Regardless of your size, industry, or processes, every organization has to accurately manage finances. Effective financial systems help to shrink operational costs, mitigate risks, and provide clear opportunities to grow the organization. A popular modification is shifting internally supported ERP systems to cloud based infrastructure.
Over a quarter of CFOs (27%) have become more involved in operations over the past 3 years, with 15% specifically claiming to be more involved with IT. Changing from internally supported ERP applications to cloud-based infrastructure is a significant but productive challenge that businesses are adopting at a rapid pace.
The trend in moving a locally hosted ERP application to the cloud is fuelled by a few major factors:
- Virtualization: Enable shared use of servers, reducing IT operational cost
- Simplicity: Easily adopt the latest technologies to remain competitive
- Organization: Combat the increasing complexity of IT support requirements for ERP applications
While cost is clearly the primary driver, risk mitigation, improved compliance, and scalability are benefits that many financial decision makers utilize within their organization.