- Why finance needs to phase out spreadsheets
- The benefits of cloud-based technologies to streamline planning and financial reporting
- The advantages of partnering with IT and business leaders to transform EPM
- A look at the future of EPM solutions
Below is the introduction of the eBook – to download the entire ebook click here.
Leveraging the Cloud to Streamline Planning and Financial Reporting
Many organizations continue to rely on spreadsheets and manual processes to run the finance function. Savvy CFOs know that Excel and email will only go so far in supporting critical finance processes and providing timely and accurate information with which to evaluate the company’s overall performance, including identifying opportunities for improvement and expansion.
An August 2017 CFO Research survey, sponsored by Host Analytics, Inc., found that while more than half (55%) of respondents use spreadsheets/email for budgeting, forecasting, and planning, only 6% are “very satisfied” with their current system. As a result, adoption of cloud-based enterprise performance management (EPM) solutions is on the rise as companies eye opportunities to improve data integrity, reduce errors, increase collaboration and provide greater visibility into business performance metrics.
Cost reduction is another benefit as finance chiefs make the cast for transitioning from spreadsheets and legacy applications to a cloud-based approach to financial planning, reporting, and performance management. Indeed, nearly one-quarter (21%) of respondents to the recent CFO Research survey cited reduced IT cost as key benefit of a cloud-based EPM system.
While it is an important consideration, reducing costs is not the primary reason to move to a cloud-based enterprise performance management solution. Better collaboration between finance and lines of business was also seen a big motivator to ditch the spreadsheets in favor of modern financial reporting and planning systems.
This trend is backed up by The Hackett Group’s 2017 Key Issues Study, in which 76% of respondents said that improving finance’s analytical, modeling, and reporting capabilities was of high or critical importance to achieving their company’s goals…