For one, if a handful of work-groups need Excel, that's not a reason for the rest of the company to use Excel. Most Excel uses will be mundane things. They can allow justifiable exceptions.
but the financial staff know Excel and they know it very, very well.
Software tools/frameworks I knew well were ordered tossed because the vendor or support structure faded. It happens. Why are financial people given that latitude when almost nobody else is? Change is annoying and creates a learning curve, but inevitable in the work-place. I knew cases where employees quit over frustration over replacement-ware, but management said "we are doing it anyhow, live or leave" (paraphrased).
And I'm surprised there are not products dedicated to big org financial analysis. There might be, but "we don't wanna learn something new" lobbying may be stopping it.
Excel probably has other scaling problems they didn't mention in the article but just learned work-arounds, yet they are likely stretching Excel to its limits risking more problems, familiarity or not. Oracle Essbase allegedly is a big-org financial modelling tool. I don't like Oracle the company, but Essbase & competitors may be a better tool for that particular job. See what other big orgs use.