IDC Recognizes OneStream as a Leader in Record to Report Vendor Assessment

Happy New Year! For many Finance and Accounting professionals, this is crunch time for closing the books, finalizing the prior year’s results, getting through year-end audits, and delivering financial reports and disclosures to internal and external stakeholders.

According to International Data Corporation (IDC), the record-to-report (R2R) process is a fundamental aspect of the financial reporting cycle; it’s crucial for CFOs, investors, and shareholders as they provide a detailed and accurate account of a company's financial activities.

Read on to learn why OneStream was recognized as a Leader in the IDC MarketScape: Worldwide Office of the CFO Record to Report 2024 Vendor Assessment, why this is important, and the value customers are gaining from our solution.

Assessing Vendor Strategies and Capabilities

In their inaugural MarketScape for Record to Report, the IDC analyst team evaluated the top-9 vendors in the market based on their Strategies and Capabilities to determine which vendors are the Leaders vs Major Players and Contenders. Based on their assessment, OneStream was recognized as a Leader in the Record to Report market, with the 2nd highest rating on Capabilities and rated in the top-3 for Strategies. (See Figure 1 below.)

Figure 1: IDC MarketScape Worldwide Office of the CFO Record to Report, 2024

Why This is Important

According to IDC, “Accurate financial reporting is essential for compliance with regulatory requirements and for building trust with stakeholders. A CFO relies on the R2R process to ensure that the financial statements reflect the true financial position and performance of the organization, minimizing the risk of errors or fraudulent activities.”

For mid-sized to large enterprises with complex requirements, depending on spreadsheets to manage the R2R process is a risky approach, due to the lack of controls, audit trails, and likelihood of error. And as organizations upgrade from spreadsheets and legacy, on-premise financial close and consolidation software to the cloud, they are typically looking for unified platforms that can streamline the R2R process, improve the accuracy of financial reporting, and replace multiple point solutions for R2R, as well as management reporting and planning.

OneStream was recognized by IDC as a leader in R2R based on its unified, cloud-based platform supporting a broad range of financial processes, data integration, advanced financial consolidation capabilities, and detailed reporting functionality. Key strengths that were highlighted in the report include:

• Dashboard and financial reporting capabilities, including Microsoft Power BI integration.
• Our Solution Exchange with over 100 downloadable solutions developed by OneStream, our partners, and customers.
• Robust AI Roadmap, including our new Sensible Gen AI solution which combines financial data with other business information to provide rapid business insights.

Said Heather Herbst, Research Director, Worldwide Office of the CFO at IDC, “Consider OneStream if you want a comprehensive record-to-report solution with additional financial functionality like forecasting, planning, and performance reporting.”

In 2022, OneStream was also recognized by IDC as a Leader in Enterprise Planning, Budgeting and Forecasting.

What Customers Are Saying

Over 1,500 organizations globally have adopted OneStream for financial close, consolidation, reporting, and more - replacing spreadsheets and legacy applications, streamlining processes, and delivering more timely and accurate business insights. Here are a few examples:

"From a financial reporting perspective, we needed to focus on the work and a lot of time was spent manipulating spreadsheets in the past. Now that everything is in OneStream and things are automated, we can produce timely reports, make changes visible, and better support reviews." Courtney Stricklin, AVP of Global Financial Reporting, Costco

"We had to move from an SEC environment under SOX regulations, so we have a segregation of complex functions as required by SOX. OneStream enables us to adapt to these specific needs. Previously we were reporting in Excel, and we needed consolidation in different structures, not only legal and by segments, but also fiscal and per country. In addition, the reporting they needed was monthly and quarterly with specific conditions. We've eliminated many spreadsheets, time and manual effort by switching to OneStream." Carmen López, Financial Director, Saeta Yield

Learn More

With a mission of delivering 100% customer success, we have worked hard to provide 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. To learn more, download the IDC MarketScape: Worldwide Office of the CFO Record to Report 2024 Vendor Assessment, and contact OneStream to learn how we can help your organization Take Finance Further!

Download the Report

Source: IDC MarketScape Worldwide Office of the CFO Record to Report 2024 Vendor Assessment, September 2024, IDC #US52037924

IDC MarketScape vendor analysis model is designed to provide an overview of the competitive fitness of ICT suppliers in a given market. The research methodology utilizes a rigorous scoring methodology based on both qualitative and quantitative criteria that results in a single graphical illustration of each vendor’s position within a given market. The Capabilities score measures vendor product, go-to-market and business execution in the short-term. The Strategy score measures alignment of vendor strategies with customer requirements in a 3-5-year timeframe. Vendor market share is represented by the size of the circles. Vendor year-over-year growth rate relative to the given market is indicated by a plus, neutral or minus next to the vendor name.