The Clock Is Ticking On Finance Move To The Cloud

The Clock Is Ticking On Finance’s Move To The Cloud

✦ Overview Of Corporate Finance

Corporate finance groups have an excellent chance to join the ranks of clever second movers when it comes to cloud adoption. The success of Google, Apple, Amazon, and other forward-thinking, patient global companies demonstrates the benefits of not necessarily being first to market. CFOs may also benefit from the lessons learned, best practices created, and confidence acquired from their partner business functions’ and teams’ recent cloud migrations.

✦ Working Through The Steps Below Will Assist You:

  • Consider The Advantages:

The finance team should consider transferring their systems to the cloud. In addition to cloud-migration incentives that ERP providers may offer, these benefits include immediate access to new capability, faster access to future functionality enhancements, and cost savings.

  • Hold Internal And External Meetings To Discuss The Move:

Of course, the timeframe of the cloud migration should be negotiated with other business executives and the financial team. Following these conversations, finance executives should contact IT, information security, and compliance stakeholders to verify that they are on board with the strategy and identify and resolve any domain-specific issues that each group has.

  • Examine The Cost Savings:

While cost reductions are frequently offered as a reason for migrating to the cloud, those generic assumptions and projections should be probed and prodded to see how well they apply to the finance organization’s and the broader enterprise’s specific features. If a pay-for-consumption model is touted as a cost-cutting measure, the finance department should examine current usage levels and projections for future consumption. If a software-as-a-service approach eliminates the need to manage upgrades, maintenance periods, outages, and similar administrative operations internally, operational costs should be carefully examined.

  • Take Into Account The Opportunity Costs Of Inaction:

If a cloud-based ERP architecture lowers administrative and maintenance expenses. The current on-premise approach becomes a higher cost for the company. Furthermore, older systems may not receive the same quality or frequency of feature enhancements. As their cloud-based counterparts, and when they do, such changes take longer and need more resources to implement. 

  • Use Choices To Improve Processes:

Finance executives should view the “lift” to the cloud as a significant opportunity for process optimization. Is it possible to streamline any of the procedures that the ERP system supports? Is there anything in the present installation that is substantially customized and nonstandard that might be simplified before the migration? 

✦ Conclusion

CFOs engaged in a patient and conservative strategy by allowing their excited first-to-market colleagues. To make the initial jump to cloud-based solutions. Optimizing the returns on that decision investment requires being a clever. Second mover to the cloud before the opportunity cost of waiting becomes so high. That it hinders the whole organization’s attempts to gather better, more timely data for decision making and enhance company performance.

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