OneStream Software left a lasting impression at the 2024 Finance Indaba with compelling case studies presented by Lorraine Venter, sales director MEA, Michael Tyc director solution consulting EMEA, and Jean-Pierre (JP) Strydom, senior solutions consultant.
Lorraine provided context, saying that in today’s fast-paced business world, CFOs are no longer just number crunchers. They’re expected to be strategic partners who help companies grow and thrive. OneStream’s platform is giving CFOs the tools they need to succeed. By simplifying financial tasks, ensuring accurate data, and helping make smarter decisions, the platform is helping businesses stay ahead of the competition.
She stressed OneStream’s commitment to providing a unified platform for all financial processes. She highlighted the company’s 100 percent customer success focus, ensuring ongoing support and partnership throughout the customer journey.
Michael explained that many organisations struggle with siloed financial processes, such as budgeting, month-end close, and consolidation. These isolated systems often lead to data inconsistencies and inefficiencies. To address this, OneStream offers a unified platform that integrates various financial processes into a single solution. This platform provides a centralised view of data, ensuring accuracy and consistency. By breaking down silos, organisations can streamline their operations, reduce risk, and make more informed decisions.
Michael shared that OneStream’s value transformation team collaborates closely with clients throughout their data management journey, from initial evaluation to ongoing platform usage.
He emphasised the importance of delivering tangible value to organisations and highlighted the significant impact of data quality. By focusing on data management improvements, OneStream has helped clients achieve a remarkable 72 percent increase in efficiency. This underscores the critical role of quality input in producing valuable output. The company’s diverse client base, ranging from Fortune 500 corporations to smaller enterprises, demonstrates their ability to cater to organisations of all sizes and complexities.
A single version of the truth
Michael shared the company’s journey with Maersk. The shipping company was once burdened by a complex system of 12 separate HFM applications, and faced a critical juncture. They approached One Stream to say they could not support their business moving forward anymore in an agile way. Recognising the inefficiency and data inconsistencies, Maersk embarked on a 10-year journey to consolidate their disparate systems. Today, they proudly stand as a testament to successful digital transformation.
By adopting OneStream, Maersk has eliminated data silos and streamlined processes. This has not only improved operational efficiency but also enabled them to proactively address emerging market trends, such as sustainability and ESG. As Michael emphasised, “We knew that eventually the market is going to push Maersk to report on this and we know that this platform is ready for it.”
Costco, a global retail giant with a vast network of stores and distribution centres, faced a significant challenge in managing its complex data landscape.
As JP explained, “Their legacy systems were creating silos of data, making it difficult to get a complete picture of the business. They needed a solution that could consolidate their data and provide them with a single version of the truth.”
OneStream’s ability to integrate data from various sources, including ERP systems, warehouse management systems, and financial applications, enabled the company to create a centralised repository of information. This consolidation eliminated data inconsistencies and provided a more accurate and reliable view of the business.
One of the most significant benefits of OneStream has been its ability to improve data accuracy. By eliminating data silos and manual processes, Costco has been able to reduce errors and inconsistencies, ensuring the reliability of its financial reporting and compliance.
OneStream has empowered Costco’s employees to make more informed decisions by providing access to accurate and timely data. This has enabled employees to identify trends, analyse performance, and identify areas for improvement.
The session featured additional compelling case studies highlighting OneStream’s unified platform as a powerful tool for finance and operational data management. Polaris, for example, successfully integrated AI into their OneStream implementation, resulting in significantly improved forecasting accuracy.
Sasol leveraged OneStream for rehabilitation planning, while AFL realised a remarkable 75 percent increase in reconciliation efficiency.
Lorraine shared that OneStream Software has not only delivered on international projects, but has worked with several prominent South African companies, including Woolworths, Transnet, and Discovery.
These success stories showed the platform’s ability to unify disparate systems, enhance data accuracy, and drive operational improvements.
