As organizations navigate through a competitive and continuously changing business landscape, having to budget, plan, and forecast at the same time can be challenging. There’s also an increasing demand for cloud-based financial planning software that enables teams, customers, and clients to access essential features even when they’re on the go.
Companies who continue to rely on spreadsheets may quickly find themselves at a disadvantage especially when they need to collaborate and innovate for success.
Leading organizations are already turning to cloud-based financial planning solutions to improve their budgeting and planning process. In fact, reports already highlight the success of these organizations in streamlining their FP&A process as compared to companies that still turn to legacy software that’s mostly reliant on spreadsheets.
Data from Gartner also reports that 40% of new ERP deployments for large businesses will be cloud SaaS by 2021. For organizations who are still deciding whether to turn their FP&A to the cloud, here are a few key points that can help change your mind.
Get a Fully Integrated Budgeting and Planning Solution
Cloud-based financial planning solutions like Performance Canvas stand out because of its fully integrated budgeting and planning capabilities, which makes it easy to import and extract data to an organization’s existing on-premise software. It also makes it easy to integrate with existing ERP systems so adoption and deployment do not have to undergo extensive periods of adjustment and training. PCF Cloud also has an integrated development and deployment platform, on top of helpful capabilities such as self-service budgeting, planning, forecasting, reporting, and consolidation.
Many organizations are turning to cloud-based financial software because adoption is easy and they can be used by any organization regardless of size. It also allows them to take advantage of a seamless platform that offers all their financial budgeting, planning, forecasting and reporting in one. With expedited processes and reduced time having to deal with discrepancies and other bottlenecks, these organizations are more agile and stand out to their suppliers because they are far better placed to focus on other growth initiatives.
Quickly Adapt to Budgeting & Planning Challenges
Many organizations cite market volatility as the #1 challenge for budgeting and planning. And because of the constant market changes, it’s clear that organizations need a financial software solution that can help them thrive amidst a period of change. Market volatility hampers organizations from delivering relevant budgets and forecasts without access to timely data.
Research also shows that poor communication, coordination, and collaboration were the second highest challenge for organizations in terms of budgeting and planning at 29%.
To improve the current budgeting and planning systems, cloud-based financial planning solutions can drive better communication and collaboration among departments by making data easily accessible and keeping teams accountable. PCF cloud is a centralized platform that makes it easy for teams to collaborate while taking full ownership of their data. Users get multi-layered security and teams get full transparency throughout their reporting, planning, budgeting, and forecasting phases.
Learn from the Success of Leaders Adopting Cloud-Based FP&A Solutions
53% of industry leaders are already adopting cloud-based finance solutions for their budgeting, planning, and forecasting needs. And judging from their performance, it’s easy to see why they continue to be at the top of their game when it comes to finances and protecting their bottomline.
Organizations still struggling with their current budgeting and planning can learn from the example of more agile organizations who are seeing faster returns in investment while keeping their overhead costs low as they turn to cloud-based financial software that allow them enhance their financial planning capabilities with an easy-to-deploy software like PCF Cloud.
No matter where you look in the market today, there’s enough reason and proof that cloud-based financial planning solutions give organizations the added support to drive their business forward into the future.
Get Better Budgeting & Planning Results with Performance Canvas
Organizations that have adopted cloud-based solutions have a clear competitive advantage against those who are still reliant on on-premise solutions that offer no room to innovate. Cloud-based financial software not only supports better data accuracy, it also informs business decisions with seamless budgeting and forecasting cycles, and business plans and forecasts that are timely and relevant.
By pushing for accuracy and agility in financial planning, budgeting, and forecasting, companies can make crucial investment decisions with greater confidence.
In periods of uncertainty, investing in cloud-based financial planning and budgeting solutions like Performance Canvas, with its robust integration capabilities, is the practical solution to help organizations achieve their goals faster so they continue to be one step ahead of their competitors.
Find out more about PCF Cloud’s packages and how it can be tailored for your organization’s needs today.