What is Hyperion HFM?
Oracle's Hyperion Planning software application has led the industry for years when it comes to the financial software market. OneStream is a corporate performance management system that was designed and built by former inventors of Hyperion Financial Management (HFM). Both platforms offer robust financial consolidation and reporting tools and features. However, Hyperion Planning is a web-based on-premises platform, while OneStream gives users the options to choose between an on-premise or cloud solution.
OneStream
As the name suggests, OneStream was designed to be a single unified platform where all financial solutions can reside. The goal was to allow the business to see all their data in one location and analyze or interpret the information as necessary per reporting requirements. Likewise, it is designed to adapt as these needs change.
By eliminating the need for multiple platforms and significantly reducing the learning curve, OneStream offers a unified platform on which you can train your team. It combines all the lists of metadata in one location, which opens the door to a wide range of unique reports. OneStream can perform many different operations, including financial close, account reconciliations, tax, workforce, and profitability and cost analysis.
Hyperion Planning
Hyperion Planning has extensive upgrade solutions that must be installed every few years. It requires a large number of company resources – both time and money – to facilitate the upgrade. The Hyperion Planning platform also requires finance and IT professionals to manage the operations and maintenance of the application.
How is OneStream Different?
OneStream offers a simplified version that includes smaller and more frequent upgrade installations. As a result, it will reduce the overall cost and resources required to adapt to business standards as they change.
The OneStream platform is designed for quicker deployment, so the Finance team can utilize and maintain the solution with no additional assistance. That includes everything from upgrades to troubleshooting.The goal is to collect as much information as possible by combining sales and operational data with all other key financial metrics used for reporting. OneStream provides guided workflows that create an efficient solution for all end users of the unified platform. Audit trails are seamless and easy to follow, as the data is contained in one system. Controls are simple to establish so that you can meet all financial reporting standards.
Although OneStream is deployable on-premise or in the cloud. the application can switch between the two – allowing you to obtain the benefits of local security with the flexibility and resources available on the cloud.
Conclusion
Hyperion Planning and OneStream are both solid solutions, but OneStream is on track to develop a seamless system for the future. OneStream functions as a streamlined solution for exporting your Hyperion Planning data and offer an all-in-one application for consolidating the entirety of your company’s financial data in one place.
MindStream Analytics is a premier consulting and application managed services provider. We know that to excel in today's competitive environment, companies must have analytical insight across their organization for a clearer view of corporate-wide performance. We believe the power of technology, combined with best practices and access to relevant information, helps companies gain a competitive advantage with improved planning, budgeting, financial consolidation, reporting, and analysis.
Partner SpotLight
Oracle
Oracle has the most comprehensive suite of integrated, global business applications that enable organizations to make better decisions, reduce cost..
Our Company
MindStream Analytics' senior staff was there at the birth of Business Intelligence. We have been part of building Business Intelligence nationally from its humble niche product status to the ubiquitous analytic tool that it is today. MindStream consultants are well versed in reporting and information management and are ready to help you leverage the power of multiple tier-1vendors. From Oracle Hyperion to IBM Cognos, we can help you select and integrate the right tools for you to better understand your information. MindStream Analytics has experience across a wide variety of industries: Business Services, Consumer Products, Energy, Financial Services, Healthcare, Manufacturing, Transportation , and Telecommunication. We have the depth and breadth of experience to help you deliver actionable information to users.
Whether you need an enterprise wide Oracle BI Enterprise Edition (OBIEE) rollout, an Oracle BI Apps rollout, or an IBM Cognos ReportNet rollout, MindStream Analytics is here to help you succeed.
Case Studies
Accumen
Thanks to the intervention of MindStream Analytics, Accumen's Finance department can now model their business with a new, more organized structure that isn't conventionally available in NetSuite.
Acme Brick
Acme Brick turned to MindStream Analytics for help implementing OneStream to replace their outdated TM1 solution.
Alterra
Alterra sought the expertise of MindStream to address the challenges they faced in their Capital Planning process.
