain material value from AI and GenAI development. OneStream’s
approach to AI, called Enterprise Finance AI, is intended to
transform how Finance teams leverage AI to navigate today’s complex
business landscape. Enterprise Finance AI includes three critical
areas AI must meet to speed adoption and significant return on
investment for the Office of the CFO:
- Trusted: As
gatekeepers to business performance insights, Finance leaders must
trust the data they are using and have transparency behind the
sources of the insights and analysis. Both first-party data across
enterprise workflows and third-party data that fuels financial
formulas and models must be validated, trusted sources to ensure
the AI models that use them are reliable and provide 100%
transparency into how the insights and answers were formed.
- Secure: Security is
paramount to any enterprise, particularly for Finance teams.
Embedded AI solutions must be built on a platform with
enterprise-grade security measures, so the data being used is
secure and compliant.
- Purpose-Built: For
the power of AI to be realized, it must be a pre-packaged,
purpose-built solution for existing Finance workflows, so teams can
use AI models and processes without the need of a tech expert or
data scientist.
OneStream was early to see the transformative potential of AI
for the Office of the CFO and invest to deliver purpose-built
solutions to market, releasing its first applied ML offering in
2017. To learn more about OneStream Sensible AI, visit
www.onestream.com/ai/.
OneStream Splash brings together finance leaders and experts
within the Office of the CFO for four days to explore how Finance
leaders can go beyond just reporting on past performance towards
steering the business to the future. With over 2,500 attendees,
Splash is the largest gathering of OneStream customers and finance
leaders to date. To learn more about OneStream Splash User
Conference, visit:
https://www.onestream.com/conferences/splash-na/
Follow the OneStream Splash conversation on LinkedIn and X using
#OneStreamSplash.
About OneStream Software
OneStream is how today’s Finance teams can go beyond just
reporting on the past and Take Finance Further by steering the
business to the future. It’s the only enterprise finance platform
that unifies all your financial and operational data, embeds AI for
better decisions and productivity, and can extend to meet the
evolving needs of your business, without adding technical debt.
We deliver the industry’s most comprehensive cloud-based
platform to modernize the Office of the CFO. Our Digital Finance
Cloud uniquely unifies key financial and operational data and
processes, embeds AI for faster and better planning and
forecasting, and is infinitely extensible so customers can add new
utility and achieve more value as their business needs evolve.
OneStream is an independent software company backed by private
equity investors KKR, Tidemark, Partners Fund Capital and Alkeon
Capital Management. With nearly 1,400 customers, more than 230
implementation partners and 1,300 employees, our vision is to be
the operating system for modern Finance, digitizing core financial
functions and empowering the CFO to become a critical driver of
business strategy.
Additional Resources:Follow OneStream on X
- https://twitter.com/OneStream_SoftFollow OneStream on
LinkedIn
- https://www.linkedin.com/company/onestream-software/Like
OneStream on Facebook
- https://www.facebook.com/onestreamsoftware/
Jaclyn Proctorjproctor@onestreamsoftware.com