As much as moving HCM to the Cloud was a big trend a few years ago, we’re starting to see organizations ready to bring their financial management systems over now, too—and with much less hesitation. 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. Gone are the days where security was a concern, 88% of businesses are now significantly more comfortable with the Cloud than they were two to three years ago.
But are organizations moving their financial management over simply to be on trend with HR? There’s much more to it.
Organizations are reliant on data, especially good data that is easily accessible in order to deliver strategic impact and growth for the business. 41% of CFOs surveyed by CFO.com said their management teams cannot access the data they need when they need it. Technology has created a completely new way of operating within financial management, especially when it comes to reporting capabilities.
Companies are now set up for success as the shift from transactional to strategic positions companies for growth like never before. If you’ve already made the move to the Cloud with your HCM, it’s time to seriously consider also moving your financial management. You won’t regret it.
We can help you learn more about how you can streamline your finance, HR and services delivery by watching this recent Workday & Alight Solutions webinar.