While financial departments within organizations tend to be slow to adopt new technologies, a recent survey from Bill.com found that companies taking advantage of the cloud are getting good results.
Financial services companies saving money through the cloud
According to the news source, CFOs investing in the cloud have found that efforts to deploy the technology have been well worth the effort. When it comes to deploying the cloud for financial programs, such as handling cash flow, accounts payable and accounts receivable, cloud applications can reduce costs considerably and improve operational efficiency.
Bill.com found that turning to cloud-based solutions for financial applications will reduce the average cost of handling invoices dramatically. For a small company that handles approximately 100 invoices per month, the cost without the cloud averages $2,200. The cloud brings that expense down to approximately $750.
Cloud problems for financial applications
The issues with the cloud, at least among CFOs and other financial department leaders, is that they do not understand what the technology has to offer. Many respondents told Bill.com that they do not even know what cloud applications are available to meet their finance-related needs. This cloud ignorance is holding back innovation in the sector and preventing many businesses from making the most of what the technology has to offer.
Making the most of the cloud
Because cloud computing is, on the whole, somewhat unfamiliar to many financial industry executives and workers, the challenges go beyond identifying the right applications to support operations. CFOs also have to make sure the technological shift does not disrupt operations while employees adjust to the solution and try to make it work within their day-to-day routine. Implementing business process management software can play a vital role in this process because the technology helps prevent cloud data from becoming overwhelming.
BPM software is emerging as a key solution in a variety of industries, but the financial sector is among the markets that could be most dependent on the technology. The traditionally conservative approach to IT in finance has created an environment in which many employees are familiar with outdated methods to get the job done and may not be completely comfortable dealing with the pace created by cloud computing and other emerging technologies. Through process automation and tools that put data in the proper context, BPM solutions slow down the pace of data flows from an end-user perspective.
Director of Product Marketing
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