As much as moving to the Cloud has been a hot trend over the past several years with Human Capital Management (HCM) systems, in today’s world, financial management systems are not far behind. We’re starting to see the activity significantly ramp up within the financial management system space.
So much so, that according to research done by Gartner, the Cloud is expected to become the dominant deployment model across all areas of financial management applications by 2025. So which financial systems are organizations shifting to the cloud model and why is this happening — aside from following the trend in HR?
- 41% of surveyed CFOs said their management teams cannot access the data they need, when they need it.
- 74% of business and IT executives saying they need much better realtime analysis of incoming data.
The majority of the legacy financial systems that organizations are utilizing were deployed and designed in the 1980s and 1990s, some of which have been upgraded along the way but are still utilizing an underlying technology developed in the 20th century.
Do you remember playing snake on your Nokia flip phone? Flash forward 20-30 years and smart phones have eliminated a need for a “flip.” Gone are the days of snake, and with it comes infinite gaming apps to choose from. At the time, flip phones were groundbreaking, but technology has created a completely new way of operating and financial management systems are no exception. As a result, organizations are pining to learn more.
Download the Finance is Moving to the Cloud Executive Brief to learn more.