This year has been filled with extraordinary circumstances and constant efforts on the part of businesses to remain afloat. The ensuing pandemic has completely changed the business landscape and companies need to catch up fast.
When we talk of cloud technologies as a whole, we realize that most migrations to the cloud are left primarily over to the IT department to contemplate. While its not entirely wrong, we should not ignore many of the other functional areas beyond IT.
Cloud Adoption as a Whole
Where most enterprises tend to get off track is the general perception about cloud migrations. It is often felt that any planned cloud migration is the sole domain of IT personnel, and that rest of the departments need to act as nothing’s happening.
In the present circumstances, this approach may no longer work at all. Even the companies that were on sound financial footing before the pandemic struck are finding it nearly impossible to “make ends meet”.
Therefore, top level finance executives are coming under increasing pressure to reduce operational overheads and improve efficiency. What most Chief Financial Officers (CFO) need to understand right now is that Cloud is not a domain reserved just for the IT.
Related: Key Remote Work Takeaways for 2021
What Does the Cloud Have to Offer CFOs?
The massive remote work scenario imposed by the Covid-19 pandemic has posed a unique set of challenges for finance executives and professionals. The domain of finance is heavily reliant on data collection, consolidation and analysis.
Down the line, the end result of playing around with all this financial data are actionable insights that reveal where a company stands financially, and what’s the best way forward that ensures the viability of the business.
In the present circumstances, it is a need of the hour that CFOs also get serious about the Cloud and how it can solve their unique challenges. In this post, we will briefly touch upon each aspect of the Cloud that makes it a no brainer for CFOs as well.
Cloud Native Accounting and Finance Software
Take the example of dinHVD, which is a flagship offering of Public Cloud Provider dinCloud. It can be augmented with some of the best cloud native accounting and finance software. This means that the finance department can also function under remote work setting.
Data Centrality – A Bonus for CFOs
In case of enterprises with far apart operations, it becomes very difficult to track costs, revenues and other overheads. Add on the challenges imposed by the ongoing pandemic and you may even be lagging behind on critical financial data.
With a cloud powered finance department that powered by, say dinCloud Hosted Workspaces, collecting and consolidating finance related data will be a breeze. This in turn will provide CFOs with real-time financial insights.
Multi Layered Security
By now, leading Cloud Service Providers (CSP) like dinCloud have proved most skeptics of cloud security wrong with their multi layered security protocols. Secondly, we need to change our presumption that only the on-premise infrastructures can be secure.
This was further confirmed via a recent survey conducted by UK’s domain registering service Nominet. Among the top level IT security personnel that were surveyed, 61% regarded cloud based data and apps more secure as compared to on premise ones.
The Cloud Fits in the Bigger Picture
In order to further cement the case for cloud powered services, you have to rise above the traditional debate whether the Cloud suits the IT more or Finance, and so on. Instead, the Cloud fits really well into the overall bigger picture of digital transformation.
Once viewed in this new light, cloud powered technologies would sound much more viable, practical, secure and cost effective as compared to the other alternatives out there. Lastly, why shouldn’t Finance, a critical component of any enterprise, be cloud driven?
The cloud makes perfect sense for CFOs, whether you view it from an operational standpoint or long term financial viability. The bottom line however is that any cloud migration should be well planned and executed for the best results.
Contact dinCloud for best in class cloud services that can be tailored to the needs of your Finance department. The great thing is, our experts will take you along each step of the cloud transformation journey.