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Rethink Financial Systems with Oracle Fusion
In the modern era where the role of the CFO (Chief Financial Officer) is becoming more strategic, there is a growing need to improve the financial sector in most organizations. Cloud computing technology in the finance department is intended to address risks, compliance, and security challenges. The adoption of such technology facilitates digital workflows and enables effective collaboration among previously alienated departments. This helps companies strengthen their competitive advantage and agility in their respective markets.
Some of the ways through which cloud technology automate and improve your financials include:
Improved data security
With cybercrimes costing businesses approximately $600 billion in 2017, it is clear that security concerns continue to be a major concern for organizations. Cloud service providers have tailored their solutions to meet this need, with most of them offering multi-layered encryption and built-in virus and malware protection among other safety features.
Scalability
Cloud computing technology scales to match your company’s growth. Through BI support, an organization can adapt and evolve to accommodate changing customer needs and company goals without investing heavily. For instance, should you experience fluctuations in demand as a result of seasonal changes, you can alter the cloud services to match the prevailing circumstances.
Cost savings
Adopting cloud-based computing implies that there is less infrastructure on site. This means that the costs associated with the repair and maintenance of such are lowered considerably. Besides, most cloud service providers bundle up support, upgrades, and maintenance costs, the total of which is much less compared to on-site solutions.
Automation of manual processes
As companies grow, so does the demand for information and collaboration. Cloud technology adoption in the finance department automates processes, which in turn allow for effective collaboration through enhanced data access, easy generation of discoverer reports, and provision of data analytics tools.
Remote data access
As opposed to passing physical accounting records back and forth, CFOs and employees can access data from wherever they are and through any device. This makes it easy to make informed decisions.
Increased data accuracy
Data accuracy is key to effective financial management in any organization. Manual processes are not only expensive but are also time-consuming and prone to errors. These processes also predispose organizations to compliance risks. Adoption of cloud solutions such as Oracle Fusion HCM allows for the delivery of end-to-end processes automatically.
Let DataTerrain Help With HCM Fusion Reports
If you have been undecided about migrating your finance department to the cloud, you are missing out on advantages such as low maintenance costs, increased data security, and enhanced employee productivity. Contact DataTerrain here and let us demonstrate what advanced HCM reports can do for you and your team.