CFOs beginning to appreciate the cloud, study says
The cloud is becoming increasingly popular in the private sector, especially among CFOs and other finance-related executives. This was highlighted in a new study by Bill.com, which polled more than 350 CFOs and found that when these decision-makers adopt the cloud, they quickly realize the significant cost savings associated with the technology.
"Early adopters who have switched to cloud-based financial systems told Bill.com they have greatly improved both their accounts payable and accounts receivable processes," said Rene Lacerte, founder and CEO of Bill.com. "We are gratified to see financial professionals take advantage of all the savings and efficiencies that only the cloud can bring."
However, many financial executives are still slower than many other departments in their full adoption of the cloud, the study noted. Slightly more than 64 percent of respondents said the biggest challenge that slowed their adoption of cloud computing was integrating the technology with existing systems. Another 54 percent said security was an issue with the cloud, while slightly more than 43 percent said it was difficult introducing and embracing a new way to do business.
The benefits of conducting financial operations in the cloud
Despite some of the challenges associated with migrating tasks to cloud-based environments, CFOs are taking the plunge and experiencing a number of benefits. Many financial executives found that putting their accounts payable process in the cloud allowed them to cut work time in half and cut costs by upward of 50 percent, Bill.com reported.
Furthermore, the adoption of web hosting services enables firms to eliminate their reliance on physical paperwork and adopt paperless work styles, which was important to more than 85 percent of survey respondents, according to Bill.com.
These benefits were echoed in another report by ISACA, which said the cost benefits and productivity improvements are among the cloud's most notable qualities.
"Cloud computing presents a unique opportunity for enterprises - and is particularly a game-changer for small and medium enterprises because its availability means that technology infrastructure is not the market differentiator it has been in the past," said Ramses Gallego, member of ISACA's guidance and practices committee.
As the cloud becomes more well-known and appreciated throughout the private sector, a larger number of departments will embrace the technology and experience the financial and efficient benefits associated with doing so.
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