This report presents the comprehensive data and relevant analysis of enterprise finance and IT leaders regarding the evolution of the Finance function, the challenges that may exist with current Financial Management Systems and preferences for deploying new business software.
Cloud Financials - The Third Wave Emerges
Effective planning, budgeting and
Your Peers Are
64% say new regulatory requirements have significantly complicated our financial reporting.
Fewer than 50% of Finance and IT execs see current systems as being effective.
Ineffectiveness of current systems is a sign that users (and their leaders) see massive room for improvement
78% said "monitoring/measuring performance" was a high priority but only 44% believe their current systems are very effective.
Will the system
Only a slim majority of firms have been able to integrate FP&A throughout Finance, let alone the enterprise.
While some solutions on the cloud are not functionally deep, there are those that have the depth and breadth that allow for great process advancement.
Why companies are moving...
Will my data
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With 24/7 monitoring for performance and availability, cloud solutions are highly scalable. Availability is typcially guaranteed at over 95%.
Security and privacy are the highest priority for cloud vendors. Third party certification validates extensive security measures implemented.
Ready to move to the cloud?
The most important priorities show the greatest lack of overall system effectiveness
Concerns about moving to the cloud
Looking to the cloud being driven by the need to improve budgeting & planning systems
Will it be flexible enough for my
74% of respondents indicated "providing input for strategic decision making" is very or extremely important - but only 33% said their current systems effective.
plan on moving financial systems to the cloud in the next 2 years
84% of respondents indicated "effective planning, budgeting and forecasting" is very or extremely important - but only 41% said their current systems effective.
67% have "outgrown the limitations of spreadsheets for FP&A."
Providing input for strategic decision making