As a CFO called on to provide vital statistics for decision making arising from budgeting, forecasting and planning, it can often be difficult for you to empower your Finance team to give you the real support you require.
The constant demands from your organisation – and the time constraints imposed – often simply don’t allow you or your team to assess new approaches to budgeting, forecasting and planning that will give your Finance team “empowerment”.
The default (but rapidly fading) approach is to use spreadsheets for these tasks – but that approach often isn’t a real solution, it’s just Finance’s instinct to use a familiar, near-at-hand tool.
Finance system solutions are often chosen based on their ability to conform to your current processes quickly – not transform your processes into something new and innovative. But if you want your Finance team to be at their most productive, you need a solution that balances both current processes and innovative new techniques. So what is this solution and what does it include?
In today’s enterprise world, cloud-based budgeting, planning and forecasting solutions can bring plan and forecast data together in one place with Actuals. This saves your Finance team time, enables simulations of what if scenarios and eliminates data duplication. This integrated system provides one backbone for your whole department. You not only improve efficiency but productivity as well.
Cloud-based software is having the most influential impact on Finance teams. How? By empowering them with real-time data analytics, collaboration and reporting. As the Cloud Software market continues to mature, larger businesses are realising that cloud-based solutions aren’t just cost-effective. They increase business agility too.
Of course, we know the initial cost benefits of cloud-based solutions. You don’t have to retain any IT infrastructure or support new applications, upgrades and the like. The software provider assumes all the obligations and responsibilities of the user’s data too. The fundamental advantages are compelling all by themselves.
But it is the other emerging benefits that have proved themselves to empower your Finance team. First, the ability to wind down old systems and ease into cloud-based applications without unnecessary upheaval. The second, to provide Finance teams with a springboard for transformation and innovation in this economy.
As solutions go, one centralised budget model for your whole organisation is an ideal solution for collaboration in your business. One that is accessible at any time via a web browser on a PC or laptop at any time is an empowering tool for you and your Finance team.