The Next Generation of Cloud Financial Planning & Analysis: What to Look For
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This one page checklist describes criteria that finance experts can use to select best-in-class cloud solutions for financial planning and analysis. Download full Aberdeen report at http://bit.ly/1G25AsA.
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The Next Generation of Cloud Financial Planning & Analysis: What to Look For
- 1. Aberdeen Group conducts research focused on helping business leaders across sixteen different B2B technology disciplines improve their performance. www.aberdeen.com Today's organizations are faced with difficult and time-consuming FP&A processes, all while lacking insight into the business drivers that impact accuracy and collaborative capabilities. For these reasons, Best-in-Class organizations are 38% more likely to have implemented Enterprise Performance Management (EPM) solutions. An increasing amount of these solutions are being deployed in the cloud. While cloud technology has been available for over a decade, the next generation of cloud solutions will be simpler, highly collaborative, and enable high performing Financial Planning and Analysis (FP&A). The following criteria should be used when selecting a next generation cloud FP&A solution: ☐ Embedded and in-memory analytics. Today, 1/2 of organizations with cloud solutions have business analytics embedded into their solutions. This improves performance in FP&A because business users are enabled to determine relationships and visualize potential future outcomes. 23% of organizations with cloud technology are planning to implement in-memory analytics. This technology greatly improves the speed of analysis and enables users to analyze more data sources, with larger amounts of data, at greater levels of detail more quickly. ☐ Social collaboration technology. In addition to activity streams and comments, this technology also has the ability to ask for input automatically when information is needed from key stakeholders. This can allow the line of business and finance to more easily work together. ☐ Ease of use and extensibility. Self-service reporting and analytics significantly impacts ease of use. Rather than relying on IT, users can visualize data in ways that is most useful to them, as well as better understand the connections between business drivers. A flexible platform can better integrate with other data sources can be extended for more users and can grow with the company to provide extended value. ☐ Contextual information. The ability to access data in-context will enable more informed decisions in shorter timeframes. Solutions should provide projections, predictions, and recommendations for enhanced analysis. ☐ Real-time insight and agility. There is strong interest in capabilities that improve data access and analysis among cloud users. These features include the ability to incorporate business drivers on a real-time basis so that decisions can be made as events happen. Solutions should enable instant reforecasts as well as contingency planning utilizing scenario analysis. Read the full report: The Next Generation of Cloud FP&A: Simple, Collaborative, and Real-Time THE NEXT GENERATION OF CLOUD FP&A SOLUTIONS: WHAT TO LOOK FOR