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.
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 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.
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.
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.
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