The frenetic pace of modern business shows no signs of slowing down. If anything, it’s accelerating. Enterprises have to operate in an always-on, digital world in which we all expect on demand results. Finance is arguably one of the most important functions within your business. If the finance team has incorrect data, inefficient planning and consolidation processes as well as poor reporting, there can be catastrophic consequences.
Modern, ambitious businesses need a financial monitoring system that’s designed to operate the way they do – one that’s adaptable, responsive, and ready to deliver. Cloud computing is seen to be the natural evolution for any enterprise grade IT architecture. It offers clear benefits in the form of increased levels of service, and lower total cost of ownership. Some of the key advantages of using the cloud are;
- Cloud based financial monitoring systems support business agility because it offers the freedom to adapt rapidly with most impact. Solutions can be tailored, implemented and deliver a return on investment far more effectively than on-premise solutions.
- There is better accessibility. Finance staff can easily reconfigure workflow or data points without needing to call for IT help. Point-and-click menus allow employees to customize reports and dashboards to track and analyze new cost centers, revenue streams or other metrics. Executive management can view the reports and dashboards from anywhere, and on any device.
- A cloud financial monitoring system that’s designed to work in sync with other business functions can eliminate the need for workarounds and spreadsheets, thereby making the process much easier & simpler.
- Cloud systems are easy to set up to connect to other applications, especially customer-facing systems such as CRM systems etc. These automated connections bring data directly into the financial system for end-to-end processing, manipulation and analysis.
- A cloud system also has the flexibility to run certain capabilities as built-in modules instead of requiring separate specialist systems.
- Significant savings arising from lower subscription costs and reduced IT infrastructure costs
With Cloud infrastructure becoming increasingly secure, more and more enterprises are confidently moving to the cloud.
Online collaboration is a natural fit for a cloud-based financial system. When conversations happen in the context of the transactions and documents they refer to, people have the information in front of them to be able to resolve questions quickly and accurately. To put things in a nutshell, when financial performance monitoring is moved to the cloud, it enables 24/7 accessibility, automated backups, secure storage, up-to-date maintenance-free software and significant savings on IT infrastructure & maintenance.