What’s the Impact of Cloud ERP Solutions on the Finance Department?

The finance department is typically seen as being conservative and slow to embrace change. However, there are definite benefits to embracing technological change, such as cloud technologies. One particular application, ERP systems, has moved to the cloud.

This article examines the impact of cloud ERP solutions on the finance department. Read on to learn why a cloud ERP solution might be the right fit for your organization.

The Transition to the Cloud

Although cloud technologies aren’t new, they are still constantly developing and evolving. Cloud ERP technology continues to gain traction amongst finance departments.

However, not all transitions are seamless. While the cloud offers a number of benefits (which we’ll address shortly), there are also some considerations finance departments have had to keep in mind when making this switch.

They need to consider how a cloud ERP solution fits into their overall business strategy so they can achieve the best possible results. Moreover, they need to determine which functions and data will move to the cloud, and which will remain on-premises. Is the infrastructure even ready for a cloud ERP solution?

As cloud migration is a big step, finance departments must ask themselves whether their staff is ready to accept this change, and if not, what steps (such as training) must be taken. Data is another major issue – who’s in charge of it? How can you secure it? What kind of SLAs does your service provider have to ensure you’re both safe and operational?

These are subjects the finance department most likely didn’t have to think about before the advent of cloud technologies. That being said, taking the time to work through these issues will yield a successful deployment of a cloud ERP solution.

What Are the Benefits of a Cloud ERP Solution?

What kinds of benefits will you reap if you deploy a cloud ERP solution?

For a start, it’s a lower investment than an on-premises deployment of an ERP system. You’re not purchasing infrastructure, and you don’t need the staff to maintain it.

In addition, you no longer need to handle updates. The service provider takes care of all that, so you don’t need to divert precious human resources away from mission-critical tasks.

Cloud technologies are also scalable. Need to add more users? Not a problem – it can be done quickly. If you want to add more users with an on-premises ERP system, you need to invest in more hardware, which requires time and planning.

The biggest advantage to using cloud ERP solutions is that they give you a competitive advantage. They give you fast results and allow you to collaborate in ways that were previously impossible with an on-premises solution. Most likely, your competitors are already using some kind of cloud solution to stay agile in an uncertain market. In today’s business world, not using cloud technology sets you behind. Cloud ERP solutions are one example of technologies that allow finance departments to excel and drive productivity gains across the firm.

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