Why CFOs Are Moving to the Cloud?
- 1. Why CFOs Are Moving to the Cloud?
- 2. IDC Survey Report 96% of CFOs believe cloud computing provides their business with significant benefits. -IDC Cloud Track Survey, 2012
- 4. CFOs naturally see clear ROI when it comes to financial systems, such as: • Budgeting • Planning • Forecasting
- 6. Cost Effectiveness CFOs see how inventory translates to $ in an ERP system but have not considered how product quality and time to market translates to tremendous cost savings.
- 8. Cloud Computing Forecast IDC predicts that over the 2013–2017 forecast period, public IT cloud services will have a compound annual growth rate (CAGR) of 23.5%, 5 times that of the IT industry as a whole. Cloud Computing will become the bulk of new IT Spend by 2016.
- 9. Cloud applications are proving to be effective in terms of accounting, cost reduction, increased efficiency and convenience. Cloud SaaS Platforms for CFOs to upstream larger enterprises, attention is shifting to cost-saving as the major driver of cloud-based investment is improved business agility and efficiency of the cloud computing. Cloud Computing Platforms for CFOs
- 11. Transform Collaborative Ways of Working The properties of accessibility, immediacy and scalability of cloud computing transforms collaborative work processes.
- 13. Centralized Budget Model for the Whole Organization Cloud applications offer a single centralized model for the whole organization and every employee is able to access the same model at any time. This provides an ideal environment for negotiation and collaboration, driving up data quality, control budget iterations and forecast accuracy.
- 15. Latest Innovations as Newer Applications are Developed In the cloud, businesses will find the latest innovations as newer applications are developed. For example, social tools implementations transforming planning, budgeting, and forecasting. Different co-workers are able to overcome functional boundaries more effectively, share and retrieve information.
- 17. Conclusion Cloud applications are having a great effect on the finance & accounting, saving money as well as convenience and increased efficiency. Cloud computing removes the inefficiencies of spreadsheets in planning, budgeting and forecasting processes by enabling enterprises to centralize their ecosystem, implement standard processes control and improve collaboration as well as accelerate the budget lifecycle.
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- 20. Additional Resources • FSN • Wikipedia – Cloud Computing • Gartner Research • Image Source - Shutterstock