Over the past year or so, I’ve written a lot about why cloud applications are better for your business. In some ways, it’s easy to make these arguments in the abstract. But many years ago, my favorite engineering professor bluntly told me: “Without real data, there is no real solution.”
With this in mind, I've selected five real-life customer stories to illustrate—with real data—the real success that companies achieve once they move their finances to the cloud.
A regional US bank deployed cloud financials with planning and budgeting, shortening their close process by 7 days per month. In addition, they saved 17 hours a month on data integrity audits; audits were sped up 10 percent, which resulted in thousands of dollars in savings related to auditor fees.
Down under, a diversified financial services company reported completing their month-end close 50 percent faster using cloud financials. They also consolidated six general ledgers for 60 different legal entities into one.
In Taiwan, a fast growing e-tailer of consumer products, including appliances, fashion and food, is running finances in the cloud to support a 4x growth rate—driven by 5,000 products generating 400,000 orders monthly (and projected to grow to 600,000 in future). The company also reports reducing their month-end close by 50%. With the cloud, they are confident they will avoid adding finance headcount to support their growth over the next 4 years.
Another down-under financial services company moved ERP to the cloud, and is now reallocating IT spend—from a mere 20% allocated for company and product innovation, to a robust 75%. This is a topic I’ve discussed in several postings; too many companies find their IT organizations are in continuous maintenance mode, trying to keep on-premises systems secure, current and operational.
Moving to the cloud let this company shut down two data centers, saving them $385,000 annually. And their sales teams are happier: 600,000 monthly commission payments are processed five times faster.
A concrete and construction materials company in the mid-western United States went from a legacy ERP system to the cloud in ten weeks, which included migrating seven years of data. Now with rapid refreshing of their financial statements—93% faster than their old on-premises system—the company addresses finance issues rapidly and closes the books faster.
This is only a sampling of recent stories from real companies across the globe—and each one reinforces some of the core points I've espoused in this blog over the last year. Companies that embrace cloud applications and leave behind legacy systems run processes faster, support their growth, save money, simplify their financial structures, and move their IT projects from maintenance to innovation activities.
For me, these stories affirm my unwavering belief that moving from last-century concepts (like on-premises systems) to the cloud is the right approach for any organization. These customer stories, and many others, get me going daily.
The great news is, they keep rolling across my screen.
So, as I share my own perspectives about cloud solutions, I write with incredible confidence that the data supports my point of view. Having worked with on-premises software for 15 years, these stories likewise reaffirm my decision to refocus my career on the cloud.
But who cares about me? For you, these stories—any many more—illustrate the plethora of opportunities available to your organization. They reinforce why finance in the cloud is a proven vehicle that is the new norm for any company.
Want to make a process better or faster? Save money? Drive more innovation? The cloud is here to help you reach your goals.
Over the next few months I’ll share more stories, with numbers that continue to highlight the real success of finance applications in the cloud.
Just as they fuel my heartfelt belief in the cloud, I hope that they will fuel your imagination with a profusion of possibilities for your business.