The energy at OneStream Splash 2023 in Washington, D.C., was truly electric! As a long-time OneStream partner and sponsor, we were thrilled to see such a massive turnout this year. Splash brought together over two thousand leading finance and industry professionals for four days of informative sessions on planning, budgeting, forecasting, sustainability reporting, machine learning, and more.
OneStream has evolved rapidly over the years, and new features and functionalities continue to advance the platform. We began our partnership with OneStream under the name Fidato Partners and are proud to continue the successful relationship after joining Eliassen Group. Here are some of the highlights and key takeaways from the conference, as observed by the Eliassen Group team.
1. Future-Focused Opening Keynote
OneStream Splash 2023 kicked off with a future-focused opening keynote that highlighted OneStream’s successes over the last few years and their roadmap for the future. The Partner Summit meetings connected industry peers and professionals with customers and developers in informative sessions. Whether you are looking to build new skills or expand your knowledge base, OneStream Splash offered plenty of options for enrichment. From over 75+ breakout sessions to hands-on workshops, drop-in demos and peer learning opportunities, attendees were able to choose the option that best suited their learning style.
Attendees gained insights from current OneStream customers and distributors about their diverse use cases, learned how to address potential challenges for prospective clients, and heard from OneStream developers about the product roadmap. While OneStream has grown over the years, they have managed to maintain their culture and sense of community.
2. Donegal Insurance Presentation
The Eliassen Group team was out in full force at Splash 2023! Our speaking session was hosted by David Bawel and Andrew Scullion, who spoke about how insurance groups can modernize their systems to drive expense allocations. Donegal Insurance Group has been able to achieve remarkable results after implementing OneStream’s powerful financial management software. OneStream has enabled Donegal Insurance to allocate expenses to the smallest level of detail, allowing for more informed and precise rate calculations, ensuring adequate premium rates to cover costs.
OneStream has also provided Donegal Insurance with the capability to analyze underwriting profits for operating regions, enabling the company to manage expenses and plan for operational growth. These features have resulted in tremendous time savings, with Donegal achieving an 87% reduction in the time it takes to carry out expense allocations.
Looking ahead, the next steps for Donegal’s financial management system include completing the implementation of statutory financial close and consolidations. There are also plans to implement future projects such as GAAP financial reporting for Donegal’s public holding company, a task manager, and business planning. OneStream has delivered tremendous value to Donegal Insurance Group, saving time and providing greater accuracy and insight into the company’s financial operations. With the system’s capabilities and future plans, Donegal is poised to continue its growth and success.
3. OneStream Solution Exchange
In April 2023 OneStream launched their Solution Exchange program. This new platform builds on the success of the OneStream MarketPlace, providing customers with a broader range of partner-built and community shared solutions. The Solution Exchange is divided into three portals: MarketPlace, PartnerPlace, and OpenPlace. MarketPlace solutions will continue to be developed, maintained, and supported by OneStream, while PartnerPlace will offer value-added solutions developed and supported by OneStream’s partner community. These solutions will be accessible to OneStream customers through the Solution Exchange and will be priced and licensed for download.
As the OneStream Solution Exchange gains momentum, our team is excited to see how it will evolve and expand in the future. With its three distinct solution portals – MarketPlace, PartnerPlace, and OpenPlace – the Solution Exchange promises to accelerate the development and delivery of new solutions to help OneStream customers maximize the value of their investments. With this new platform, OneStream is well-positioned to help organizations stay agile and adapt quickly to an ever-changing business environment. We’re interested in the potential of Solution Exchange and can’t wait to see where this new program takes us.
4. Sensible ML
OneStream’s Sensible ML solution has recently expanded its capabilities to provide improved forecasting accuracy and transparency for key business drivers. This integrates with existing planning processes to streamline forecasting accuracy and efficiency. Sensible ML helps address the growing need among OneStream customers to align financial planning with operational planning processes such as sales and demand planning, and sales and operations planning. The expanded Sensible ML release in February 2023 offers features such as prediction intervals, feature impact, prediction explanations, and feature generalization.
