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PUBLISHED SEPTEMBER 25,  2020

Data Quality --> Confidence

By Niki Dedhia

Principal Consultant, B-eye Solutions

CFOs have moved on from reporting about the past to predicting and paving the way into the future. The C-suite often knows what is happening in the organisation but at times struggles to understand why. For this, they must be armed with accurate and consistent data.

When implementing a CPM solution, there is always this big discussion around the following questions:


‘How do we load data?’
‘What file formats does the system accept?’
‘Can we use our existing excel spreadsheets?’

Users across organisations may be using the same or different GL/ERP/CRM and other systems. Each system extracts data in different formats. More often than not, there is a struggle to get all users to agree to a common file format for their trial balance and other data extracts. There are also concerns about data integrity if the users have to manipulate the file to get to the required format. Can’t we load the data as it is and yet be assured of data quality and integrity?

 

Yes, we can! 

 

Let’s take a look at the possibilities that OneStream offers for data integration.

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Flat files (Delimited or Fixed width)

Extracts from source systems in the form of flat files can be easily loaded into OneStream 

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Excel Files / Templates

Finance users work on Excel extensively. Their existing excel files for financial data, supplemental data as well as journals may be adapted to load the relevant data into OneStream. This considerably reduces implementation time and allows users to comfortably make the shift to OneStream.

Data can be also loaded at one go for multiple periods or entities or any other dimension into OneStream.  For instance, loading budget and forecast data for all periods, by product, by cost center, by entity.

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Direct Integration with Source Systems

Direct connections can be set up between GL/ERP/Other systems and OneStream. OneStream can fully integrate with SAP, Microsoft Dynamics, Oracle E-Business Suite, JD Edwards, PeopleSoft, NetSuite, and any other system that allows connection to its database tables or through APIs. This allows direct data load without any manual intervention.

 

Load into OneStream is also not limited to just trial balance or account level data, but further covers subledgers having a few million transactional records.

 

Where Statutory and Managerial reporting follow different calendars, data needs to be loaded only once and OneStream can be automated to make the data available in both calendars. 

Data Transformation


The data can be transformed using simple as well as script-based mappings to take care of complex requirements. Conditional rules can be set up to parse data fields and map the data based on the outcome. Apart from the general transformation requirements of mapping to appropriate accounts based on the amount being debit or credit for instance, we can also run transaction translations, ageing calculations, categorizations, etc.

Validations and confirmation checks during the data load process give added confidence. Additionally, scheduling and automating the data load helps in the real time availability of data.

 

Drill Back Capabilities

Once the data is in the CPM platform, the ability to drill back into the originating system is priceless for the users. 

 

The connection established between the source system and OneStream not only allows direct data integration from the source system but also facilitates users to view the source GL accounts, as well as the underlying transactions without leaving OneStream. Corporate Finance can now breathe a sigh of relief as they no longer need to be trained on multiple ERP systems to get to the transactions. This saves a lot of valuable time. Not only transactions, users can also view underlying documents such as sales invoices.

 

Business may also bring in data fields from the source system which are required for reporting only and not for consolidation.

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With OneStream capabilities around data integration, data security and data quality, it empowers organisations to strengthen their data governance framework as well as pave the way for digital transformation to get the data driven insights into the why’s of business.

- Niki

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WANT TO LEARN MORE ABOUT DATA INTEGRATION IN ONESTREAM XF?

Click on the button to download the OneStream Software White Paper on:

"Bringing Data Integration to the Next Level with OneStream"