Archive applications

NicoleBruno
Contributor III

Hi all, 

How do other customers go about archiving applications? 

We've been live since 2017 and every year after filing our SEC reporting, we copy the production application and rename it with the year that's being archived. This is helpful as in the past we've move products in segments as well as various other master data changes affecting reporting. 

The issue is that now we're nearing our storage capacity as the size of our application has grown over the years as we add in more data and features (35GB for the 2018 archive while our current 2021 production app is at 155 GB) and clearly this problem will continue every year. 

Any suggestions on a more efficient and cost-effective strategy? 

Thanks!

 

1 REPLY 1

Yunwei
New Contributor II

Our company met the same archive issue. We originally used HFM, and then implement OneStream to replace HFM. For financial reporting purposes, we require an archive each quarter.
For tax purpose, need archive any time there is a change in the org chart. Additionally, Sept, Oct, November, December monthly archives are needed to aid in preparing for year-end close. 
So a lot of archive copies need to be stored and our OneStream production application data is evergreen. 
Suggestion from OneStream support is only to backups,  on their Azure side, they have Point in Time Retention. They aren't really engaged with anything beyond that.


Some backgrounds:

One significant difference between the prior HFM environment and OneStream is the treatment of prior periods. 
In HFM, prior periods were never adjusted or recast for restructurings of either legal entities or profit centers.  This meant that prior periods in HFM always reflected what was reported at that time,
however this is not compliant with Generally Accepted Accounting Principles in the U.S. (USGAAP), which requires that all periods presented in financial statements be comparable to one another. 
To satisfy this requirement, prior periods would have to be recast using current hierarchies to ensure that the periods being compared are consistent with one another. OneStream was designed with this in mind,
and restructurings now include recasting all prior periods presented in OneStream under the updated structure.  This means that after a restructuring, data in the OneStream Production application may no longer
match what was previously reported.  In the event of a restatement of financial statements or an IRS audit of prior periods, it is necessary to be able to view an application in OneStream containing data as it
was presented at the time of the original report that is under review, a requirement that can be accomplished with an archive application.  In this instance, an archive application is a copy of the Production application
that is taken at a significant milestone, such as the filing of a quarterly or annual report with the SEC, or the filing of a corporate tax return in any jurisdiction in which LYB conducts business globally. 
This archive copy will then be preserved so that if necessary, it is possible to return to a version of OneStream that was in place at the exact time of the milestone in question.

Any suggestions on a sustainable archive strategy?