Widespread adoption of cloud-based financial technology on the horizon
The financial services sector has been wary of implementing cloud-based financial functions into their organizations
in the past, but a new survey has revealed that this could be about to change.
The Empowering Modern Finance: The CFO as Technology Evangelist report, published by Oracle, Accenture and Longitude Research, polled the opinions of 1,275 finance and line-of-business executives, discovering that attitudes towards cloud financial technology are thawing.
Just under a third (31.2 per cent) of respondents said they would not be making use of cloud technologies for financial accounting, meaning that over 68 per cent are either planning to use a cloud-based financial accounting system or are already doing so.
Over eight-in-ten respondents said they have implemented cloud-based financial consolidation and reporting software within their organisation, or will do so in the future.
Many CFOs are helping their companies make major strides toward the creation of a more productive and efficient technology-enabled finance function through the use of the cloud-based solutions available to them, but the report indicated that there is still a lot of work ahead for these companies and cloud providers.
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