Early adopters have seen material improvements in forecast accuracy for improved decision-making
OneStream, a leader in corporate performance management (CPM) for the world’s leading enterprises, announced the limited general release of Sensible ML at its Splash 2022 Global User Conference and Partner Summit. The solution will be available to select OneStream SaaS customers starting in June 2022. Sensible ML builds on OneStream’s mission of providing a financially intelligent platform that can be extended to address line of business requirements across the enterprise – from period end financial close and reporting, to intelligent planning, forecasting and operational analysis.
Latest ITechnology News: ITechnology Interview with Bernardo Silva, MD at Deloitte
Sensible ML unleashes the power of artificial intelligence (AI) and machine learning (ML) across the enterprise planning process directly within the OneStream platform without the need for dedicated data scientists or additional software. By unifying thousands of ML forecasts with CPM, OneStream customers can accelerate time to value for critical planning processes. Sensible ML helps increase user confidence in ML-based forecasts and allows customers to do so at a lower cost of ownership compared to alternative solutions.
“The pace of change continues to accelerate the intersection of finance and operations, especially for our customers across retail, manufacturing and consumer products industries. It’s critical that organizations unify CPM processes across the enterprise to drive timely and accurate insights,” said Tom Shea, CEO at OneStream. “With Sensible ML, OneStream customers can quickly create thousands of daily or weekly intelligent forecasts across products and locations. These forecasts can be run in parallel to help drive much more effective demand planning, sales forecasting and integrated business planning processes – and do so on a continuous basis.”
Sensible ML helps organizations evolve enterprise planning processes by making ML forecasting easy and intuitive for FP&A teams and operational analysts. Key benefits of the Sensible ML solution include:
- Automatically creates thousands of daily and/or weekly ML forecasts for demand planning and sales forecasting to help seed forecasts and enable collaboration.
- Reduces forecast bias with ML scenarios that can be compared against human forecasting to drive better dialogue and collaboration.
- Unifies granular operational plans with consolidated P&L, Balance Sheet and C*** Flow forecasts.
- Automates difficult processes typically performed by teams of data scientists, business analysts and engineers.
- Creates unique forecasts by capturing business intuition (weather, seasonal events, etc.) to inform and increase model performance and accuracy.
- Automatically selects the best forecasting method to apply to a data set to drive efficiency, accuracy and scalability.
- Enables users to build, manage and deploy ML forecasts directly within the OneStream platform.
Feedback from early adopting customers and industry analysts highlights the benefits of OneStream’s intentional and unified approach in delivering its Sensible ML solution, making it a standout among competitors.
Latest ITechnology News: Epicor Delivers People-Centric, Open, and Connected Updates Across Latest Release of Epicor Industry ERP Cloud Portfolio
“The ability to quickly generate driver-based forecasts is essential to adapting to our changing business conditions,” said Melanie Hermann, Director, Finance Process & Systems at Polaris Industries. “Incorporating AI into our planning and forecasting through the OneStream Sensible ML solution accelerates the forecasting process and further elevates it through more accurate ML data-driven forecasts.”
Craig Schiff, President and CEO at BPM Partners, commented, “There is increasing market demand for embedded AI and machine learning capabilities that can be leveraged by Finance and line of business users to augment their planning and forecasting processes. The thoughtful and unified approach OneStream has taken in delivering Auto AI and ML capabilities to its users is truly unique among CPM vendors and should help drive rapid adoption.”
Latest ITechnology News: Cloud Tech Recruitment Titan Frank Recruitment Group Edge Further Into Canadian Market With New Montreal Hub
[To share your insights with us, please write to sghosh@martechseries.com]
