Many changes have happened in the world of finance, and cloud technology is surely the most significant change with the most potential for strategic possibilities. Better utilization of this tech tool can create for better alignment with the different people and processes involved in your company. Some good suggestions to this end are given here as outlined by Tom Kelly, T-Edwards and Bill Aiken, Abacist Group.
Information Access Is Changing
Using Cloud technology for your financial planning can give you far more control over the way information is utilized and input. The following is a list of some of the modern attributes of information that tend to be far different than things were before the modern era of tech came to be:
- Information Is Real Time
- Information Is Always Accessible
- Information Can Be Found On Many Devices
- Information Is What It Is All About
All of these attributes can make or break your financial planning strategies depending on how you handle it. Utilizing the trending Cloud technology is the best way to make all of these data attributes a positive thing for your company.
Real Time Information
Information now changes at a rapid pace. With the use of cloud technology, you can be aware of these changes as they happen. Without this kind of technology, by the time you learn about changes, more changes have been made. Investing in Cloud technology means you will always be kept abreast of what is happening.
Embracing the cloud is especially important for financial departments. Changes in the world of economics and other such industries is constantly changing at a rapid pace. This data is far more important in the financial world than in any other department. Finance runs everything else, so financial information needs to always be accurate and up-to-date. The Cloud can do that for you.
Accessibility of Information
Information is always accessible, but you have to be investing in the technology that will provide you access to these data points. That is what the Cloud can do for you. The Cloud makes it possible for you to gain information and pass it along to those who need it instantly.
Another good point to remember is that there are many of your competitors who have properly integrated the Cloud into their every-day processes. Failing to do this in your own company means you are lacking constant access to the same information that your competition is using to shape their financial planning strategies.
Importance of Mobile Devices
Your business has to be mobile now. That is the way things are run at this point. When you have a good Cloud platform in place, it can be accessed by any mobile device at any time. This means that you will have the ability to educate yourself, communication important information, and make vital changes wherever you are.
This gives you a lot more control over the decisions you make, and more importantly, allows everyone to work off of the same information. This will lead to more effective and meaningful decisions.
Utilizing this facet of the Cloud technology will mean investing more money in the right devices for the people you need to be monitoring the data coming in. With the way this offers a holistic view of the way things work, the investment of time and money will be well worth the price.
Information Is the Key to Success
When you are trying to increase the productivity in your organization, it is vital for all departments to be better aligned. The Cloud makes this possible. Many finance professionals are aware of how helpful it can be for them to have a good holistic view of the company, but that is not the whole truth of it. If you really want things in your company to be organized and streamlined in the most cost effective and compatible way possible, then EVERYONE needs to have a holistic view of the company.
When you store data in a Cloud system, and monitor a work flow in a fashion where everyone can see what is happening and when, things will make a lot more sense. This will engage far more collaboration which means you will have people pointing out important flaws, and making good corrections and additions in real time.
It has long been held that communication is the key to business success, and that is really the truth. Cloud technology offers more tools for communication and makes the exchange of important data easier and faster than ever before.
Finance Should Own IT
The Cloud will solve a lot of problems and create a lot of opportunities, but it will have to be maintained and tweaked on occasion by the IT professionals. As the Cloud will be intimately connected with finance, which is the heart beat of any company, it makes good logistical sense that the IT department should be formed as a branch of the finance department.
This is a huge change for most companies, but where the Cloud will dictate much of what happens in a company, it really can maintain the feeling of connectivity and transparency that is needed. Finance and IT should have a good working relationship, so any needed changes on that front should be made as soon as possible.