Boosting the business with efficient financial management in the Cloud
As the role of a CFO continues to evolve and expand, one thing remains constant - the need for effective financial management. With increasing pressure to drive growth, reduce costs, and improve decision-making, CFOs constantly seek ways to streamline and optimize their financial processes. Technical innovation is key, and what you seek is unlikely to be found in legacy on-premise systems. By moving financial management solutions such as ERP and FP&A to the Cloud, CFOs can unlock a host of benefits that can transform their role and their organization.
As stated by one of our customers, the University of Salford, when reflecting on their move of their ERP to the Cloud, the principal impact in terms of benefits has been on the finance team.
In this blog, we will explore the specific financial management benefits finance teams can reap from embracing innovations in the Cloud and how this shift can lead to increased collaboration between the Offices of the CFO and the CIO
The Cloud unlocks the potential for CFOs to transform their role and drive their organization forward
Cloud technology offers a world of benefits when it comes to financial management. The essence lies in the ability to leverage the power of the Cloud to streamline and optimize financial processes, to say goodbye to cumbersome on-premise systems, and to embrace agility, scalability, and flexibility.
One of our customers, the University of Salford, stresses that with information now more easily accessible and in the correct format, it is easier for staff to work with. Functionality is available to more users, decision-makers are in a better position to review information, direct funding goes to the relevant areas, and, ultimately, the university is empowered to create a better environment for staff and students.
This opens up a whole new realm of possibilities, from cost savings and enhanced financial reporting to improved risk management and compliance efforts. The innovation available in Cloud solutions unlocks the potential for CFOs to transform their role and drive their organization forward, especially when organizations are facing substantial growth, such as Qvantel:
Unit4 ERP is an instrumental factor in setting the company up for continued growth internationally, with a transformation to dynamic forecasting, planning, and tracking globally. It also empowers people for common direction, faster decision-making, and agility.
Also SQLI is a fast-growing business, and being in the Cloud is helping them unify processes across multiple different operational entities to empower their finance teams and drive further growth.
Empowering collaboration between the Offices of the CFO and CIO
The role of the CFO and the CIO has become increasingly intertwined. Cloud technology enables a collaborative approach between finance and IT that is critical to the success of any modern business. Technical innovations support finance and IT teams to share real-time data and work together seamlessly.
This collaboration is essential for any organization looking to optimize business processes and provide greater visibility and transparency, making it easier to manage risk and ensure compliance with regulatory requirements.
With access to the same data and analytics tools, the two teams can work together to identify potential problems and address them proactively, as well as harness the power of technology to drive strategic initiatives for the future of their organization.
No other investment can boost financial efficiency at the same level as a move to the Cloud
Cloud solutions unlock a world of financial management advantages and CFOs can experience a wide range of benefits that can revolutionize their role and transform their organization, including increased efficiency and productivity, improved scalability and flexibility, enhanced collaboration and communication, and access to real-time data and analytics. CFOs can streamline processes, reduce costs, and make data-driven decisions faster and more accurately. At Qvantel, the move to the Unit4 Cloud has already improved operational efficiency by 30%.
For our customer IO Interactive, the difference Unit4 ERP in the Cloud makes is tangible – it frees up key personnel to really focus on the task at hand. They can spend time on high-value reporting and analysis, consulting with management as an internal business partner to help data-driven decision-making, inform investment, and drive the future direction of the business. “The ultimate advantage of Unit4 is that our people can work faster and smarter. Process automation means we can channel resources away from tedious, repetitive, back-office tasks toward creating exciting new games like HITMAN and Project 007.” says Ammara Ghulam, Head of Finance, IO Interactive
The Cloud also offers improved data security and compliance, mitigating risks and ensuring regulatory compliance. One example stated by the University of Salford was to provide access to budget holders so they can build out their own detailed reports rather than have the finance staff do it for them.
Click to read How Cloud ERP can change your organization for the better gated
Cost savings
Running your finance systems in the Cloud brings significant cost savings for your organization on infrastructure costs, eliminates the need for hardware and maintenance, and reduces IT staffing expenses.
With the Cloud, you only pay for the resources you actually use, making it a cost-effective option. It eliminates the need for expensive software licenses and upgrades, saving money in the long run. CFOs can redirect those cost savings toward other strategic initiatives, such as growth and innovation.
Enhanced financial reporting and data analytics
With Cloud-based solutions, finance teams can access real-time financial data from anywhere, at any time. This means they can make informed decisions faster and more accurately. It also provides advanced analytics capabilities, allowing CFOs to dive deep into their financial data and gain valuable insights.
These insights can then be used to identify trends, uncover hidden opportunities, and drive business growth. Cloud technology enables seamless integration with other systems and tools, making consolidating data and generating comprehensive financial reports easier, empowering finance teams to effectively manage their organization's financial health and drive strategic decision-making.
Risk management and compliance
Digital transformation, powered by Cloud technology, strengthens the ability to mitigate risks and ensure regulatory compliance. CFOs gain access to real-time data and analytics, allowing for a proactive and holistic approach to risk management.
The Cloud enables secure data storage and backup, reducing the risk of data breaches or loss. It also offers enhanced compliance tools, automating regulatory processes and facilitating audit readiness so CFOs can bolster their organization's risk management and compliance efforts, ensuring stability and adherence to regulations.
Real-time data accessibility
With Cloud-based financial management solutions, finance teams can access real-time financial data from anywhere, at any time. This allows them to stay updated on the organization's financial health and make decisions based on factual and up-to-date information.
Real-time data accessibility eliminates the need to rely on outdated reports or manual data-gathering processes. This enables CFOs to make better decisions based on financial insights, monitor key metrics, and proactively identify opportunities or challenges.
Final thoughts: why this is the right time to make the move
The benefits of Cloud technology for CFOs are undeniable. The agility, scalability, and flexibility that Cloud-based financial management solutions offer can revolutionize the role of a CFO.
With increased efficiency and productivity, enhanced collaboration and communication, and access to real-time data and analytics, Cloud solutions provide CFOs with the tools they need to streamline processes, reduce costs, and make data-driven decisions.
The significant cost savings and enhanced risk management and compliance efforts are game changers. Today’s CFOs cannot afford to ignore the innovation Cloud solutions enable, and to unlock the full potential of your financial management processes.
What Unit4 can do to help your organization on your Cloud journey
Be inspired and learn best practices from other organizations – click here to hear the stories from the CFOs of IO Interactive and Qvantel as they share their Cloud journey in these inspiring short videos and customer stories. Or learn how Unit4 can support the success of finance leaders on this page.
