A recent survey “Empowering Modern Finance” illustrates that CFOs are looking to the cloud to modernize finance. The study, carried out by Longitude Research on behalf of Accenture and Oracle says that more than two-thirds of executives claim to have either already adopted a cloud-based system in some part of their organization for core financials (24%), or are planning a roadmap for doing so (45%). Although not part of the survey, organizations are turning to cloud deployment for financial governance as well.
It is easy to understand why, because the advantages are so compelling. For instance, the scalability, immediacy and accessibility of the cloud removes many of the barriers to enterprise deployment, enabling businesses to responsibly and responsively distribute financial governance capability wherever it is needed. At Trintech, we call this “Controlled Agility.” This gives management crucial visibility into the status and progress of issues, task and activities no matter how far-flung the matter is from the corporate center – something that is more difficult to achieve in the “on-premise” world.
Finally, the effectiveness of financial governance is highly dependent on collaboration between individuals whether it is remediating the reconciliation of high risk balance sheet accounts, monitoring whether controls have been applied or steering a complex statutory disclosure document through multiple stakeholders. All of these activities depend on high levels of real-time participation and user access which is made more practical and scalable in the cloud.