LAS VEGAS, May 21, 2024 (GLOBE NEWSWIRE) -- OneStream Software, the leading enterprise Finance management platform that modernizes the Office of the CFO by unifying core finance and operational functions, today announced at OneStream Splash three purpose-built AI solutions. OneStream Sensible GenAI, OneStream Sensible ML Scenario Modeling and OneStream Sensible AI Library will speed AI adoption for Finance leaders and empower the Office of the CFO to Take Finance FurtherTM.
"Finance leaders have long seen AI's potential for the Office of the CFO, but initial AI tools lacked clear business use cases, context, and transparency, raising more concerns than benefits," explained Tom Shea, CEO of OneStream at OneStream Splash. "We're redefining AI for Finance to address these challenges, creating trusted, secure, and purpose-built solutions tailored to Finance pain points. Our new Sensible AI solutions announced today will increase Enterprise Finance AI adoption and help CFOs plan faster, forecast with greater accuracy, and unlock new growth opportunities.”
Announcing a Suite of OneStream Sensible AI Solutions
The OneStream Sensible AI portfolio is a set of packaged applied AI solutions designed to address pertinent needs of Finance leaders – such as forecasting and scenario planning. With ML and AI models built directly on top of OneStream’s unified data model and proprietary financial intelligence, Finance leaders can quickly identify trends and business drivers and create forecasts from trusted enterprise data with unparalleled accuracy and speed.
OneStream Sensible ML, OneStream’s first AI solution to market, has already been implemented by several customers across manufacturing, retail, and services sectors, including a leading Utility Locating company, Stake Center Locating:
“OneStream Sensible AI solutions are purpose-built for finance, addressing specific use cases within the finance function,” said David Kennedy, CIO at Stake Center Locating. “OneStream Sensible AI revolutionized our forecasting and planning processes, by leveraging AI and advanced analytics, it ensures optimal resource allocation and helps us uncover key business drivers. This approach has led to significant improvements in forecasting accuracy, resulting in significant savings to labor costs and empowering more data-driven decisions.”
New OneStream Sensible AI solutions announced include:
- OneStream Sensible GenAI combines context and conversation into one powerful large language model chatbot to make GenAI impactful and sensible for Finance leaders. By pulling data from OneStream’s financial intelligence as well as a company’s own enterprise workflows and data structures, Finance leaders can interact and query their own data “cubes” in plain English. This financially intelligent translator lets Finance leaders accurately steer the business by gathering insights from financial and operational data directly within the secure OneStream interface. Examples include a query on comparing marketing spend in 2022 against 2023. OneStream Sensible GenAI also enables leaders to access OneStream training and documentation such as sales plans or contracts, automatically within the chatbot.
- OneStream Sensible Machine Learning (ML) Scenario Modeling capability builds on the initial OneStream Sensible ML solution and creates real-time, AI-driven “what-if” forecasting scenarios using a company’s own enterprise information across operational and financial workstreams. Finance teams can isolate key business drivers, such as changes in interest rates, inflation, gas prices, new product introductions and plant shutdowns, and validate the scenarios and test their impact across forecasting, operational planning, workforce planning, sales planning and other areas.
- OneStream Sensible AI Library puts the power of AI reporting into the hands of Finance leaders, without the need of a data scientist. The Sensible AI Library makes it easier for Financial Close and Consolidation and Financial Planning and Analysis teams to use pre-built AI models to consume and interact with data across their financial workflows. This allows teams to address key reporting and planning challenges, such as detecting anomalies, cold start forecasting, and fuzzy matching across a myriad of assets and locations.
Enterprise Finance AI: OneStream’s Commitment to the Office of the CFO
To speed the adoption of AI for Finance, OneStream also announced its commitment to ensuring the Office of the CFO can obtain material value from AI and GenAI development. OneStream’s approach to AI, called Enterprise Finance AI, is intended to transform how Finance teams leverage AI to navigate today’s complex business landscape. Enterprise Finance AI includes three critical areas AI must meet to speed adoption and significant return on investment for the Office of the CFO:
- Trusted: As gatekeepers to business performance insights, Finance leaders must trust the data they are using and have transparency behind the sources of the insights and analysis. Both first-party data across enterprise workflows and third-party data that fuels financial formulas and models must be validated, trusted sources to ensure the AI models that use them are reliable and provide 100% transparency into how the insights and answers were formed.
- Secure: Security is paramount to any enterprise, particularly for Finance teams. Embedded AI solutions must be built on a platform with enterprise-grade security measures, so the data being used is secure and compliant.
- Purpose-Built: For the power of AI to be realized, it must be a pre-packaged, purpose-built solution for existing Finance workflows, so teams can use AI models and processes without the need of a tech expert or data scientist.
OneStream was early to see the transformative potential of AI for the Office of the CFO and invest to deliver purpose-built solutions to market, releasing its first applied ML offering in 2017. To learn more about OneStream Sensible AI, visit www.onestream.com/ai/.
OneStream Splash brings together finance leaders and experts within the Office of the CFO for four days to explore how Finance leaders can go beyond just reporting on past performance towards steering the business to the future. With over 2,500 attendees, Splash is the largest gathering of OneStream customers and finance leaders to date. To learn more about OneStream Splash User Conference, visit: https://www.onestream.com/conferences/splash-na/
Follow the OneStream Splash conversation on LinkedIn and X using #OneStreamSplash.
About OneStream Software
OneStream is how today’s Finance teams can go beyond just reporting on the past and Take Finance Further by steering the business to the future. It’s the only enterprise finance platform that unifies all your financial and operational data, embeds AI for better decisions and productivity, and can extend to meet the evolving needs of your business, without adding technical debt.
We deliver the industry’s most comprehensive cloud-based platform to modernize the Office of the CFO. Our Digital Finance Cloud uniquely unifies key financial and operational data and processes, embeds AI for faster and better planning and forecasting, and is infinitely extensible so customers can add new utility and achieve more value as their business needs evolve.
OneStream is an independent software company backed by private equity investors KKR, Tidemark, Partners Fund Capital and Alkeon Capital Management. With nearly 1,400 customers, more than 230 implementation partners and 1,300 employees, our vision is to be the operating system for modern Finance, digitizing core financial functions and empowering the CFO to become a critical driver of business strategy.
Additional Resources:
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Jaclyn Proctor
jproctor@onestreamsoftware.com
source: OneStream Software LLC
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