Over the past several years, a consensus has grown among CFOs and IT executives about the viability of cloud-based finance systems. Successful implementations of cloud functions such as human capital management, expenses, procurement, and collaboration applications, have led to an increasing number of organizations moving their core finance systems to the cloud.
This report from Financial Executives Research Foundation, sponsored by Workday, provides an overview of the current state of legacy finance systems and insights behind the growing shift to the Software-as-a-Service (SaaS) solutions.
It includes results from a recent survey of more than 200 finance and IT executives. More than 60 percent of the respondents indicated that they were unhappy with the current financial management systems. Fifty-seven percent of the firms surveyed were in the process of, or planning to, replace their legacy finance systems. Four percent wanted to change, but lacked the budget to replace their existing systems.
The report concludes with recommendations to prepare your finance organization for the shift to the cloud, urging readers to “familiarize yourself with the new breed of cloud-based systems for core financial management and the evolving landscape of Postmodern ERP technologies.”
Read the full report now to learn why cloud-based financial management applications are fast replacing on-premises financials.