Host Analytics, the leader in cloud-based enterprise performance management (EPM), along with Radius Global Market Research, a leader in independent market research, today announced findings from a survey that captured the satisfaction levels of current users of financial solutions. The research found that finance professionals are frustrated by the costs, inefficiency and the overall lack of control they have with legacy on-premise solutions, such as Oracle Hyperion, finding that they scored significantly lower than cloud-based EPM providers. The research also found that 20-30 percent of those currently using legacy on-premise solutions plan to make a switch to an alternative solution within the next year and 65 percent plan to make a move at some point. The research was commissioned by Host Analytics.
“Based on the research results, it is clear that a large proportion of companies are frustrated by their legacy on premise EPM vendor,” said Michael Patterson, senior vice president at Radius. “It also shows that a good number of organizations are ready to make the move to another EPM solution such as Host Analytics, and given their satisfaction scores in the research, I would expect to see many more of the companies currently using legacy EPM solutions to be out looking for alternatives.”
The research was completed by over 400 executives in the accounting and finance field, recruited at random by Radius. 50 percent of the executives surveyed for the study are the final decision maker of finance tools for their organizations and the remainder all have some level of influence. Participants came from a wide range of industries including services, manufacturing, retail, tech, healthcare, non-profit, and education with 40 percent of the respondents working at companies of $1 billion or more of revenue.
Top Findings of the Survey:
- 20-30 percent of those currently using legacy on-premises EPM solutions plan make a switch in the next 12 months
- 65 percent of those currently using legacy on-premises EPM solutions plan to migrate away from the solution at some point
- The legacy on-premises EPM solutions were below the category average on satisfaction and Net Promoter, and well below the cloud alternatives
- The legacy on-premise EPM solutions scored below the category average for value, ease of use and customer service
“The research by Radius Research really shows how frustrated users are with legacy on-premise solutions like Oracle Hyperion,” said Lance Walter, CMO of Host Analytics. “While hearing 20-30 percent of Legacy On-premise users plan to migrate away in the next 12 months might be shocking to some, I wouldn’t be surprised if the number doesn’t climb higher given the low levels of satisfaction among their users and the growing market awareness of cloud-based alternatives.”
For more information on this research and to view an infographic on the findings, please visit: http://ow.ly/Hl7H7
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About Host Analytics
Host Analytics is the leader in cloud-based enterprise performance management (EPM), offering a suite of financial applications for planning, consolidation, reporting, and analytics. World-class companies like NEC, Burlington Coat Factory, and Sanmina trust Host Analytics to power their strategic financial systems. Host Analytics is a fast-growing, private company backed by leading venture capitalists and is headquartered in Silicon Valley with customers in over 80 countries.
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