Financial Modeling in the Cloud

Financial Modeling in the Cloud



so nowadays over 50% of organizations are still living in spreadsheets or access databases on premises or they might have an old legacy on-premise solution and one of the things the cloud really does is it allows those FPA professionals and accounting professionals to move from spending over 60 or 80 percent of their time compiling information and trying to make sense of that information in multiple files and it really allows them to automate that process and to move to a seamless workflow and task list where they can really do the planning automate in a non more automated fashion scuse me and also be able to better share information and spend most of their time really analyzing rather than compiling and trying to make sure that things are accurate so the great thing about cloud based modeling in these solutions is they're now able to do things that you could never do on premise in a spreadsheet for example you're able to share information allocate different across different drivers and really do calculating in a very different way and move to some more thought leading FPAA processes like rolling forecasting like tying together strategic finance and the budgeting process and so there's many many organizations literally hundreds if not thousands at this point who already moved to a cloud-based solution an example of that that we're working with right now is the University System of New Hampshire they have four campuses and in New Hampshire and they're trying to centralize their cost centers and pools to be more efficient and using the public's money against their educational process and so what they did is they automated on a planning tool and now they're able to see how their IT finance and HR spend in general and administrative really gets allocated across the organization so that they can do a better job utilizing the public's resources towards their mission you need to make sure you have the right team involved from a managerial and stakeholder perspective to get people sort of rowing the same direction towards a successful initiative outcome in order to do that you need to make sure that you have people from finance IT and HR all involved early and in the process also very importantly you all really want to make sure that you sell it to the people in your organization as being a carrot and not a stick and what I mean by that is it's very very difficult these days for any of us because we're so overwhelmed by information and there's so many demands on our time that changing a process like our day to day FPA sort of budgeting or forecasting process can really make our lives less efficient and effective so really what you want to do is make sure you find ways for people to see that this is going to make their lives better and communicate that with a communications plan and training program to make sure that people are comfortable with the change and not just feeling like it's being done to them

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