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Continuous Financial Transformation is Easier Than it Sounds – FEI Daily

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Have you ever worked in an organization where things are more complicated than they need to be? Where they take longer than they should? Or it seems as though no one really understands what’s going on – or why?

We only asked to point out how complex, confusing, and often unnecessary even the smallest tasks can feel in a corporate setting. So what is it like when you set out to completely and (this is the big one) continuously transform your financial management processes? What is it like to shift from legacy, outdated, on-premise finance systems to the cloud? How complicated and, to be honest, undoable does that feel?

Let’s find out.

A simple explanation.

Intelligent, cloud-based financial management makes your job easier. It makes forecasting and budgeting and cash flow easier. It makes life easier for anyone and everyone in your organization. How? Why?

  1. Instead of waiting until next month for last month’s paper-based data, you’ll see the numbers in real time. For real. You’ll be able to shift from calendar-based closings to continuous accounting. You’ll be able to create and modify planning models on the fly, so you can run virtually any type of simulation in real time. And you’ll be able to imbed controls and risk management directly into your ERP, which helps keep you ahead of threats.
  1. Instead of reacting to change and challenge with all the poise of a sluggish company, you’ll have versatile tech tools that turn on a dime. You’ll have the agility to reinvent business and billing models in an instant. You’ll be able to quickly expand to new markets – adding employees, customers and locations without adding complexity. And you’ll be able to build sustainability into your core processes.
  1. Instead of letting gaps in data and workflows slow you down, you’ll do all your work—with all your critical financial functions—in one place. You’ll be able to efficiently direct liquidity and working capital by linking treasury tasks with core financial processes. You’ll be able to innovate faster, by creating a central hub that harmonizes information from across your company. And you’ll be able to connect finance to the rest of the company by linking data sources, eliminating silos, and providing one clear view for company-wide innovation.

The simple proof.

That all sounds nice…and easy…but does it work?

According to Gartner, Finance organizations are increasingly shifting to cloud core financial management suites, with continued double-digit growth in the market.

In the report, which recognizes vendors as Leaders, Visionaries, Niche Players, and Challengers in a financial management “Magic Quadrant” on the basis of their ability to execute and completeness of vision, Gartner stated that by 2025, they expect 80% of all new midsize core financial management application projects, and 45% of large and global ones, to be deployed in the public cloud.

The report also mentions strengths and cautions for each of the ten cloud solutions recognized in this report. You can see the positions of each vendor here, as well as a host of benefits of transforming away from legacy systems.

Not the least of which is, as you might expect, simplicity.

See how companies like yours are making continual transformation part of their process and to learn more about the tech and techniques it takes.

Neil Krefsky, Head of SAP Finance and Risk Product Marketing

Gartner does not endorse any vendor, product or service depicted in its research publications and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.