By Susan Rebner, Datavail
It’s a question we hear quite often in our EPM practice: “When is the right time to start moving my finance functions to the cloud?” Based on the results of a recent Oracle survey, it’s now.
Business leaders are always looking for new ways to gain a competitive advantage. Oracle’s 2018 survey of enterprise performance management (EPM) trends found that an overwhelming majority are looking to EPM in the cloud to give them that edge.
The cloud represents an excellent opportunity for companies to achieve high performance, scalability and agility at lower costs than on-premises solutions. Major firms—from Kraft Heinz to Mazda to Kellogg's—are moving EPM to the cloud in record numbers. Let’s look at the key drivers and some important considerations for your cloud migration.
The biggest selling point of the cloud for business leaders is the immediate cost savings that they can realize. The Oracle survey found that cost drivers were the top three reasons cited for moving EPM to the cloud:
Yet once they had made the move to EPM in the cloud, companies found that the cost benefits—while substantial—were outweighed by the continuous innovation that comes with always being up to date on the latest software. A huge number of respondents—89 percent—cited “Staying current on technology” as a benefit:
As indicated in these responses, two other highly important advantages of the cloud are speed and flexibility. Cloud implementation partners can meet a company's needs very quickly, greatly reducing project timelines. Experienced partners such as Datavail have a predefined cloud implementation process and highly skilled EPM resources, allowing our clients to save up to 50 percent in deployment times. And with cloud providers rolling out updates on a regular basis, companies are able to quickly adopt the latest best practices without any lag time.
The longer that businesses remain outside the cloud, the more that their IT and finance leaders will continue to be challenged with questions such as:
By now, it's no longer a question of whether you should move to the cloud, but rather when you plan on doing it. Once you've decided to migrate to the cloud, here are some important considerations:
Leading the market in EPM cloud solutions, Oracle EPM Cloud offers all the benefits of cloud computing with the security and support of a multibillion-dollar organization.
Oracle EPM Cloud includes applications to manage various financial processes, including:
The case for moving EPM to the cloud is strong—and with more and more companies making the move, it’s getting stronger every day. Finance and IT leaders should begin taking steps to make their processes more efficient and productive, and quickly gain an advantage over their competitors. Those who don’t are certain to be left behind.