Birmingham, Mich. (August 29, 2023) – OneStream Software, a leader in corporate performance management (CPM) solutions for the world’s leading enterprises, today announced that Stora Enso, a global provider of renewable solutions in packaging, biomaterials, wooden construction, has successfully enhanced its scenario simulation and forecasting capabilities using OneStream’s Sensible Machine Learning (ML) solution. By implementing OneStream’s Sensible ML solution, Stora Enso is paving the way for enhanced forecasting capabilities and unlocking new opportunities for growth.
Stora Enso has already experienced promising first results with Sensible ML, witnessing forecast accuracy improvements against traditional methods. This initial success showcases the power of Sensible ML in driving significant value for the organization, even at this early stage in their journey.
“OneStream’s Sensible ML solution has shown promising initial results to improve our forecast accuracy, enabling faster and more informed business decisions,” said Jari Lehto, Vice President, Finance Digitalization & Development, CFO Office at Stora Enso. “The value gained from Sensible ML extends beyond accuracy, with enhanced driver explainability and planning efficiency. We are able to scale the benefits of this improved accuracy across multiple use cases and build out a robust data pipeline that can produce accurate, forward-looking predictions to drive strategic decision-making.”
Stora Enso has also gained increased driver explainability with Sensible ML, with the ability to draw conclusions on what features are driving the most impact on model forecasts for commodity prices and spending trends. While the company is still at the beginning of their Sensible ML journey, Sensible ML enhances Stora Enso’s planning efficiency by consolidating multiple business processes all within the OneStream platform, with the ability to analyze historical data, forecasts and what-if scenarios through interactive dashboards.
Stora Enso has achieved results across various business use cases by leveraging external macro features, including critical indicators such as macroeconomic indicators. The three business use cases that gained improvements in forecast accuracy were commodity rates for pulp and wood, commodity rates for chemicals and accounts payable spending trends.
“Integrating Sensible ML predictions to our OneStream driver-based forecasting process has a potential to increase efficiency and resiliency as we can generate new predictions rapidly to respond to the ever-changing business world,” said Perttu Järvinen, Finance Director, CFO Office at Stora Enso.
Sensible ML helps organizations like Stora Enso evolve enterprise planning processes by making ML forecasting easy and intuitive for FP&A teams and operational analysis. The solution integrates seamlessly into users’ existing planning processes, enhancing forecasting abilities without disrupting the organization’s current financial processes. OneStream customers with existing planning solutions can leverage Sensible ML to drive improved forecasting accuracy and efficiency while seamlessly integrating it into their planning, reporting and dashboard processes.
“We are proud to partner with Stora Enso to drive strategic value and optimize their forecasting processes,” said Scott Leshinski, SVP, Commercial Markets at OneStream Software. “Sensible ML allows users to align financial and operational data across the enterprise, with the ability to leverage external data and business intuition, to drive tangible results with increased agility, speed to value, and enterprise value. Stora Enso’s success across multiple use cases demonstrates Sensible ML’s effectiveness and its impact on financial and operational planning processes.”
To learn more about OneStream’s Sensible ML solution, visit https://www.onestream.com/solutions/sensible-machine-learning-ml/
About Stora Enso
Part of the global bioeconomy, Stora Enso is a leading provider of renewable products in packaging, biomaterials and wooden construction, and one of the largest private forest owners in the world. We believe that everything that is made from fossil-based materials today can be made from a tree tomorrow. Stora Enso has approximately 21,000 employees and our sales in 2022 were EUR 11.7 billion. Stora Enso shares are listed on Nasdaq Helsinki Oy (STEAV, STERV) and Nasdaq Stockholm AB (STE A, STE R). In addition, the shares are traded in the USA as ADRs (SEOAY). www.storaenso.com/investors.
About OneStream Software
OneStream provides an intelligent finance platform built to enable confident decision-making and maximize business impact. OneStream unleashes organizational value by unifying data management, financial close and consolidation, planning, reporting, analytics and machine learning. We empower Finance and Operations teams with AI-enabled insights to make faster and more intelligent decisions every single day. All in a single, modern CPM platform designed to continually evolve and scale with your organization.
OneStream is an independent software company backed by private equity investors KKR, Tidemark, Partners Fund Capital and Alkeon Capital Management. With over 1200 customers, more than 250 implementation partners and roughly 1300 employees our primary mission is to deliver 100% customer success. To learn more visit www.onestream.com.