Posted by aionol | 14 FEB 2018

Do You Trust The Cloud With Your Finances?

CFOs are usually the most conservative of them all, and it’s understandable. In the end they have the responsibility to ensure that all financial transactions (and everything connected to them) are running smoothly – and are protected from any sort of risk. It comes at no surprise then, that the finance department is usually one […]

CFOs are usually the most conservative of them all, and it’s understandable. In the end they have the responsibility to ensure that all financial transactions (and everything connected to them) are running smoothly – and are protected from any sort of risk.

It comes at no surprise then, that the finance department is usually one of the last parts of a business to adopt a cloud solution.

What is Holding Back The Finance Departments?

The transition to the cloud in the finance department is very slow. This is mainly due to the fact that in the first round of adoption, glitches and slip ups caused too much damage for a ready adoption this time around. Rather than going cold turkey, finance departments prefer a slow, but steady approach.

Do You Trust The Cloud With Your Finances?

Do You Trust The Cloud With Your Finances?

A Different System

Furthermore, financial management in-house, and financial management on the cloud are based on very different foundations.

In-house finance departments work on the basis of internally designed grids, specifically created for actions such as portfolio pricing, liquidity analysis or risk assessments.

In comparison, the cloud is based on systems that focus on scalability and agility. As a result, cloud computing in the past has caused latency and other issues that can put financial departments into distress.

Automated Decision Making

The great opportunity that lies within cloud computing for CFOs out there is automated decision making. Financial productivity is predicted to increase significantly whilst costs are declining – and that can only be achieved through cloud computing. Replacing manual accounting methods with automated decision making means that financial analysis will enjoy more time and can focus on areas where human actions is required, such as compliance, fraud detection, and developing new and innovative financial models and strategies.

Iono Inc can help you move your financial department to the cloud so you can greatly improve productivity and performance.

Leave a Reply

Your email address will not be published. Required fields are marked *