View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. Technology
  2. Cloud
October 11, 2017

CFOs move to embrace the cloud but it’s not smooth sailing

But no one knows where all their data is.

By James Nunns

The cloud, for many businesses a vital tool that’s transforming their business, but for financial organisations it has been about as trustworthy as Augustus Gloop in Charlie and the Chocolate Factory.

However, that image of the cloud being unsafe for financial data seems to be changing, with Adaptive Insights’ global CFO survey reporting that 73% of CFOs now trust the cloud – up from just 33% three years ago.

“The cloud enables a level of data access that Finance teams need in order to meet the demand for accurate, real-time information from across the enterprise,” said Robert. S. Hull, founder and chairman at Adaptive Insights.

“This quarter’s report validates that CFOs are embracing cloud technology for their financial data. However, despite this shift, the majority of CFOs still do not have a single source of truth for their organisation, delaying decisions. This lack of agility results in documented losses in revenue and business opportunities.”

Although there’s growing confidence in the use of the cloud for financial data, many CFO’s are said to not have yet “hit their stride in achieving a single source of truth,” according to the Adaptive Insights CFO Indicator report.

2017 CFOs IndicatorQ3_1000x550

The main reason for this is due to the cost being too high, resulting in many continuing to use Microsoft Excel spreadsheets or IT-managed data warehousing solutions.

Content from our partners
Green for go: Transforming trade in the UK
Manufacturers are switching to personalised customer experience amid fierce competition
How many ends in end-to-end service orchestration?

Given that CFOs expect to see an increase of 25% to 50% in data volume over the night five years, it’s probably wise that something other than Excel spreadsheets are used to track all the data, especially as Finance is increasingly likely to have to track down data points from outside Finance.

 

Sage Business Cloud: One cloud to rule them all

 

GE selects AWS as preferred cloud partner for digital transformation

 

Splunk CEO slams ‘Ludicrous Larry’, offers free cloud trial zinger

 

Fortunately, only 21% of CFOs are not currently working on a single source of truth, however, that’s up from 17% two years ago and it’s all the fault of costs, legacy solutions and data sources.

The problem is that if finance departments don’t have access to all the relevant data they require they are unable to make timely critical business decisions. The report found that only 35% of CFOs are confident that they have access to the financial and operational data they need to make these critical business decisions.

Topics in this article : , ,
Websites in our network
Select and enter your corporate email address Tech Monitor's research, insight and analysis examines the frontiers of digital transformation to help tech leaders navigate the future. Our Changelog newsletter delivers our best work to your inbox every week.
  • CIO
  • CTO
  • CISO
  • CSO
  • CFO
  • CDO
  • CEO
  • Architect Founder
  • MD
  • Director
  • Manager
  • Other
Visit our privacy policy for more information about our services, how New Statesman Media Group may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.
THANK YOU