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The benefits of the cloud for financial planning and consolidation

FSN Executive briefing

A 2014 FERF (Financial Executives Research Foundation) survey1 reported that the projected use of the cloud for budgeting and planning, financial and management reporting, had virtually doubled in just a year. When the FEI asked its members if they currently use or plan to use the cloud for budgeting, 38% said yes (2013 19%). For financial reporting the figures were similarly effusive;
41% (2013 17%). A 2014 study2, found that only 17% of large enterprises did not anticipate using the cloud for the close process with 29% already cloud-based and the rest anticipating moving to the cloud over the next 2 years, with only 10% taking 5 or more years. So it is clear that most finance professionals acknowledge the inevitability of moving their CPM (Corporate Performance Management) applications to the cloud. It seems that for most of them it’s just a question of when, the type of cloud (private, public or hybrid) and the method of migration. But why is budgeting and consolidation in the cloud so appealing?