Phocas outperforms on annual survey and gains confidence in

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SYDNEY, Australia, Oct. 31, 2022 (GLOBE NEWSWIRE) — The voice of the BI and analytics neighborhood has formally spoken with at present’s launch of The BI & Analytics Survey 23 by software program choice and technique specialists, BARC.

It’s been one other document 12 months for Phocas Software persevering with to outperform BI opponents on many KPIs in its peer teams. Phocas scored 100% buyer satisfaction1 and acquired a suggestion2 rating of 97% from its customers.

Phocas, which began life as BI software program, has lately expanded its portfolio to incorporate 3-statement monetary reporting and budgeting and forecasting. The firm sees the mix of BI and monetary planning and analytics (FP&A) as the way forward for mid-market companies’ knowledge and reporting wants.

In this 12 months’s BARC survey, 62% of Phocas prospects reported that they already use Phocas for budgeting and planning, and 31% plan to make use of it in the longer term. Fifty-one % of Phocas prospects already use Phocas for monetary consolidation, and 28% plan to make use of it in the longer term.

Phocas co-founder and CEO Myles Glashier stated, “Our customers want to bring the key players in their businesses into business planning and analysis initiatives to be more inclusive and responsive to customers and shifting market demands. Activities such as building the annual budget, forecasting, workforce planning, as well as visual reporting and month-end close can now be done in Phocas. We’re super excited about the benefits of one system where data comes from trusted sources and can be presented and used by everyone across a company.”

According to Business Partner Institute’s 2022 The FP&A Market Guide, which options Phocas, “Third Generation FP&A software is delivered as a service and offers a user-centric design, low cost, shorter implementation times, many self-service features, native ERP integration, and a quick/high ROI. The typical annual TCO of a third-generation FP&A solution is US$15k to $25k, with a one-time implementation fee of US$10k or less. These 3rd Gen tools made FP&A software a viable solution for small to midmarket businesses. Although Microsoft Excel is still the most used FP&A tool, this last generation of products helps you with overcoming spreadsheet issues in a variety of ways by creating governance, business user collaboration and offering full web-based modelling and reporting.”

“When jobs come up that require numbers or data, people immediately think of spreadsheets, but they are not always the best tools for the job. Spreadsheets are not easy to build, and they are prone to errors and version confusion. They are often locked down or have formulas that people don’t understand, and they make some people feel powerful and others feel powerless. Spreadsheets don’t bring people together and make them feel good,” stated Glashier.

The BARC 2023 survey reported that with a median of 31% of workers utilizing Phocas BI, in comparison with the general survey common of 21%, Phocas is extra broadly used throughout its prospects’ corporations than most of its rivals.
     
“Software that is actually used, and is beneficial, and can be employed in varied ways throughout a company is what gets our teams really excited. We are solving the data nightmares for mid-market businesses, bringing people together and making them feel good about data,” stated Glashier.

The BI & Analytics Survey 23 discovered that over 90% of consumers use Phocas for reporting, dashboards and advert hoc question. Its use in business departments dominates demographic survey suggestions. Almost all prospects (95%) use the product in gross sales, 90% in administration, adopted by 60% in procurement and finance and 62% in advertising.

It additionally reported that Phocas’ efficiency in the Innovation KPIs, particularly the more and more necessary Operational BI, are exceptional for a BI and analytics specialist of its measurement. This exhibits that smaller corporations can adapt their software program to market and buyer wants and develop it additional. The firm lately launched a budgeting product to enrich its BI providing and assist prospects to implement further BI and analytics situations.

“Phocas is ranked number one in several KPIs,” stated Carsten Bange, founding father of BARC. “The software’s consistent performance speaks to Phocas’ ability to deliver software that meets customer expectations and needs. For the last six years, Phocas has had the highest proportion of customers saying they would definitely recommend the software to others. This is an impressive achievement in such a competitive market, especially when customers are expecting more and more from their BI tool each year.”

More in regards to the BARC Survey
From March to June this 12 months, virtually 2,000 individuals offered detailed suggestions about 24 BI instruments and options, together with Domo, Looker, Microsoft Power BI, QlikView, SAP Analytics Cloud and TARGIT. They rated the software program throughout 34 KPIs, making BARC the most important BI person survey in the world.

The survey encompasses a vary of various kinds of BI and analytics instruments so BARC makes use of peer teams to assist establish competing merchandise and permit honest and helpful comparisons.

Click right here to obtain the highlights report of Phocas’ outcomes in The BI & Analytics Survey 23 and to see how Phocas compares to different BI options on the market.

About Phocas
Phocas is a business planning and analytics platform that empowers corporations to make higher business choices. Phocas affords sturdy options for analytics, budgeting and forecasting, and monetary statements that work seamlessly collectively to assist companies report, funds, and act sooner by placing knowledge in decision-makers’ fingers. Phocas comes with out-of-the-box metrics, highly effective interactive dashboards, and broad performance to supply rapid advantages and adoption. Users can customise the software program to satisfy their distinctive analytics and reporting wants. Learn extra at www.phocassoftware.com.

Based on the combination of “Very satisfied” and ”Somewhat glad”

Based on the aggregate of “Definitely” and “Probably.


        



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