HOW TECH-SAVVY CFOS CAN HARNESS THE TRUE BUSINESS POWER OF FINANCE IN THE CLOUD

  • Turning to cloud transformation in this period of post-Brexit uncertainty offers many benefits
  • CFOs can realise process standardisation efficiencies, cost savings, while gaining on-demand insights and the ability to target new growth

Brexit has undoubtedly sparked a climate of business uncertainty, but the green shoots of renewed financial vitality could lie firmly in cloud technology and its many benefits.

Steven Boyle
Steven Boyle

A fundamental shift in financial strategy is required and the current environment offers fertile ground for change – a tactical turning point no less for those looking to realise fresh savings.

Suddenly bottom lines are under intense scrutiny while all bets are off, and CFOs are particularly feeling the pressure.

However, moving operational processes to the cloud could be their positive first step in transforming operational efficiency from top to bottom and gaining that elusive business edge.

The cloud is now recognised by increasingly tech-savvy CFOs for its cost-effectiveness, agility, and ease of implementation, while they have watched security safeguards fast catching up.Today, CFOs are key players in making IT decisions, and the cloud has become an attractive option when evaluating new systems.

Certainly, many now prefer cloud-based systems over traditional on-site servers, finding that that cloud is helping IT departments to focus on what’s most important. Indeed, the finance and accounting segment of the Software as a Service (SaaS) market has seen revenues of cloud-based solutions far outpacing traditional, on-premises software systems.

Essentially though, where finance is most concerned, the cloud isall about process standardisation – a key starting point for any business looking to streamline the chain of decision-making and improve responsiveness to market changes.

Standardisation and automation of repetitive everyday processes increases efficiency while reducing risk by limiting human error. It also offers the vital seeds of recovery after a debilitating loss of data, or indeed any period of uncertainty such as the one that we are currently experiencing.

The resulting efficiency and on-demand insight that the cloud offers frees up accountants to focus on forward-reaching processes such as analysis and input, rather than just consolidation. Thus, the cloud is now being used to redirect IT resources to high-value activities, instead of stripping resources out of IT.

In other words, by making better use of their time, CFOs are able to fully harness and bolster the company’s strategic objectives by actively targeting business growth.

Furthermore, enhanced scalability engendered by the cloud allows for more collaboration across the organisation, in turn enabling greater knowledge sharing and thus strategic coordination.

In order to realise the true value of an accounting team, businesses need to provide the right tools – and the cloud represents the right fit at the right time.

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