CFOs and the Cloud: Three Reasons They’re All In for Enterprise Cloud Software
CFOs today are not only involved in technology decisions – they are leading tech initiatives for their organizations. Working with CIOs (or in some cases, serving in a combined CIO/CFO role), CFOs are often a key executive behind digital transformation. Through our growing cloud consulting practice, we have learned three reasons CFOs are choosing enterprise cloud software:
- The “Peace of Mind” Factor
- For Smarter Business Management
- To Cultivate Business Growth and Innovation
70% of the CEOs surveyed last year believe their CFOs need to invest in more cloud-based financial systems.
1. Peace of Mind
Many enterprise cloud software solutions have features and functionality that lessen some of the concerns CFOs are facing, including:
- Security: Rather than worrying about managing (and paying for) hardware, cloud software allows businesses to “outsource” to secure, web-based platforms. This alleviates the burden of worrying about security breaches internally.
- Uptime: Most enterprise cloud software solutions have a guaranteed uptime, usually around 99%.
- Remote access: Cloud software for business makes it easier for employees to access systems remotely, or from mobile devices.
- Tools for governance and risk management: Cloud software can include functionality for monitoring and preventing issues, leading to stronger risk and compliance processes.
- Revenue recognition standards: New revenue recognition standards are accounted for and addressed within enterprise cloud software for financial management.
2. Smarter Business Management
Implementing an enterprise cloud software system that supports the whole business enables smarter management. This includes:
- Eliminating manual processes and disconnected systems
- Modern enterprise system that meets your specific business and industry needs
- One source of truth, with all business information in one system
- Having a system that can scale with a growing business
73% of CFOs trust the cloud for financial data (up from 33% three years ago).
3. Cultivating Business Growth and Innovation
CFOs know the ins and outs of the business they help run, as well as the company’s most valuable assets – including products, people, and services.
Product and Service Offerings
Having your business financials and project management processes streamlined and under control makes room for building innovation off of your existing product and service offerings.
Access to accurate and timely financial information allows the business to make smart decisions when it comes to the risks associated with growth and innovation.
In the case of mergers and acquisitions, enterprise cloud software enables efficiency in quickly integrating new acquisitions and lines of business into your financial and operations system.
Talented employees want the most efficient and sophisticated tools to do their work. Offering them modern software that allows them to do their work quickly and efficiently allows them to not only do the baseline of their job well but to also take on, and solve, new challenges.
Having access to accurate information related to their job and the overall business allows employees to make smart decisions when it comes to managing teams and projects, as well as introducing new ideas.
As an article in Fortune succinctly sums up why finance executives are choosing enterprise cloud software:
They can spend far less time closing the books and far more time helping CEOs and counterparts in sales and marketing deliver on business growth objectives.