Cloud computing has caught on, but some organizations are still hesitant to get on board. Security and privacy concerns were once the main roadblocks, but, over time, vendor offerings have become more legitimate, and many experts say the cloud is nothing to fear. So why has finance been called the last holdout?
Cloud computing is generally split into three broad categories: Infrastructure as a Service (IaaS), Platform as a Service (PaaS) and Software as a Service (SaaS). In SaaS, the focus of this guide, applications are hosted by a vendor or service provider and made available to customers over a network, usually the Internet. A key benefit of SaaS is compatibility, meaning all users get the same version of the software. This in turn leads to easier administration and collaboration, according to SaaS proponents. The market is large and contains numerous, high-profile vendors including Amazon Web Services, Salesforce, Infor and Concur.
Security and SaaS applications for financial management
When it comes to cloud financial applications, the primary issue for most organizations has been security and data privacy. But as time passes and industry experts say that cloud financial applications are proving their worth, executives are now turning their attention to other concerns such as ease of use and implementation. This section of the Essential Guide addresses the misconceptions about cloud security and provides advice on how to discern if cloud financials are right for your business.
Because of finance's compliance responsibilities, CFOs are often hesitant to adopt SaaS, citing data privacy and security concerns, and the IT department often shares the same fears. Continue Reading
To overcome data security concerns, experts say it's important to ask potential vendors the right questions before making the move to cloud. Continue Reading
Not only are industry experts saying that you can trust cloud security for financial applications, they are also saying the cloud might be safer than some of the on-premises applications organizations use now. Learn five reasons cloud security has become a safer option. Continue Reading
An analysis of the questions asked at the Proformative CFO Dimensions conference in NYC showed that end user buy-in, implementation and functionality trumped data privacy as executives’ primary concerns about SaaS financial software. Continue Reading
2Flexibility and ROI-
Benefits of SaaS financial management applications
Once security concerns are assuaged, companies can start to look at the benefits of cloud financial applications. Many large companies have outdated software and will be looking for replacement options while many small businesses are taking advantage of the ease of use and ROI that SaaS financial management software offers. This section examines the flexibility and return on investment cloud financial applications can provide to businesses of any size.
Large corporations aren’t the only ones investing in SaaS financial management software. Small and medium-sized businesses (SMBs) are increasingly turning to the cloud to take advantage of simpler upgrades, subscription payment schedules and easier access. Find out what else is attracting SMBs to SaaS. Continue Reading
As interest and trust in the cloud increases, will 2013 prove to be a banner year for the adoption of SaaS financial management software? Learn what the experts have to say. Continue Reading
One expert says that because many on-premises systems were installed almost 20 years ago, many large companies will be more and more receptive to replacement options such as SaaS financial management software. Continue Reading
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SaaS financial management software adoption and implementation
It’s one thing to tell companies that SaaS financial management software is secure and well worth adopting -- it’s completely another to actually do it. But many have. These articles report the experience of several companies that adopted SaaS applications. Before making the decision, all companies researched SaaS thoroughly. Learn the details of the adoption process and whether the end results measured up to expectations.
The Container Store customized its SaaS CPM adoption only where it had to -- budgeting, forecasting and reporting -- but it did not fully dispense with Excel. How well do the two coexist? Continue Reading
Jordan's Furniture chose SaaS to replace its legacy ERP system when it discovered that SaaS financial management software offered equal functionality at a lower price. Continue Reading
After a careful selection process, Parsons Electric chose Host Analytics, a cloud CPM vendor, for financial management and shortened its budget planning by three months' time. Continue Reading
TripAdvisor took a leap of faith in adopting Workday Financials, despite the vendor not being able to provide a similar customer for TripAdvisor to reference check. Find out how Workday Financials fared for the travel company's domestic and global business. Continue Reading
Everett Truit, CFO of Worldwide Clinical Trials, discusses how cloud-based financial planning software from Anaplan has helped the organization with financial forecasting. Continue Reading