Accounting and Finance is well on its way to moving away from on-premises software to cloud-based ERP and enterprise performance management (EPM) solutions.
The IT industry analysts have been predicting this shift for a few years and in 2015 - following the lead of their peers in Sales, Marketing, and HR – it is clear Finance is now making the move.
In fact, in a 2015 survey by Gartner and FEI, almost half of the respondents indicated increasing adoption and interest in cloud-based applications.
- Integrated Financial Management: 53% (up from 47% in 2014)
- Management Reporting: 49% (up from 45% in 2014)
- Financial Consolidation & Reporting: 46% (up from 41% in 2014)
- Budgeting, Planning & Forecasting: 45% (up from 38% in 2014)
While Oracle Hyperion remains a market leader in EPM software, that role comes with a hefty price tag and poses some hidden risks that are causing companies that use it to re-evaluate their planning, budgeting, and consolidation needs. Whether used individually or together as an EPM suite, Oracle Hyperion Financial Management (HFM), Hyperion Planning, and Essbase burden finance departments with high costs of ownership, from server costs and consultants to dealing with the complex integration between products and the different interfaces.
As Oracle Hyperion users start to evaluate the cloud, they need to understand how the benefits and functionality of cloud-based EPM solutions compare to on-premises software. And they also need to understand the benefits of “real” cloud-based EPM applications vs. hosted versions of legacy on-premises applications. See my recent blog article on this topic.
To learn more about the benefits of cloud-based EPM solutions check out our free white paper “Is it Time to Move from Oracle Hyperion to the Cloud?” Also, you can register for our upcoming webinar on this topic: “Upgrade Hyperion or Migrate to the Cloud.”