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CFOs moves to Cloud platforms to save cost and improve efficiency of working environment.
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IDC Survey Report
96% of CFOs believe cloud computing provides their business with significant benefits.
-IDC Cloud Track Survey, 2012
CFOs naturally see clear ROI when it comes to financial systems, such as:
• Budgeting
• Planning
• Forecasting
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.
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.
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
Transform Collaborative Ways of Working
The properties of accessibility, immediacy and scalability of cloud computing transforms
collaborative work processes.
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.
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.
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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Additional Resources
• FSN• Wikipedia – Cloud Computing• Gartner Research • Image Source - Shutterstock
