Why forward-thinking financial teams are giving adult spreadsheets

Corporate financial teams have been slower than their counterparts in sales and tellurian resources to welcome cloud program options, though some-more are anticipating spreadsheets unsound for financial planning.

Evidence: several venture-backed startups pioneering this space—notably Anaplan, Host Analytics and Tidemark—just reported record expansion during 2014. Their specialty: applications for producing budgets and forecasts an ongoing process.

“The CFO is apropos a arch income officer,” pronounced Christian Gheorghe, co-founder and CEO of Tidemark. “They are being asked to assistance find new sources of revenue, offer model, try opposite forms of experiments, and precedence immeasurable arrays of data. The direct for clarity and prominence are increasing.”

Tidemark (which has lifted $80 million in try capital) tripled sum income underneath contract. Its business embody BlackBerry, Chiquita, Hostess, HubSpot and Netflix; and a record interoperates with applications from Workday, Salesforce, Box, NetSuite, and New Relic.

Anaplan (backed with $150 million) grew bookings by 230% final year; it now depends 35,000 users, particularly during tech companies such as Informatic, Splunk, and Symantec. Host Analytics ($86 million so far) was reduction forthcoming, nonetheless a new annual repeated income increasing by some-more than 115%.

Another player, Adaptive Insights, isn’t articulate adult specific growth, though in Jan it hired a former CFO—Citrix Chairman Tom Bogan—to accelerate matters. Backed with some-more than $100 million, a comment list includes Coca-Cola, Yamaha, and Bridgestone. Over a past 12 months, a renovation rate has been 100%.

A pivotal offered indicate of cloud financial formulation software: improved support for collaborative planning, that can cringe annual budgeting cycles. Regional insurer Shelter Insurance, for example, cut a volume of time indispensable for this routine in half with Tidemark’s software.

“Using a cloud use was a ideal resolution since we knew when a agreement tenure ended, we wouldn’t be stranded if this wasn’t working,” pronounced Kimberly Gerard, comparison executive of corporate financial formulation for medical IT services association Cerner, another Tidemark customer. “We’re comparatively early in a transformation, though it becomes some-more profitable to me as others use this. We’re not there, though that’s where we’re headed.”

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