In addition to spearheading the automation of routine financial processes, CEOs are looking to CFOs to take charge of aligning finance systems with the pace and needs of business strategy. Many finance chiefs view this shift as a unique opportunity to solidify their role as digital business process transformation leaders, but it is not without challenges.
In their quest for better alignment of finance and business processes, CFOs sometimes struggle to find reliable, purpose-built solutions that also improve data security and support compliance efforts.
As CFOs face intense pressure to get more done with fewer resources in shorter timeframes, they are coming to realize that throwing inexpensive offshore labor at the problem of manual processing is not a sustainable long-term strategy. Not to mention that poorly structured and ad hoc financial processes wrought by a lack of automation cause disruption throughout the organization.
This is where cloud-based software can help. An overwhelming majority (83 percent) of enterprise workloads will be in the cloud by 2020, according to LogicMonitor’s Cloud Vision 2020: The Future of the Cloud study.
Cloud-based, purpose-built finance solutions such as DocuWare solve key challenges facing CFOs: protect information, ensure compliance and control costs. Plus, the burden of uptime, maintenance, and upgrades are taken off the shoulders of IT and finance.
“With our cloud revenues up by 112% in the first half of 2018, DocuWare has seen an explosive demand so far this year,” said Jürgen Biffar, DocuWare founder and co-president. “We attribute this to the fact that not only does cloud offer uncompromised reliability and data security, but that the subscription model offers a far more compelling ROI than large upfront investments typical in on-premises software. Customers are finding DocuWare a best-fit solution for accounting and finance that delivers high value right away.”
Security and Compliance in the Spotlight
No organization wants to make the news as the latest victim of a data breach that shakes the confidence of customers and stakeholders. Cloud providers such as DocuWare are not just focused on securing your organization’s data; they are responsible for protecting every file of every business using their platforms. They can leverage economies of scale and institutional knowledge to provide security measures that go far beyond what an in-house team could accomplish.
As the risk management leaders of their organizations, CFOs see data security as a top consideration, leading many to appreciate the advantages of cloud-based solutions.
“When we were recommended DocuWare Cloud, we thought that was a good fit for us because we are very comfortable with the cloud software model and the security it offers our information,” said Don Schlorff, CFO and COO, Southeast National Bank.
Security and reliability are paramount in a global environment. Cloud providers have contingency plans aimed at keeping information secure and minimizing disruptions in the event of disasters and hardware failures. Individual companies are not typically able to make similar investments in backup hardware for on-premise systems.
Cloud solutions also help meet compliance and governance demands. Failure to retain and dispose of documents properly can increase exposure to fines and litigation. Cloud software like DocuWare, which provides solutions built precisely for the demands of finance teams, seamlessly captures and maintains retention-oriented metadata for documents and employs disposition schedules for clean and compliant recordkeeping.
GDPR, a sweeping new set of European rules and standards related to privacy and data governance — along with new lease accounting and revenue recognition standards — highlight the need for top-notch compliance and data governance platforms.
Cloud services must be part of the strategic technology roadmap for organizations focused on boosting security, streamlining compliance and seeking cost-effective solutions.
Building on the company’s leading cloud technology and business process expertise, DocuWare Kinetic Solutions for Invoice Processing is a purpose-built, preconfigured solution designed for rapidly capturing and indexing invoices from any source, automatically routing them based on established business rules, and integrating all transactions with an ERP.
For more information on DocuWare’s pre-configured cloud solutions to securely solve, speed up, and streamline common business processes, click here.