CFOs Weigh In on Benefits of Cloud Computing —Accounting Web

Survey Shows Half of Respondents are Considering Cloud Solutions, and Three Quarters Believe Cloud Strategies Will Be Important for Their Firm’s Success Within 12-18 Months

Christine Camara at Accounting Web reports that a majority of top finance executives in US companies foresee Cloud computing lowering costs and helping their businesses succeed in the near future, according to a new survey – The Business Value of Cloud Reporting: A Survey of Senior Finance Executives.  More:  

he survey – sponsored by Google and conducted by CFO Research, the publisher of CFO magazine – is based on 310 electronic responses from senior finance executives working at large US-based companies.

Because CFOs are increasingly becoming key players in making IT decisions based on potential savings and the generation of new business, survey researchers wanted find out how CFOs are feeling about Cloud technology. Overall, survey results show that the majority of finance executives are impressed with Cloud computing and see it as part of their company’s future: 

• 76 percent said a “solid Cloud computing strategy” will be important for their company’s success within the next twelve to eighteen months. 
• 52 percent say their companies are in the process of considering or implementing a Cloud-based system.
• 40 percent of respondents said their companies consistently include Cloud-based options alongside on-premise options when evaluating new systems.
• 12 percent say they already prefer Cloud-based systems over traditional on-site servers.

As is to be expected, the cost-savings associated with Cloud technology is important to respondents:

• 71 percent said their largest Cloud computing project resulted in lower hardware costs.
• 66 percent said they saved money on system backup and data recovery.
• 66 percent noted a reduction in software costs.
• 59 percent saved money on labor costs associated with IT.
• 64 percent said complete implementation of Cloud technology would lower operational costs by up to 20 percent.

Matt Surka, research editor at CFO Research, said executives also envision Cloud computing helping IT departments focus on what is most important. “The Cloud certainly offers cost savings, but finance executives are most interested in using the Cloud to redirect IT resources to high-value activities – not strip resources out of IT.”