Press release: OneStream Software previews new machine learning capabilities at Splash 2021
Makes intelligent forecasting accessible to finance and operations teams while supercharging productivity for data science groups.
OneStream Software, a leader in corporate performance management (CPM) solutions for the world’s leading enterprises, is previewing today new artificial intelligence (AI) services and machine learning (ML) capabilities at its Splash 2021 Virtual Experience. The new AI and ML capabilities further OneStream’s mission of delivering a financially intelligent platform that supports a broad range of business requirements across the enterprise – from period end financial close and reporting, to planning, forecasting and operational analysis.
The ongoing Covid-19 pandemic has put tremendous pressure on CFOs and finance departments, accelerating the need for predictive technology. OneStream’s 2021 Hanover Research Finance Decision-Makers survey found that over half of the financial executives surveyed increased their data analysis tool investments and usage in 2020, with 59 percent investing in AI and 54 percent investing in ML.
“Looking at the market, there aren’t many FP&A vendors that are able to handle large volumes of data for predictive decision-making without reliance on a data science team or third-party tools,” said Tom Shea, CEO of OneStream. “Our new built-in AI and ML capabilities will make intelligent forecasting accessible to finance and operations teams, expanding use cases outside of finance for Demand Planning, Sales Planning and Workforce Planning while increasing time to value for customers.”
OneStream’s new AI services and ML capabilities will allow finance and operations teams to easily incorporate advanced forecasting and other ML techniques into their existing planning processes. Key benefits of the solution include:
- Analyzes vast 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 macro-economic data, building thousands of ML models in parallel.
- Delivers AI results and ML predictions that are seamlessly and transparently consumable in OneStream analytic models, giving businesses the efficiency and confidence required to derive the most value out of advanced ML predictions.
- Solves common business problems such as demand planning, revenue forecasting, anomaly detection and cohort analysis.
- Supercharges productivity for 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 effective 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 enabling its unified platform with AI and ML capabilities. The executive director of finance applications at a premier cosmetics company commented, “Deploying ML solutions to business users can be very challenging without a dedicated team of data scientists. OneStream’s approach of embedding ML capabilities into their Intelligent Finance Platform and providing predictive solutions that are designed for business users will make it a lot easier to deploy and gain rapid value in areas such as demand planning and revenue forecasting.”
Howard Dresner, chief research officer at Dresner Advisory Services commented, “In our 2021 Wisdom of Crowds Enterprise Performance Management Market Study, 52 percent of respondents remain uncertain about the business value of machine learning and AI. Many users may be waiting for vendors to bundle these capabilities with their enterprise performance management solutions; so, uptake is likely to increase over the next 12-24 months if vendors deliver on their road map intentions.”
OneStream’s AI and ML capabilities are being highlighted in Tom Shea’s keynote presentation today at Splash. A preview of OneStream’s AI and ML capabilities will be available to existing customers in Q4 of this year with commercial availability expected in 2022. To learn more click here.