The SIIA Software Division released a new publication today featuring commentary and strategic guidance from the chief financial officers and other leading executives of nine software companies, including NetSuite, Avangate and Adaptive Planning. The report, called “Deciphering Finance,” provides unique perspectives on the dramatic changes that technology is bringing to corporate finance, with a particular focus on the impact of cloud computing.
To assemble “Deciphering Finance,” SIIA approached some of the software industry’s most innovative financial executives. Participants discuss how technology is re-shaping the finance industry and corporate finance operations, and most also specifically address the impact of cloud computing – including the use of cloud-based tools for new strategies, business models, data analytics and even cash flow management. The resulting publication is a resource for finance executives looking to better utilize technology to keep their companies competitive in the marketplace. Grant Thornton LLP provided questions for participating executives as well as an analysis of their responses.
While it’s obvious that technology is changing corporate finance, it’s much more difficult to get a handle on how the benefits of these changes can be fully realized. We brought together some of the smartest, most tech savvy finance executives to sort out the value of cloud computing and other tech developments, and provide real-world insight and guidance. If there’s one message contained in ‘Deciphering Finance,’ it’s that CFOs can leave behind their static spreadsheets and find a host of new opportunities on the cloud.
In his contribution to the report, Ron Gill – CFO of NetSuite – writes:
“A substantial gap has opened up between the goals of the finance organization—such as establishing clear business visibility, maintaining an effective internal control structure and process, and ensuring efficient GAAP conformance – and what IT can provide from the current systems. There simply isn’t any budget left for innovation. Cloud delivery changes this equation because businesses are able to recoup 50% or more of their IT application operating costs by making the transition. No more servers, databases, backups, failover, patches, and upgrades. It frees up IT resources to move from an operational role to a strategic role.”
In his foreword to “Deciphering Finance, Steven Perkins – National Managing Director, Technology Industry Practice for Grant Thornton LLP – writes:
“The cloud is accelerating the expansion of deep functionality to support financial operations – as well as dramatically reducing the time-to-implementation. For CFOs historically mired in spreadsheets, the cloud offers the accuracy, scalability, and a platform for global collaboration, enabling strategic insight.”
Rhianna Collier is VP for the Software Division at SIIA. Follow the Software team on Twitter at @SIIASoftware.