A new study from Radius Global Market Research may have found that financial professionals may be getting fed up with legacy on-premise enterprise performance management (EPM) suites. In a study that captured the satisfaction of financial professionals with financial solutions available, Radius found that finance professionals are frustrated with costs, inefficiency and the overall lack of control they have with legacy on-premise solutions.
Commissioned by Host Analytics, the study found that among over 400 finance and accounting executives, 20-30% intend to move to the cloud in the next 12 months, with numbers among the enterprise even higher at 50%.
“Based on the research results, it is clear that a large proportion of companies are frustrated by their legacy on premise EPM vendor,” said Michael Patterson, senior vice president at Radius. “It also shows that a good number of organizations are ready to make the move to another EPM solution such as Host Analytics, and given their satisfaction scores in the research, I would expect to see many more of the companies currently using legacy EPM solutions to be out looking for alternatives.”
In the Infographic below, we will share the key findings, among the following statistics:
- 20-30 percent of those currently using legacy on-premises EPM solutions plan make a switch in the next 12 months
- 65 percent of those currently using legacy on-premises EPM solutions plan to migrate away from the solution at some point
- The legacy on-premises EPM solutions were below the category average on satisfaction and Net Promoter, and well below the cloud alternatives
- The legacy on-premise EPM solutions scored below the category average for value, ease of use and customer service
EPM Satisfaction and Selection Among Financial Executives [Infographic]
Lance Walter, CMO of Host Analytics, is excited for this trend, finding that finance professionals are embracing the cloud for key financial operations:
“The research by Radius Research really shows how frustrated users are with legacy on-premise solutions like Oracle Hyperion,” said Walter. “While hearing 20-30 percent of Legacy On-premise users plan to migrate away in the next 12 months might be shocking to some, I wouldn’t be surprised if the number doesn’t climb higher given the low levels of satisfaction among their users and the growing market awareness of cloud-based alternatives.”
As a proud provider of Host Analytics, Brittenford is pleased to share this research with our readers, and welcomes you to learn more about how Host Analytics helps organizations better understand and adapt using cutting edge technology to better manage financials.
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