ATCO Group
Energy conglomerate ATCO operates worldwide in utilities, power generation, and related services.
Avalon
Working with MindStream Analytics, Avalon Healthcare Solutions adopts NetSuite Planning and Budgeting to accelerate budgeting and forecasting processes.
Bayer Health Care
Bayer Healthcare implemented Hyperion Planning and Workforce Planning in 10 weeks to dramatically streamline their Income Statement budget and Workforce Planning process..
BluEarth
MindStream Analytics' partnership with BluEarth Renewables epitomizes the power of technology and collaboration.
Celgene
An Oracle Hyperion Planning Upgrade provides multi-national organization Hyperion Application optimization and stabilization.
Cleaver Brooks
OneStream XF was chosen as the platform that would transform Cleaver-Brooks' Finance processes.
CoorsTek
The collaboration between CoorsTek and MindStream resulted in significant improvements in CoorsTek's financial consolidation and reporting processes.
Elite Body Sculpture
MindStream Analytics' collaboration with Elite Body Sculpture encapsulates the transformative potential of targeted tech solutions in streamlining administrative processes.
Enlyte
Enlyte, a merger of Mitchell, Genex, and Coventry, faced challenges with disparate financial solutions and the need for combined reporting.
Flanders
MindStream Analytics collaborated with Flanders to implement OneStream Consolidation and Reporting solution.
Foley Products
Foley Products was facing a significant challenge with its Excel-based actual management reporting system.
Harte Hanks
The collaboration between MindStream Analytics and Harte Hanks culminated in a highly customized, user-friendly NetSuite implementation.
Interface
Interface used a complex, manual, excel-based FP&A process for monthly review, and the summary data was loaded in OneStream.
Kymera International
Thanks to Mindstream Analytics' assistance, Kymera was able to load all of their data into OneStream and validate it successfully.
MacLean Fogg
MacLean-Fogg partnered with MindStream, a leading implementor specializing in modernizing and optimizing enterprise systems.
MEPPI
MindStream's expertise and experience were sought to conduct a vendor selection initiative focusing on MEPPI's F2023 planning process.
OUAI
MindStream Analytics and OUAI's collaboration showcases the transformative power of strategic technological intervention.
Plaskolite
By migrating to OneStream, Plaskolite has achieved a material reduction in consolidation time and overall Financial Close cycle, eliminated the hours spent compiling and verifying data in Excel, streamlined its Planning, Budgeting and Forecasting model and delivered flexible and timely reporting that enables more strategic analysis of their financial data.
Redwire
Understanding the nuances of Redwire's challenges, MindStream Analytics devised a holistic approach to overcome them. The implementation of NetSuite was just the beginning.
Simon
Simon's existing corporate Hyperion Financial Management (HFM) production application was consolidating at a rate of seven hours, a performance issue causing great headache to corporate Accounting.
Source Code
The successful transition to OneStream revolutionized Source Code's financial reporting.
Subway
Subway collaborated with MindStream Analytics for the NetSuite Analytics Warehouse implementation.
UPenn
MindStream Consulting and AppCare team members are proud be working side by side with UPenn university in accomplishing this implementation and along with continuing our AppCare services after go-live.
USG
USG was an Oracle Hyperion customer realizing that it needed more specialized support for its various Oracle Hyperion applications.
Vantiv
Dividing a hyperion planning application, expanding the hyperion footprint to forecast on the business? Customer categories.
Versant Health
Versant Health engaged MindStream to help resolve the challenges they were experiencing with their consolidation, close, and financial reporting processes.
Virginia Spaceport Authority
The MindStream team implemented the Standard + Workforce NetSuite Planning & Budgeting.
WeWork
MindStream Analytics determined that the best solution was to implement Oracle Essbase Cloud as part of the Oracle Analytics Cloud (OAC) platform-as-a-service
WindStream
Innovative use of essbase to streamline and connect hyperion financial management for enhanced financial analysis.
XY Planning
MindStream Analytics, well-versed in addressing such challenges, presented a comprehensive Netsuite solution for XY Planning.