What an HFM to OneStream Migration Really Looks Like

Migrating from Oracle Hyperion Financial Management (HFM) can feel disruptive. For many finance leaders, the concern is not whether modernization is necessary, but how to do it without putting close cycles, controls, or teams at risk.

In practice, a successful migration is not a single event. It is a structured, phased process designed to reduce risk while building confidence at every step.

That is the approach Nova Advisory takes when guiding organizations from HFM to OneStream.

The reality of replacing HFM

HFM environments tend to grow organically over time. Custom rules, local workarounds, manual integrations, and spreadsheets accumulate around the core system. By the time modernization becomes urgent, finance teams are often managing more complexity than they realize.

A direct “rip and replace” approach rarely works. Instead, the goal is to design a future-state model that simplifies close, planning, and reporting while preserving what already works.

That starts with clarity.

Phase 1: Assessment and alignment

Every migration begins with a detailed assessment of the current HFM landscape.

Nova Advisory works with finance and IT teams to understand:

• Entity structures, charts of accounts, and consolidation logic

• Data sources, integrations, and manual touchpoints

• Reporting, planning, and forecasting requirements

• Control, audit, and compliance expectations

This phase is not about replicating HFM in a new system. It is about identifying opportunities to streamline processes, eliminate duplication, and align the model to how the business actually operates today.

Phase 2: Designing the unified model

With a clear picture of the current state, the focus shifts to design.

In OneStream, close, consolidation, planning, and reporting share the same governed data model. That allows finance teams to replace fragmented processes with a single, extensible foundation.

During design, Nova Advisory helps organizations:

• Define standardized dimensions and hierarchies

• Build consolidation and currency translation logic once

• Align reporting and planning views to the same source data

• Establish security, workflow, and governance standards

The result is a future-state model that supports both corporate control and local flexibility, without relying on separate tools or spreadsheets.

Phase 3: Pilot with real data and users

Before go-live, successful programs validate the design in practice.

Nova Advisory typically runs a conference room pilot using real data and real users. Finance teams can test workflows, review reports, and confirm results alongside their existing HFM environment.

This phase serves several purposes:

• Confirms accuracy and performance

• Builds user confidence and adoption

• Surfaces improvements before production use

By the time the platform goes live, teams are already familiar with how it works and why it is different.

Phase 4: Deployment and adoption

Deployment is not the finish line. It is the point where OneStream becomes the system of record.

Nova Advisory supports go-live with:

• Structured cutover planning

• Training aligned to real roles and responsibilities

• Ongoing support to stabilize close cycles and reporting

Because OneStream unifies processes in one platform, adoption tends to accelerate quickly. Teams spend less time reconciling between systems and more time validating and analyzing results.

Expanding value over time

One of the advantages of a unified platform is extensibility.

After replacing HFM, many organizations expand OneStream to support:

• Forecasting and scenario modeling

• Account reconciliations and task management

• Lease accounting, tax reporting, and ESG

• Operational and supply chain reporting

These capabilities extend the value of the original migration without introducing new systems or integration risk.

SMART: How Nova Advisory guides the journey

Moving from HFM to OneStream is a major achievement, but it’s only the beginning of the journey.

Once OneStream is live, finance teams quickly uncover new opportunities to optimize close, expand planning, refine reporting, and adapt to evolving business needs.

Nova Advisory’s SMART Services are designed to support this next phase.

SMART Services provide flexible, on-demand OneStream expertise without the need to add full-time resources. Nova acts as an extension of your team, helping with application administration, enhancements, reporting updates, planning changes, integrations, and ongoing optimization as your organization grows.

Instead of treating OneStream as a static system, SMART ensures it continues to deliver value, scale with the business, and support better decision-making long after go-live.

The goal is not just to replace HFM; it's to create a finance platform that supports modern planning, faster close cycles, and confident decision-making.

The next step

If your organization is still running HFM, now is the right time to understand what a migration could look like for your team.

Schedule a meeting with Nova Advisory to discuss your current environment and explore a practical, low-risk path from HFM to OneStream.

Learn more about our role as a OneStream implementation partner and how unified platforms support faster close cycles through financial close automation.