Cloud technology is fast becoming mainstream and decision makers are realising huge benefits from enterprise performance management (EPM) services in the cloud.
Many CFOs are now successfully leveraging cloud technology for their EPM processes to digitally transform their finance organisations and generate value for the business.
Recently, Oracle surveyed over 400 decision makers to learn more about their experiences with EPM in the cloud, and their plans for 2017-18. Both Oracle customers and non-Oracle customers responded. Here is what we learned.
Trend 1: EPM Cloud is the Remedy for the Insidious Spreadsheet
Organisations with planning and budgeting in the cloud cited the biggest decrease in spreadsheet use, followed by sales planning and forecasting. Several other areas saw significant decreases as well. When organisations get off of disconnected, manual spreadsheets, the potential for streamlined processes and more time for analysis increases significantly.
Trend 2: Cloud Refreshes EPM by Alleviating Upgrade Fatigue
Following last year’s study, the top reason for moving EPM to the cloud is still to reduce IT infrastructure cost (this year at 49%). However, wanting to avoid on-premises upgrades moved into the #2 spot at 42%.
Trend 3: EPM Cloud Users "Get Satisfaction"
Two-thirds of EPM cloud users describe their experience across the full range of EPM processes as either "very satisfied" or "satisfied." Cloud users realised many benefits, including staying current on technology (75%), realising faster deployments (71%), and receiving improved service (66%).
This is just a preview of what we found. The full report includes quotes on experiences from EPM cloud users and discusses how EPM cloud helps finance teams adopt best practices and gives them a path to the cloud.