Two Misconceptions – Moving Your Financial Processes To The Cloud
Cloud Technology: What is holding you back?
72% of CFOs across sectors see the implementation of cloud-based applications as a pressing need in their company. You might be one of them. And there are many reasons for you to move your financial consolidation process to the cloud. Time, scalability, error tracking, automation, standardization, and accessibility, to mention a few. But as with anything else, you should always make an informed decision before you choose your solution.
IS YOUR CONCERN ABOUT ADOPTING THE CLOUD TURNING INTO A MISCONCEPTION?
Before adopting the cloud investigate the concerns you have. But make sure you are not keeping your team from exploring their true capabilities and are wasting time on manual processes due to misconceptions. Misconceptions can stop you from focusing on the advantages the right solution can give you. Thus, let us look at two factors that currently keep finance teams from moving to the intangible cloud from the known Excel.
MISCONCEPTION #1: SIMPLICITY VS. COMPLEXITY – SAVE UP TO 75% OF YOUR TIME.
Are you using manual data entry in your financial consolidation statements? Then it is probably fair to say that you also use an unnecessary amount of time to track down errors during the closing process. Any good software can save you up to 75% of the time used now by making the process automated and standardized. Still, implementing new technology or software can seem complex. And getting your entire finance team to adopt new software and move away from Excel can (and should) raise a concern regarding complexity. Though, in the context of simplicity vs complexity – is the known, always the most simple? Excel is definitely a tool you know and use in finance. However, the time and resources finance teams globally use on large and complex reporting are not simple. In particular, if better tools and software exist, which can save you influential time.
When looking for cloud software, look for a company created by financial controllers or CFOs who know the day-to-day challenges.
According to several CFOs, this misconception in their team halts their movement to the cloud. But the best cloud software is simple to use – and enables the finance team. A cloud solution should not be too complicated but ensures consistency and draws data from the programs already used in the company.
MISCONCEPTION #2: CLOUD VS. ON-PREMISE: DATA SECURITY
With the increase of disruptive technology in business, some of the most trending topics in finance concern data security, cyber-attacks, and lack of access control. Perceived intangible solutions like the cloud vs tangible solutions like on-premise infrastructure can create confusion about data security. One short answer to this is: there is always a risk of cyber-attack with both solutions.
Even Pentagon is converting to a cloud-based solution.
However, it is a misconception to say that on-premise is always more secure than cloud technology. 61% of IT and security specialists believed cloud applications to be safer than on-premises. Your data is backed up and protected in a safe location by people whose only focus is to secure your data. E.g., Microsoft Azure has over 3.500 global security experts working together to safeguard your business assets and data.
Are you ready to look more into cloud technology in finance?
Lack of understanding of how the cloud works is a barrier for many companies. Don’t let this be a barrier for you and your team. Instead, seek out software providers, ask questions, and investigate if a potential software and provider can accommodate your needs. Allowing yourself to ask questions to the software provider creates a better solution for your company. Therefore, be comfortable in your choice and research the types of cloud hosting that exist and suit your team.
If you would like to know more about adopting cloud-based software in finance, read more here.
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