4 Questions to Ask When Finance Is Heading to the Cloud

For HR and Finance departments, making the move to the cloud not only results in cost savings, but also adds a boost to the strategic role of the Finance department within the organization.

But just when you think it is all about money for people who deal with money all the time, the story line changes.

In a recent survey of executives in IT, HR, and finance, finance executives were more nuanced in their assessment of the cloud technology’s advantages. Not only did they see the value in cost reduction, they also saw the wide range of insights and capabilities within the cloud that caused them to gain a more strategic role in the organization.

Many at the C-level in the finance department of their organizations, found benefits of moving to the cloud to include: productivity improvement, reduced reliance on IT functions, improved data-sharing across departments, enhanced security, improved visibility into real-time metrics, analytics capabilities, and ease of self-service configuration portals.

The payoff for launching a cloud transition could be huge? These 4 questions are critical to ask before making the move:

1) What do you hope to get out of the move? This includes focusing implementation processes around primary problems it wants to solve and opportunities it wants to improve.

2) How much of the cloud does the company want to occupy for starters? Everything may not need to move to the cloud at once. Instead, identify the key elements that should be there and move those first.

3) What’s the overall velocity of the function? Some areas may not have the capacity to handle a move to the cloud. If they don’t yet, consider keeping the move to a set group of people.

4) How much time and energy are available to invest? Consider the value addition of the adaptation of people and processes to the transformation.

As the mix of technologies continue to rise and digital transformation takes hold on many aspects of the IT industry, it is critically important that the burden of supporting these new technologies is also included as a growth factor.

If you want to know how to use cloud technology to the fullest in the HR and Finance departments of your organization, click the link below for more information.

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