Technology is bringing new worlds of innovation to budgeting and planning. In an age where only the most agile survive, fumbling across multiple spreadsheets and updating expensive on-premises systems is no longer an option. Companies need to evolve and to do that, increasing numbers are turning to the cloud.
In a recent APQC survey, finance respondents said that they spend nearly half of their time on transaction processing-lengthy, manual work such as paying bills, sending accurate invoices, and other routine jobs.
Clearly, in a world where strategic planning and data-driven insights have never been more important, financial busy work is not the best use of employee time.
Forward-thinking companies are finding cloud solves many of these problems. Flying Tiger Copenhagen for example, found that after moving to Oracle Planning and Budgeting Cloud, they saved 20 days per year by replacing spreadsheet collection and uploads with automated data entry and workflows-enabling business analysts and controllers to spend more time on the jobs that really matter. Furthermore, they were able to streamline budgeting and forecasting processes as they scaled up, as well as achieve tighter control of budgets across their 30 markets.
Savings are also to be found in not having to maintain expensive legacy systems, with cloud applications being autonomously patched every month with the latest updates. No bulky hardware or IT investments are required, integration with Oracle ERP Cloud comes as standard, and migrating from existing systems is a breeze-all of which significantly lowers the barrier to entry.
In short, cloud has become an essential tool for future-proofing businesses, keeping pace with competitors, and staying cost effective.