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Old Out, Cloud In! What growing finance teams need?

       
  • JustPerform Platform
  • Thought Leadership

Old Out, Cloud In! What growing finance teams need?

Old Out, Cloud In! What growing finance teams need?

In today's fast-paced business world, traditional software solutions are struggling to keep up with the evolving needs of organisations. According to Gartner, CEOs and CFOs have identified "Growth" as their top strategic business priority, which means finance must go beyond its traditional role. Finance must drive organisational growth by providing resources, making strategic decisions, and ensuring financial stability.

62% of CFOs have chose "Growth" as one of their top three priorities, according to Gartner.

To empower finance in this digitised business world, having skilled people is not enough. The right technology is crucial. That's why legacy and traditional on-premises Financial Planning and Analysis (FP&A) solutions are no longer suitable. These solutions bring challenges like long implementation cycles, data latency, rigidity, and high total cost of ownership.
 

“How do you plan to drive your organisational growth today with yesterday’s solutions?”
 

To overcome these challenges and unlock the true potential of CFO's and finance teams in contributing to business growth, cloud-native solutions are the need of the hour.

Let's explore the transformative benefits that these cloud-native solutions offer for growing finance teams, empowering them to lead business growth.

 

Accelerated adaption: Driving agility in finance processes

85% of FP&A leaders are prioritising redefining their strategy for planning, budgeting and forecasting, according to the 2023 Gartner Finance Executive Priorities Survey.

Gone are the days of once-a-year budgeting rituals. In today's fast-paced world, FP&A requires constant and meticulous forecasting with detailed scenario analysis. This calls for a continuous reassessment and alignment of financial metrics and KPIs. You need a flexible solution to keep up with this speed and rigour.

Pain Point: Traditional software are made for once-a-year budgeting and are not meant for businesses today. They involve lengthy course correction cycles, hampering your FP&A teams' ability to respond quickly.

Don't let traditional software hold you back. Pain points like lengthy change management and slow course corrections are no longer acceptable if growth is your priority. Your FP&A teams need the ability to respond quickly to changing business needs.

That's where JustPerform comes in. Our cloud-native architecture empowers organizations like yours to adapt at an accelerated pace. Finance teams can easily navigate market changes through a simple and intuitive interface. Unlike legacy solutions, there's no need for external team dependencies. Finance users themselves can make changes swiftly and seamlessly, whether it's modifying models, dimensions, KPIs, calculations, or reports. 

 

Instant and seamless: Breaking free from data limitations

As a finance team, you understand the vital role of financial planning and analysis (FP&A) in driving business success. However, legacy systems or spreadsheets can be complex and slow, leading to data silos and inefficiencies that hinder your financial performance. 

Pain Point – Traditional systems need complex integrations to source systems to fetch data and have high data latency because of their legacy architecture.

Fortunately, JustPerform offers a solution to these challenges with its cloud-native architecture. By eliminating specific dependencies, it ensures seamless compatibility across different cloud environments, reducing system complexity and downtime. 

"The recent development of Virtual Models by JustPerform is a true game changer. JustPerform's Virtual Models unleash new possibilities in modelling by reading data from multiple source systems without data replication. This innovative approach provides unparalleled flexibility and efficiency in planning, reporting and analysis." - Craig Schiff, President & CEO, BPM Partners

One standout feature of JustPerform is its use of virtual models. Instead of duplicating and replicating data, it reads data from other systems/models, preventing unnecessary data redundancy. Unlike legacy systems, JustPerform seamlessly connects with a variety of source systems, including ERP's, HCM's, Accounting Systems, Sales and Marketing systems. With up to 80 source system integrations, you establish a single source of truth for all your finance processes like planning, financial close, reporting and ensure there is no latency whatsoever.

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Furthermore, JustPerform enhances the capabilities of finance users by giving them the ability to carry out data mapping, wrangling, and transformation independently. This feature allows for rapid scalability and shortens data-to-decision cycles, making it an ideal solution for organisations on a growth trajectory.

 

Robust resilience: Ensuring uninterrupted finance operations

Cloud-native platforms are known for their resilience due to the way they are built. Unlike legacy on-prem solutions, which often lack the ability to incorporate resilience into company's financial operations, cloud-native platforms provide a solid foundation for ensuring stability and security. 

