If you read the news you would know that cloud technology is everywhere – but until recently it wasn’t in your finance department.
For years, many finance leaders have viewed the move to the cloud with apprehension. They worried it could be costly, disruptive or insecure. No longer. Forward-thinking CFOs know that cloud technology is a foundational layer of today’s digital business world.
Research firm Gartner estimates that one in three enterprises will use cloud to support more than half of all transactional systems by 2020. That’s far earlier than initially expected. This growth is being driven by small and mid-sized companies.
But if you’re yet to make the leap, here’s why you should be making your move into the cloud.
Automation is a word that sends a chill through people because of perceived job threat. But it adds huge value to your team and is one of the core benefits of cloud. Automation frees finance teams from repetitive manual tasks, allowing them to focus on more value-adding activities.
Having systems in the cloud also untethers your people from their desks, making flexible working and collaboration a reality. Providing staff with a connection that syncs data instantly wherever there’s internet access means they can work from anywhere. Document control is also easier thanks to central storage, removing risk and making workflow easier.
Nothing makes a finance team happier than cost efficiencies. Cloud technologies are designed to scale as your business grows.
Instead of having to fork out thousands for extra hardware purchases or maintenance fees, cloud allows you to scale services as required. That’s a huge plus when your business is growing quickly but struggling to manage cash flow. And you’ll only pay for what you use. As an additional benefit, important software updates including security are automatic, providing extra peace of mind.
Handing processes over to computers provides your finance team with faster access to more meaningful insights, with powerful analytics capabilities deeply embedded into systems. This is significant in the digital age where access to the right information at the right time is critical.
Cloud technology is an important part of your future – but stepping into the unknown is daunting regardless of whether you’re a large or small business. That’s why it’s important to have the right partners.