Gartner Research

Finance Moving to the Cloud: The Steps to Take and the Benefits You Can Expect

Published: 22 August 2016

ID: G00310413

Analyst(s): John Van Decker , Christopher Iervolino , Nigel Rayner

Summary

After years of lagging behind other domains in cloud adoption, cloud is hot in all areas of financial applications. CFOs and IT leaders need to understand how to capitalize on the opportunities of transitioning finance systems and processes to the cloud without being caught out by the challenges.

Table Of Contents

Analysis

  • Introduction
  • Market Analysis
    • Market Trends
    • Cloud Maturity Varies Across Finance Technologies
  • Key Issues to Address
    • Avoid Technology-Led and Vendor-Led Cloud Adoption
    • Eliminate Unnecessary Customization
    • Make Integration a Shared Responsibility Between Finance and IT
    • Application Support and Governance
  • Key Steps to Take
    • Adopt a Bimodal Approach to Cloud in Finance
    • Decide on Core Financial Management Applications and Financial Consolidation Systems Strategy
    • Identify Finance Capabilities Where Cloud Can Deliver Rapid, Incremental Benefits
    • Develop a Finance Systems Strategy as Part of a Postmodern ERP Strategy
  • Expected Business Outcomes
    • Potential Cost Savings
    • Faster Adoption of New Functionality
    • Possible Improved Usability
    • Opportunities for Process Improvement and Agility
    • Enabling Growth
    • Supporting Business Transformation

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