Cloud-based EPM software is a growing industry, and more businesses, both large and small, are leveraging it to improve their financial processes.
Small to mid-sized businesses turn to the cloud in search of cost-effective software solutions and an alternative to spreadsheets. Larger companies turn to cloud-based EPM as an upgrade from their legacy on-premises EPM applications, which are no longer serving their needs. Here are some businesses from a range of industries that have been leveraging cloud-based EPM software with phenomenal results.
1. iCIMS: iCIMS is a cloud-based recruiting software company. Their goal is to help businesses source the best talent available. Their software application became wildly popular, and their business was quickly growing. As a result of their rapid growth, they were soon exceeding their ability to rely wholly on Excel. They found that Excel left them with multiple versions of the truth and unreliable data, and they needed a solution that would improve both accuracy and efficiency.
As a company specializing in cloud-based software, iCIMS was already aware of the advantages the cloud provides. They turned to Host Analytics' cloud-based EPM software for solutions. Not only did it provide a more scalable solution to meet their growing business needs, but its cloud-based platform was also ideal for promoting data integration and providing a single source of truth.
2. Tandem Diabetes Care: Tandem Diabetes Care is a company specializing in medical devices. Based in San Francisco, Calif., their company was growing incredibly fast, with revenue leaping from $2.5 million in 2012 to just under $50 million in 2014. As such, Tandem Diabetes Care outgrew their Excel capacity and needed a software solution that was not only highly scalable but offered the highest level of accuracy as well. Host Analytics' cloud-based EPM platform provided them with the ideal solution. Its cloud-based architecture enabled them to scale data easily and efficiently, while managing that data at little cost. It also promoted data integration and offered rolling forecasts, which enabled them to increase the accuracy of their financial planning.
3. Check Into Cash: This company hardly needs an introduction, as they're one of the leading payday companies in the U.S. Leaping from 360 stores in 1999 to over 1,100 locations today, they needed a software solution that could match their growth. With Host Analytics' cloud-based EPM platform, they were able to drastically improve the efficiency of their budgeting process, shortening the process from two months to just one week. They've also increased the accuracy of their budgets and are able to base their budget plans off of the most recent data.
4. Airborn: Airborn manufactures electronics that are used by the military and aerospace companies.
After acquiring subsidies, each of which had their own financial systems, they were finding the varying financial processes to be incompatible with one another. Since their IT resources were lacking, they wanted a software solution that required minimal upkeep and investment. They turned to Host Analytics cloud-based EPM platform as a solution. Since the software is cloud-based, they didn't need to rely on an IT department to manage their software application. They were also able to consolidate all financial data in a single place, which eliminated the difficulties they faced with multiple financial systems.
Businesses of all sizes have been using cloud-based EPM software with great success. Cloud-based software allows for easy and cost-effective scaling, while not requiring on-premises IT infrastructure and maintenance. Cloud-based EPM software also provides more efficient processes for tackling budgeting, allowing businesses to reduce reliance on Excel and adopt more dynamic planning methods. With the ability to consolidate data in one location, businesses can achieve a single version of the truth, which will increase the accuracy of their plans and forecasts.
To learn more about the benefits cloud-based EPM software can bring to your business, read the whitepaper, "Building the Business Case for Cloud-Based Planning and Reporting."