By Jennifer Toomey, Senior Director, Oracle Cloud Business Group
In 2017, financial management applications available in the cloud exploded. Today, planning, budgeting, forecasting, scenario modeling, consolidation, account reconciliation, financial close, and profitability and cost management capabilities in the cloud are making it easier than ever for finance professionals to do their job in an efficient and timely fashion—leaving ample time for strategic decision making.
Each year, we survey our audience about their use of—and wish list for—enterprise performance management (EPM), to determine the top trends for the coming year. By popular demand, this year we have added enterprise resource planning (ERP) questions to our most requested report.
The 2018 survey is now open. Take the survey now.
Last year, Oracle surveyed over 400 decision makers to learn more about their experiences with EPM in the cloud and their plans for 2017. Both Oracle customers and non-Oracle customers responded. A few interesting trends we uncovered:
Organizations 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 organizations reduce their dependency on disconnected, manual spreadsheets, the potential for streamlined processes and more time for analysis increases significantly.
The top reason for moving EPM to the cloud (49% in 2017) was to reduce IT infrastructure cost. However, the desire to avoid on-premises upgrades moved into the #2 spot at 42%.
Two thirds of EPM cloud users said they were either “satisfied” or “very satisfied” with the benefits realized across the full range of EPM processes. Among these benefits: 75% cited staying current on technology upgrades, 71% realized faster deployment, and 76% cited an improvement in service.
A big bang approach is not always the best way to get success. 39% of respondents to our 2017 survey chose an EPM cloud solution to fill a gap or replace an existing manual process. Innovating at the edge seems be a good way to get a quick win without turning systems and organizations upside down, and provides confidence in the cloud before having to make major investments (such as replacing core financials).
For more about last year’s EPM top trends, read the full report here.
Take part in the 2018 survey today and get a preview of the results prior to publication, along with access to other papers. Happy New Year!