A recent survey by CFO Research, in collaboration with Host Analytics, found that more than half of senior finance executives–55%–say their companies use spreadsheets shared via email as their budgeting, planning, and forecasting (BPF) system. Among the finance chiefs surveyed, 71% say that the pressure to deliver faster BPF data will increase substantially over the next 12 to 18 months. Seven out of ten of those respondents say that the pressure on the finance function to tightly integrate BPF processes across the enterprise will increase substantially over the same period.
Cloud Is Compelling
Enterprise performance management gives CFOs and other managers the ability to plan and improve performance, enhancing budgeting and forecasting by using data from many internal sources and sometimes sources outside the company. The finance executives in the CFO survey saw other advantages of cloud-based EPM: fewer errors introduced by manual intervention; greater flexibility in financial analysis; increased collaboration; and a finance team made available for higher-value work.
Enterprise BPF Solutions
Enterprise BPF solutions integrate the aspects of a company’s business so they can exchange and incorporate information from each other as well as databases. Of the surveyed executives, 85% reported that an integrated cloud-based EPM solution would make their jobs easier. Enterprise solutions for BPF provide chief financial officers with higher quality results and with much greater efficiency than traditional methods. The days of spreadsheet BPF solutions, shared via email, are numbered.
In this report, CFO.com explores a number of issues for CFOs to consider as they transition to cloud-based enterprise performance management (EPM) solutions including:
- Why finance needs to phase out spreadsheet based planning and reporting
- The benefits of cloud-based technologies to streamline planning and reporting
- The advantages of partnering with IT and business leaders to transform EPM
- A look to the future of EPM solutions
Download What CFOs Need to Know About Enterprise Performance Management to learn more about transitioning to a cloud-based EPM solution.