If you turn on the news, it can seem that the world’s gone a bit crazy. Companies that were once fixtures in the American economy are declaring bankruptcy. We see trade wars, tariffs, and other pieces of the economy being shuffled around the chessboard and no one is sure how everything will land, if at all.
Surviving and thriving in today’s volatile business environment requires financial systems that are adaptable and agile and allow finance teams to minimize the amount of time they spend on moving data and managing systems – and maximize the amount of time they spend on value-added analysis.
These are essential factors as we deal with uncertainty in the market. Many are predicting a recession or economic slowdown in the coming years. What if another financial crisis happens? Do you think your organization can pivot and realign itself with the market? What if your company still relies on a hybrid of systems and numerous spreadsheets, with different versions passed around different departments? Or your team spends most of its time managing and integrating your applications?
Organizations who are relying on spreadsheets or fragmented legacy corporate performance management (CPM) products to support their financial consolidation, reporting, planning and analysis processes are being held back from enabling their teams to become true business partners. As someone who has worked in the corporate performance management (CPM) industry for over 25+ years, I expect more from technology.
Jason Webster, CEO & Founder of Archetype put together this insightful whitepaper about future-proofing finance and navigating uncertainty. In the white paper he highlights how companies who can have access to their financial data – faster, align all departments, and keep things seamless and in sync, will be able to navigate uncertainty with ease. Translated: companies who still rely on legacy applications and hybrid systems won’t be able to swerve and miss disaster; while those that have their data in one place, and unify their financial processes as is done with OneStream’s Intelligent Finance platform, will have a better chance of survival and ongoing success.
The whitepaper includes several examples of customers Archetype Consulting has worked with to replace multiple legacy applications with OneStream’s unified platform – and the benefits they have achieved. In one case, a customer hadn’t upgraded their CPM system in 15 years, but they knew they needed a solution that would allow them to easily integrate future acquisitions and easily analyze potential targets. OneStream allowed them to look at data in real-time and review potential acquisitions faster. Another company mentioned how they wanted to move away from a static budget. They wanted a technology that would allow them to catch errors early and remove risks – allowing them to pivot and stay on course for a profitable year.
At the essence, that’s what people want. They want a solution that can tell them, “you’re making a mistake!” and recalculate how to get back on track. If another economic crash happens, you don’t want to be driving in the wrong direction because an outdated, disconnected system couldn’t spot the error.
Those real-time adjustments can only be made if people are using the same data, talking the same language and can see how things come together. And as businesses grow, you’ll want a solution to grow with you to keep you on course.
Modernize and Simplify Finance with OneStream
OneStream allows companies to modernize and simplify business processes, allowing organizations to – as OneStream’s slogan says – “get back to business.” Not only does OneStream have state-of-the-art technology, but they are invested in their customer’s success and provide world-class support. If our clients have a question, we can call them, and OneStream will answer the phone and respond quickly to any issues. They listen to their customers and partners and incorporate this feedback into their development roadmaps, and they are just great to work with.
The future is uncertain, but the road is easier to navigate with OneStream because they choose to be on the road beside companies to help guide the way. To learn more, visit our web site and download the Archetype white paper.