Financial planning and analysis solutions: An introduction
Within any business financial planning and management are critically important.
As companies increasingly rely on digital tools to deal with fiscal matters, cloud financial planning and analysis solutions have become important tools.
Organizations are, understandably, looking to augment their enterprise agility and develop their strategic insight.
With financial landscapes becoming ever more complex in our globalised business world, the need for robust, cloud-based financial planning software becomes increasingly critical.
Our expert buyer’s guide has been written and designed to offer valuable assistance to buyers and users interested in cloud financial planning solutions.
We aim to provide a digestible but comprehensive overview of what to consider when selecting a supplier.
Who can benefit from our buyer’s guide
Our buyer’s guide is designed to offer valuable advice to a range of professionals across a wealth of industries regardless of company size or position.
Any company that is looking to source, and eventually rely on cloud financial planning and analysis solutions to streamline their financial operation, can benefit from our content.
Whether you are a CFO, financial analyst, or business owner, understanding the nuances of these different solutions is incredibly important.
Ultimately, making informed decisions can significantly enhance your company’s financial health and make your financially planning process much more efficient.
Key considerations for cloud financial planning software selection
When evaluating suppliers of cloud financial planning & analysis solutions, it is essential to consider several key factors:
Customisation and scalability
Your cloud financial planning provider must offer the capability to customise and scale.
Meeting and aligning with your unique business needs is essential for the success of any planning and
It is advisable to only shortlist suppliers that guarantee a high degree of flexibility that fits with the growth potential of your enterprise.
Integration capabilities
Seamless integration with existing systems and data sources is crucial.
Buyers should determine how easily their selected solution can integrate with the company’s existing digital ecosystem, such as ERP, CRM, and other critical business systems.
Online security and industry compliance
Financial data is, almost without exception, extremely sensitive and to be protected at all times.
It should be axiomatic, therefore, that robust security measures and compliance with relevant regulations are non-negotiable during any procurement process.
It is incumbent upon the buyer to establish and verify a supplier’s security credentials and compliance track record within their industry.
User experience and ongoing support
Establishing and maintaining a user-friendly interface is important for all businesses.
Complementing this high-quality usability should be a range of comprehensive support services that are both accessible and ongoing.
As well as being able to significantly impact the effectiveness of the cloud financial planning software solution, the right choice can offer cost and time benefits across your organization.
Strong performance and consistent reliability
Two of the central considerations for cloud financial planning solutions should be the quality of software performance and consistency of its reliability.
This should include minimal downtime to ensure continuity within your operation, so buyers should always asssess the infrastructure and performance guarantees avaiable.
Industry-leading financial planning and analysis solutions
One look into this marketplace will show you that there is a profusion of cloud financial planning and analysis solutions available.
Some of the industry leading solutions include:
- Anaplan
- Adaptive Insights (a Workday company)
- Oracle Cloud EPM
- IBM Planning Analytics
- SAP Analytics Cloud
- Host Analytics
- Vena Solutions
- Prophix
- Planful (formerly Host Analytics)
- CCH Tagetik
- Jedox
- Board
- Centage Planning Maestro
- Sisense
- Domo
Technological advancements in Cloud financial planning and analysis solutions
Technological advancements in cloud financial planning and analysis solutions continue to evolve and improve digital ecosystems across the industry.
Some of the current advances include, but are not limited to:
- Artificial Intelligence (AI) and Machine Learning (ML) are being integrated to provide predictive analytics and automate routine tasks
- Enhanced data visualisation tools are making it easier to interpret complex financial data
- Real-time collaboration features are improving the way teams work together on financial planning
Cloud financial planning and analysis solutions: Our conclusion
Selecting the right cloud financial planning and analysis solution is a strategic decision that can have a profound impact on your business’s financial operations.
By considering the factors outlined above and exploring the specific systems listed, you can make an informed choice that aligns with your business objectives.
References
– Gartner Magic Quadrant for Cloud Financial Planning and Analysis Solutions: https://www.gartner.com/en/documents/3983897/magic-quadrant-for-cloud-financial-planning-and-analysis
– Forrester Wave for Financial Performance Management: https://www.forrester.com/report/The+Forrester+Wave+Financial+Performance+Management+Q4+2019/RES144922
