What is driving CFOs and CIOs to move more quickly to cloud EPM? Faster deployment is one reason, but there can be clear financial benefits as well, which can continue to increase over time as businesses add more users, and the ongoing addition of new features helps increase user productivity.
Facilitating Mergers and Acquisitions
After a merger/acquisition agreement has been signed, it can take several quarters (if not years) to fully integrate data from one system into another. In some cases, organizations don’t even try, despite the inefficiencies and risks of separate systems. In the past, lengthy business process alignment and manual data conversion was the only answer. With cloud-based systems, however, the transition can be much faster and less costly, with seamless access to tools and information for all authorized users, and a quicker realization of the strategic benefits that drove the merger.
The Flexibility to Enter New Markets and Take on New Initiatives
New offices, factories and distribution centers put a strain on line-of-business managers, not to mention the additional burden on the accounting and finance teams. These constraints create both financial and logistical challenges to expansion. Cloud-based EPM systems can enable IT and finance especially to support newly established or acquired offices without many of the locked-in hardware, integration, and support costs previously required, making it easier for businesses to seize new opportunities as they arise.
Updates as a Service
Instead of a lift-and-shift upgrade process that must be planned months in advance, with the cloud you receive automatic, secure updates installed by the vendor on a regular basis.
In our guide, Performance Management Transformed, we look at why CFOs are embracing the cloud and driving the digital transformation.