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Modernization, Cloud Enablement, Managed Services

Quick Tip: Is your CFO moving to the Cloud?

[fa icon="calendar"] October 10, 2018 / by Beth Mayhew, Highstreet

CFOs are always looking to reduce costs and improve the bottom line. Increasing numbers are seeing the Cloud’s potential as a money saver – as well as a way to make their own departments more efficient and effective.

With financial departments spending about 80% of their time on transactional, repetitive, and administrative tasks that have nothing to do with creating business value, more and more CFOs are moving to the Cloud in order to:

  • Gain real-time access to live financial data.
  • Proactively resolve issues to expedite automated processing.
  • Improve decision-making and increase accuracy during transaction entry.
  • Control costs and increase visibility into spending.
  • Improve cash inflows and manage cash positions.
  • Reduce transaction processing costs and data entry errors.
  • Comply with global accounting standards and multiple legislative, industry and, geographic requirements.

According to Gartner, nearly 36% of all transactional systems will move to the Cloud by 2020. Why so many? Cloud-based core financial management applications have matured. Many organizations have had their current core financial management applications in place for 10 or 15 years. It’s time for an upgrade or replacement. The increasing maturity of Cloud solutions is making CFOs more confident in the Cloud option. Many organizations are now adopting a Cloud-first strategy for new applications. And, Finance executives see the opportunity to replace legacy applications with new, Cloud-based solutions that can truly improve or transform key Finance processes.

With the benefits of moving to the Cloud comprising cost savings, faster adoption of new functionality, improved usability, opportunities for process improvement and agility, enabling growth, and supporting business transformation, it's no wonder CFO's are moving to the Cloud for operational success.

Are you the tortoise or the hare when considering a move to the Cloud?  

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Source: Gartner

 

Topics: Higher Education | Public Sector, PeopleSoft Upgrades & Implementations, Quick Tip, Oracle Cloud

Beth Mayhew, Highstreet

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