Oct 11, 2017   SOURCE: PR NewsWire

Adaptive Insights' Global CFO Survey Reveals Tipping Point for Cloud Adoption by Finance

PALO ALTO, Calif., Oct. 11, 2017 /PRNewswire/ -- Adaptive Insights, the recognized leader in cloud corporate performance management (CPM), today released its global CFO Indicator report, which explores the confidence levels of today's CFOs relative to data, technology, and their efforts to implement a "single source of truth" (single system for accurate financial and operational data) in their organization. Just three years ago, according to CFO respondents, only 33% trusted the cloud for financial data. Today, 73% of CFOs trust the cloud for financial data, reflecting a significant technology shift for Finance, one of the last functions in the enterprise to embrace cloud technology.

"The cloud enables a level of data access that Finance teams need in order to meet the demand for accurate, real-time information from across the enterprise," said Robert. S. Hull, founder and chairman at Adaptive Insights. "This quarter's report validates that CFOs are embracing cloud technology for their financial data. However, despite this shift, the majority of CFOs still do not have a single source of truth for their organization, delaying decisions. This lack of agility results in documented losses in revenue and business opportunities."

The report shines a light on the continued challenges CFOs face as they take a greater role in data governance for their organizations.

Key findings in the report show that:

    --  CFOs expect an increase of 25% to 50% in data volume, on average, over
        the next five years. Stakeholders will look to Finance to track down an
        increasing number of data points to make their decisions, and many of
        those data points will reside outside of Finance.
    --  Only 35% of CFOs are confident they have access to the financial and
        operational data they need to make critical business decisions in a
        timely manner. Reliance on legacy technologies like spreadsheets results
        in siloed data that must be manually collected and aggregated. This
        creates distrust in the numbers and leaves little time for the analysis.
        This involves sales data, and a host of operational data from critical
        HR and customer data to supply chain, facilities, and external market
        data.
    --  One in five CFOs (21%) are not currently working on a single source of
        truth, and this is up from 17% two years ago. CFOs cited expense, legacy
        solutions, and data sources as reasons, but without a holistic view of
        the organization, CFOs will be challenged to deliver the business
        insights expected from Finance.

For additional information, download the report: "Jumping Hurdles: Finance's Race to a Single Source of Truth," read the blog, or view the infographic.

About the Adaptive Insights CFO Indicator
The Adaptive Insights CFO Indicator is an ongoing report that highlights what is top of mind for chief financial officers (CFOs), as well as unveils key attributes that define the strategic CFO. This report surveyed 255 CFOs across the globe online over a period of 19 days ending August 28, 2017. For additional insights, see previous quarters' CFO Indicator reports.

About Adaptive Insights
Adaptive Insights is the recognized leader in cloud corporate performance management (CPM). The company's Adaptive Suite enables companies of all sizes to collaboratively plan and model, easily access real-time analytics, streamline complex financial reporting, and accelerate financial consolidation. With this best-practice active planning process, Adaptive Insights differentiates with easy, powerful, and fast software that empowers more than 3,500 customers in over 50 countries to drive business success.

Adaptive Insights is a privately held company with headquarters in Palo Alto, CA. To learn more, visit adaptiveinsights.com.

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SOURCE Adaptive Insights