Cloud-based computing has taken off for several reasons. Among them are reduced costs, the wide variety of solutions and unlimited storage space. What’s more, updates are conducted automatically and data is securely protected, even as it is accessed more easily.
Flexibility and continuity, along with scalability and improved collaboration, rank high on the list of benefits as well. Those factors and others are likely to be why you’re considering deploying cloud-based finance management. Which is fine — as long as you’re careful to ensure the following factors are in place.
Genuine Cost Benefits
It’s the first advantage touted by most vendors, and it’s usually a solid one. However, taking cost savings for granted without specifically running the numbers is a mistake. There are situations in which it might be to your gain to buy your own software and manage it on your own. There might also be accounting advantages to derive from owning your platform, as you can depreciate it and take advantage of the tax savings to be derived from doing so.
Compatibility Issues Mitigated
Having migrated to the cloud, you could run into situations in which applications are incompatible. How will you access data from a multiplicity of cloud-based platforms? Can it be accomplished in a seamless fashion? You’ll need to be certain your cloud solution can support solid point-to-point integration if it is inherent to your operations.
Specific Needs Met
Standardization is integral to the profitable functioning of cloud services. In other words, these systems are configured to be as many things as possible to as many people as possible. However, there are instances in which certain sets of circumstances dictate individual capabilities. Does the platform you’re considering offer customized solutions to embrace your particular requirements?
Organizational Fragmentation Avoided
Another of the key benefits of cloud-based platforms is the democratization of data. Cloud users can develop their own queries, run their own reports and access vital information with no need to wait for someone in IT to execute their requests, produce the resulting reports and deliver them. While this looks like a real plus at first glance — and it is — there are some consequences to consider.
The potential for disintegration is high when everyone is free to operate autonomously. This can result in data disconnects, which, in turn, can impede the accuracy of analyses. Moreover, this can result in unanticipated redundancies. You must ensure that your deployment is carefully crafted and standardized.
Cloud-based finance management with a platform like Workday Financials brings with it significant rewards in this regard. However, to derive the greatest benefit from deploying cloud-based finance management such as this, working with a partner like Mercer will ensure seamless integration and implementation.
Security Concerns Addressed
Cloud services providers go to great lengths to ensure the security of data. However, nothing can be more secure than a closed network with no connections to the outside world. On the other hand, flexibility goes right out the window with such a strategy, so it’s critical to ensure your cloud services provider has taken all possible steps to secure your data.
Post Deployment Success
Speed, efficiency, and reduced costs are three of the cloud’s biggest draws. One of the key factors driving the cost savings is the fact that cloud-based solutions come with built-in IT. Deploying cloud-based finance management with an experienced application management provider like Mercer will ensure a solid return on your investment by reducing your operating costs, increasing your value to investment ratio, and delivering the ready accomplishment of your prescribed objectives.