Picture of Lago Argentino with Clouds

CFOs on “Cloud 9”: Cloud to Replace Legacy Financial Systems

The phrase to be on cloud nine, meaning that one was blissfully happy, started life in the United States and has been widely known there since the 1950s; it’s since spread worldwide. It’s said to have been popularised by the Johnny Dollar radio show of that period, in which every time the hero was knocked unconscious he was transported to Cloud Nine. But that wasn’t the origin of the phrase. It’s been around since the 1930s, though early examples show a lot of numerical variability, with the cloud sometimes being as low as number seven or eight or as high as thirty-nine, though seven and nine were most common.

However, now with the advent of cloud computing and services being offered to customers by SaaS and PaaS companies taking away the hassle of managing expensive technology, the term “being on the cloud” has taken a very different connotation. Organizations are starting to use these services for their CRM’s, sales and pipeline management etc. The CFO’s office, which deals with a lot more confidential data, has been a bit concerned about security. This is changing too and a recent report by Accenture titled, “Finance 2020: Death by digital”, has some statistics that will make CFOs take notice.

The report suggests that the by 2020 the CFO’s role will change from cost authority to business value architect. It suggests that the complex legacy systems will be gone and that cloud will take their place for reporting, planning, forecasting and analytics. The report also suggest that 85% of CFOs plan to increase their investment in the cloud.

At EisenVault, we are attempting to keep pace with this changing reality and hope to assist the transformation of the CFO’s office. Our document management system will help CFOs storage their documents on the cloud and retrieve them smartly when required. Our text recognition and meta-tagging ability will help CFOs run reports mine data and build a layer of intelligence. We are hoping that we are partners of CFOs in the digital journey and help them reach a blissful state on “Cloud Nine” literally.

 

Read the full Report:

https://www.accenture.com/us-en/insight-finance-2020-death-by-digital#block-overview