Customers who have adopted Sensible ML have highlighted its increased accuracy and speed to value, making it a standout solution among competitors. OneStream CEO Tom Shea views AI and ML as critical components of core CPM processes and believes that they must be unified to succeed. Our team is seeing a positive response from customers about Sensible ML’s ability to provide greater transparency and understanding of key business drivers while improving accuracy, efficiency, and value across planning processes.
5. ESG Capabilities
OneStream’s ESG capabilities offer significant benefits to organizations looking to align their ESG reporting with financial reporting. CFOs and finance teams need to engage in this process to ensure accuracy and integrity. By aligning ESG reporting with financial reporting, companies can eliminate duplicate data collection, consolidate and report more accurately, and establish quality controls and audit trails. They can also align ESG and sustainability metrics with financial results and compare actual ESG and sustainability metrics with goals and targets. According to Accenture’s “Measuring sustainability. Creating value,” report, only 26% of finance leaders have reliable ESG metrics today in spite of the benefits it provides.
OneStream’s single platform approach, which unifies data management, financial close and consolidation, planning, reporting, analytics, and machine learning, sets it apart from other solutions in the market. Our team sees exciting potential in OneStream’s ESG capabilities and the benefits they offer to organizations looking to align their ESG reporting with financial reporting.
The Eliassen Group and OneStream Partnership
At Eliassen Group, we deeply value our partnership with OneStream and the role it plays in helping us deliver comprehensive services to our customers. Since our inception, we have been a Diamond-level partner with OneStream, working closely with them to expand their reach beyond the Northeast region and serve clients across North and South America. Together, we offer a wide range of services, including full lifecycle implementation, sales and strategy roadmaps, training, and post-implementation support. Our strong mission alignment and shared commitment to customer success make us a natural fit for organizations looking for trusted partners across a variety of projects. In addition, as a trusted partner, we are proud to offer services beyond CPM implementation, such as staff augmentation, third-tier audit, financial transformation, and more. We believe that our partnership with OneStream will continue to help us push the boundaries of what is possible and enable us to provide even greater value to our customers.
The recent OneStream Splash conference in Washington, D.C., was a huge success, with over two thousand finance and industry professionals coming together for four days of informative sessions on planning, budgeting, forecasting, sustainability reporting, machine learning, and more. Attendees gained insights from current OneStream customers and distributors about their diverse use cases, learned how to address potential challenges for prospective clients, and heard from OneStream developers about the product roadmap. In addition, OneStream’s recent launch of their Solution Exchange program promises to accelerate the development and delivery of new solutions to help customers maximize the value of their investments.
Eliassen Group is a long-time OneStream partner and sponsor. We are proud to offer comprehensive services to customers looking to get the most out of their implementation, including full lifecycle implementation, sales and strategy roadmaps, training, and post-implementation support. With a shared commitment to customer success, OneStream and Eliassen Group are well-positioned to continue pushing the boundaries of what is possible in financial management technology.
Our Final Thoughts
Splash 2023 was an amazing event with informative sessions, inspiring presentations, and valuable networking opportunities. We’re grateful to be part of such an innovative community and are looking forward to Splash 2024 in sunny Las Vegas, Nevada!
If your organization is interested in implementing OneStream or has any questions about how we can help you get the most out of OneStream, contact our team today and explore what we can accomplish together.
Written by Eliassen Group
Eliassen Group is a leading strategic consulting company that provides business, clinical, and IT services for our clients as they seek to transform and execute strategies that will drive exceptional outcomes. Leveraging over 30 years of success, we focus on three main areas: technology solutions, clinical solutions, and financial, risk & compliance, and advisory solutions. Eliassen Group prides itself on its purpose to positively impact the lives of our employees, clients, consultants, and the communities in which we operate.