The Tipping Point for Finance and the Cloud  

5 February 2018:

Cloud technology has changed how organizations work. From the way customers are tracked and managed to the way files are stored to the tracking of our vacation days, cloud technology has provided accessible, easy to deploy software across all functions that has resulted in huge productivity gains. While finance historically has been slower to adopt cloud technology, that is now changing. As uncovered by a recent CFO survey, 73 percent of CFOs said that they trust the cloud with their data, more than double the number who trusted the cloud three years ago (33 percent). What’s behind this dramatic and rapid shift to adopt cloud technologies within finance?

There are three key drivers for finance teams adopting the cloud: the need to be more agile, more collaborative, and more strategic. Organizations of all sizes and in all industries are moving to more agile planning processes in order to respond to rapidly emerging new sources of competition, rapidly shifting business models, and increasingly unpredictable economic and market conditions.

Planning and analysis agility is greatly enhanced by the cloud due to its 24/7 accessibility, the ability to integrate with other data sources across the organization, and the intuitive user interfaces (UIs) inherent in many cloud applications that allow for rapid scenario analysis and quick modifications for changing business model assumptions.

Collaboration is enhanced by this intuitive UI as more managers around the organization are able to participate. Rapid access to data, both historical and forecast, through self-service, cloud-based reporting and analytics further drive collaboration. Finally, the efficiencies gained through the agility and collaboration brought on by cloud technology enable finance to elevate its role to a more strategic partnership with the management team.

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Source: Adaptive Insights

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