Pain point: Poor governance and system-wide failures caused by issues in one functionality can wreak havoc on financial operations, leading to significant repercussions.

JustPerform's cloud-native architecture ensures robust resilience and fault isolation. Each financial capability, such as planning or consolidation, is encapsulated within its workspace, preventing issues in one functionality from affecting others. This modular approach minimises the risk of widespread disruptions and safeguards overall financial operations.

To ensure safety and security, JustPerform implements robust access controls with its fine-grain authorisations. This ensures that the right person has the right access at the right time. Additionally, the cloud-native is compliant with ISO27001 and SOC2 Type 2 standards, guaranteeing complete security of data within the platform.

Moreover, once deployed, JustPerform requires minimal ongoing involvement from the JustPerform team, empowering finance teams to self-manage the platform effectively and build resilience.

 

Out-of-the box functionality: Tailored solutions for growing finance teams

Cloud native FP&A platforms are inching towards the highest form of simplicity by being able to deliver out of the box functionalities. Unlike the legacy systems most functionalities and capabilities can be used out of the box and can be pre-configured for your organisation.

Pain Point: Traditional solutions often require extensive customisation efforts to meet the unique needs of finance teams, resulting in time-consuming and complex processes.

JustPerform is more than just a technical platform; it's a comprehensive finance platform powered by technology, with inbuilt financial intelligence tailored to the specific needs of finance professionals. 

The cloud-native platform offers an extensive suite of inbuilt apps that cater to the essential aspects of financial operations, including planning, consolidation, reporting, and analysis. These functionalities come in the form of scenarios, models, KPIs, calculations, business rules, reports, dashboards, and workflows, representing the best practices in each area. 

This provides finance professionals with a platform ready to use for their budgeting, consolidation and reporting purposes without any need for extensive design/development, saving time & resources. Along with this, finance teams are also empowered by capabilities like data visualisation, data transformation, what-if analysis, etc. without the need for any additional tools.

 

Cost efficiency: Maximizing ROI with scalable platform

For finance professionals, cost is a critical factor influencing decisions as it significantly affects the project's return on investment (ROI). 

Pain point: Traditional solutions often necessitate considerable initial investments and ongoing maintenance expenses, which escalate with extensive change requests and the engagement of expensive consultants.

JustPerform eradicates the necessity for costly monolithic hardware investments, thereby diminishing initial infrastructure costs and making the platform more cost-effective for finance teams. In contrast to legacy systems that often demand expensive consultants for addressing issues or implementing changes, JustPerform empowers finance users to make necessary changes independently, eliminating the need for external expertise and thereby reducing costs.

Legacy systems can also be challenging to maintain due to their complexity and obsolescence, leading to high upkeep costs, potential downtime, and productivity losses. JustPerform's modern user-centric nature counters these challenges, offering a low-maintenance solution.

Furthermore, JustPerform employs data virtualisation, resulting in substantially lower data storage costs. As a unified platform, it allows all planning, consolidation and budgeting tasks to be executed in one experience. This functionality enables teams to concentrate their resources on strategic analysis and decision support, maximizing their ROI by avoiding mutilple solutions and additional costs thereof.

In the dynamic landscape of financial management, traditional software solutions are being outpaced by innovative alternatives like JustPerform - the cloud-native EPM platform. By providing accelerated implementation, seamless compatibility, robust resilience, cost efficiency, reduced data latency, and comprehensive functionality, JustPerform empowers CFOs and finance professionals to drive business growth. The faster the upgrade to the cloud, the better the ability to drive growth.

62% of CFOs have cited “growth” as one of the top priorities. However, traditional software solutions are struggling to keep up. Cloud-native solutions like JustPerform are the answer to enable finance teams to lead business growth.

JustPerform offers accelerated adaption and seamless compatibility, eliminating data latency and providing flexibility with its virtual models. Its cloud-native architecture ensures robust resilience and fine-grain authorisations protecting data security. With JustPerform, finance teams are empowered with cost efficiency and out-of-the-box functionality, resulting in maximum ROI.

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