Becoming a leading financial organization requires the finance function to prioritize key areas like data and analytics, intelligent automation and the accuracy of planning and forecasting solutions. However, many organizations are still using on-premises solutions—software that runs on computers on the actual premises of an organization—rather than secure and agile cloud solutions to host their financial suites.
Traditional software systems are outdated and can pose many challenges for organizations with employees working remotely and for those looking to provide additional value to the organization. So, what’s stopping organizations from taking the leap to the cloud?
Making the move
Successful large-scale technology transformations go well beyond implementation. To be effective, these transformations require an element of change management within the organization. Whether it be redefining the strategy of the finance function, establishing new governance over technology or upskilling current roles, organizations need to take a holistic approach to implementing new technologies. New approaches can inspire and empower employees to embrace change and transition to a new way of working more reliably and efficiently.
Although these transformations can come with risks, the benefits far outweigh the challenges. Cloud-based technologies can transform the way a business is run and are critical to building agile functions that evolve as an organization grows. The key benefits of transforming your finance function include:
- Access to a secure environment with strong reporting capabilities for the finance function.
- The centralization of several systems (Human Capital Management, Enterprise Performance Management and Enterprise Resource Planning) on the same platform.
- A better user experience that provides insights and can enable more informed decision making for the entire organization.
In order to reap the benefits of cloud-based systems, organizations need to find a trusted professional services firm to guide them through the transformation and the right technology to fit their business needs. KPMG works in alliance with leading financial management services like Workday to implement a pre-configured cloud solution enhanced by automation. These services harness the power of data and enable organizations to deliver more value to individual businesses and their customers.
Reaping the benefits
But it’s important to remember that transformation doesn’t stop at implementation. Not only collecting and analyzing data but also taking advantage of next-generation capabilities to improve manual processes are key to deriving maximum value from your finance transformation.
Is your finance function ready to join the growing number of organizations making the move to the cloud?
Let’s chat. Contact me to learn more.