7 FAQs about cloud by CFOs
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The document discusses the considerations CFOs face regarding the transition to cloud technology, including timing, value propositions, accounting implications, security risks, talent requirements, and finance opportunities. It highlights common questions posed by finance executives and provides insights from a poll of nearly 3,000 business leaders on their cloud adoption journey. The content emphasizes the critical nature of cloud technology's role in future finance performance.
7 FAQs about cloud by CFOs
- 1. Now or later Our CIO wants to move to the cloud. Should we do it now or wait until things settle down? 1 The cloud value proposition Is cloud mostly about cost savings or are there other advantages? How can we realize sustainable savings? 2 Accounting treatments I’m having a hard time getting my head around the accounting and tax implications of moving to the cloud. What are others doing? 3 Contracting What cloud-specific issues should we be thinking about? 4 Security and risk I’ve heard the risks associated with cloud aren’t better or worse— they’re simply different. How so? 5 Talent model What skills are needed to run a cloud-first organization? How are they different from what we have now? 6 Finance opportunities We’re looking at a new core finance platform. Are cloud versions of ERP software ready for prime time for a company like ours? What else should we be thinking about? 7 As a senior finance executive, you know in your gut that cloud investments will be part of the future. Here are seven questions frequently asked by our CFO clients, some applying to cloud investments anywhere in the enterprise, some dealing specifically with Finance as a potential cloud user. These questions are relevant for any CFO in business today. 7 frequently asked questions about cloud by CFOs Explore the answers in The CFO guide to cloud: www.Deloitte.com/us/cfo-cloud
- 2. Copyright © 2019 Deloitte Development LLC. All rights reserved. Assessment of cloud options16% In process of implementing cloud technologies19% Cloud technologies in place and functioning22% Looking for recommendations 8% Don’t know/NA/ No response 35% Within 6 months28% Within 6–12 months15% 1–2 years15% Beyond 2 years 5% Don’t know/NA/ No response 32% No plans 6% 18% 31% 45% 7% Not critical Critical Highly critical Don’t know/NA/No response 31% 32% Combination of some or all of these Don’t know/NA/No response 3% Other 21% Information technology 6% Finance data owners 6% Consulting firms 2% External auditors Moving from on-prem to cloud Why now is the time for Finance—Poll results In late fall 2018, nearly 3,000 finance and business leaders tuned in for a Finance Executive Dbriefs webcast, “Moving from on-prem to cloud: Why now is the time for Finance,” during which the audience was polled about the topic. Here is what they had to say.* When do you anticipate your finance organization making first-time or additional investments in cloud technology? Who do you currently go to when looking at investments in cloud opportunities? Where is your finance organization on its journey to cloud adoption? How critical do you perceive cloud technology being to the performance of your finance organization two years from now? Votes received: 2,388 Votes received: 2,529 Votes received: 1,994 Votes received: 2,507 *Responses may not total 100% due to rounding