Finance professionals are frustrated by the costs, inefficiency and the overall lack of control they have with legacy on-premise financial systems, scoring them significantly lower than cloud-based enterprise performance management (EPM) services, according to a new report by Radius Global Market Research.
The study, commissioned by cloud-based EPM provider Host Analytics, finds that 20% to 30% of those organizations currently using legacy on-premise systems plan to move to an alternative solution within the next year. About two thirds (65%) plan to make a move at some point. “Based on the research results, it is clear that a large proportion of companies are frustrated by their legacy on premise EPM vendor,” Michael Patterson, senior vice president at Radius, said in a statement.
The survey also shows that a good number of organizations are ready to make the move to another EPM offering, “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,” Patterson said.
The research was completed by more than 400 executives in the accounting and finance field, recruited at random by Radius. Half of the executives surveyed are the final decision maker of finance tools for their organizations and the remainder all have some level of influence.
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