The financial planning and analysis (FP&A) process is absolutely critical to measuring the overall health of an organization. And because of its importance, one might assume that the majority of businesses have adequately invested in technology to help streamline the process in a way that yields accurate performance metrics, faster.
Unfortunately, the opposite is true for many companies. Countless organizations continue to rely on spreadsheets and legacy systems that lack the necessary functionality and flexibility to execute the FP&A process rapidly and accurately. The main complaints from financial planners? Their current process takes too long, is labor intensive, and is inflexible and expensive.
So why the disconnect between organizational FP&A needs and the necessary technology to meet those needs?
A recent BPM Partners survey provided some answers. In the survey, finance leaders cited three main reasons why they have not modernized their FP&A systems. They include:
- High costs
- Implementation risks
- Usability & adoption issues
That’s where the power and value of cloud-based FP&A solutions comes into play, offering a lower cost model and faster time to market, both for initial implementation and ongoing updates to the platform.
The cloud benefits don’t stop there. In the same BPM Partners survey referenced above, a large percentage of those currently using cloud-based FP&A technology cited ease of use as one of the most important benefits compared to on-premise, legacy solutions. These cloud-based benefits have helped today’s most successful companies break through the cost and risk barriers to transform the FP&A function and better lead their organizations with financial performance insights.
Check out the SlideShare below for more insight into the challenges of FP&A modernization and how cloud can mitigate these risks!