KPMG Survey Shows Companies Think Cloud Will Improve Data Analysis

By AccountingWEB Staff 
 
After conducting a survey at the Oracle Open World conference, KPMG was able to glean some significant information regarding how companies are feeling about a move to the cloud. Overall, the survey made it clear that companies’ needs are driving their investment decisions when it comes to upgrading and advancing their enterprise resource planning (ERP). 
 
“Leading companies are utilizing IT upgrades to better manage their data, where to store the data as a means of becoming more agile, and finding improved ways to analyze their data and turn information into knowledge that is actionable,” said KPMG National Advisory Innovation Leader Stephen G. Hasty. 
 
Here’s what the survey revealed:
 
  • Forty-one percent of the 336 respondents said their organization planned an ERP upgrade, with 26 percent planning for implementation in the next twelve months. 
  • Nearly half (49 percent) of the survey respondents acknowledged their organization was overwhelmed with data, making decision-making difficult.
  • Fifty-nine percent said consideration of a cloud strategy will present future data-management challenges, although 56 percent of the respondents acknowledged that cloud can help them become more agile and competitive.
  • Forty-eight percent of the respondents said an ERP upgrade was an opportunity to improve operational efficiency, eliminate manual processes (42 percent), improve alignment between IT and the business units (37 percent), and improve compliance (34 percent).
  • Sixty-two percent said their organization is working to improve decision making by determining how to best analyze existing information. 
  • Fifty-three percent said migration to a cloud environment will raise a broad set of business transformation issues that need to be better understood across the organization before adopting such a strategy. 
  • More than half (59 percent) of the respondents said cutting through the complex web of their stored corporate data and market events and conditions in order to make appropriate decisions has become a concern for senior management, and 54 percent said it had become a concern for their board of directors.
Related articles:

You may like these other stories...

While reputational risk is the No. 1 nonfinancial concern among corporate directors, cybersecurity/IT risk is gaining steam. In fact, both private companies and organizations with more than $1 billion in revenue felt they...
We've all been there. Trying to make our work-lives more efficient, transfer knowledge to newer team members, and leverage our practices. Sometimes it works, and sometimes, well, the result is embarrassing at best.Here...
From May 20-23, the Association for Accounting Marketing (AAM) held its annual conference. Frequent contributor Sally Glick picked up some ideas that she will be sharing with us in the coming days, as she has done in...

Upcoming CPE Webinars

Aug 5
This webcast will focus on accounting and disclosure policies for various types of consolidations and business combinations.
Aug 20
In this session we'll review best practices for how to generate interest in your firm’s services.
Aug 21
Meet budgets and client expectations using project management skills geared toward the unique challenges faced by CPAs. Kristen Rampe will share how knowing the keys to structuring and executing a successful project can make the difference between success and repeated failures.
Aug 28
Excel spreadsheets are often akin to the American Wild West, where users can input anything they want into any worksheet cell. Excel's Data Validation feature allows you to restrict user inputs to selected choices, but there are many nuances to the feature that often trip users up.