Moving to the cloud has been a hot trend for HCM systems over the past several years. Today, organizations are looking to keep this momentum going by moving finance to the cloud too.
Spending on cloud or SaaS-based applications will increase from 30% of the total market spend in 2015 to 47% by 2020.
Before the Cloud, finance’s best technology was designed in the 1980s and 1990s, leaving them behind as we headed into the 21st century.
41% of surveyed CFOs said their management teams cannot access the data they need, when they need it.
74% of business and IT executives say they need much better real-time analysis of incoming data.
The Cloud is expected to become the dominant deployment model across all areas of financial management applications by 2025.
Gone are the days of being hesitant to move to the Cloud because of security concerns. Organizations are warming up to the idea now, with 88% citing they are more comfortable today than they were two to three years ago. As more and more organizations move their financial management systems to the Cloud, the big concerns have subsided as they’ve seen the benefits far outweigh their original concerns.