ERP Insights >> Magazine  >> February - 2016 issue

Cloud App in Finance: Do ROI Justify the Transformation

Author : Mr. Lakshminarayanan Hariharan, Vice President Client Delivery & IT Enablement
Friday, February 19, 2016

Mr. Lakshminarayanan Hariharan, Vice President Client Delivery & IT Enablement

MyCFO is India's largest and fastest growing brand in the 'CFO services' category working with companies across the ownership spectrum ranging from Family Owned, Private Equity/ Venture Capital backed, Listed, Indian subsidiary of a Multinational to those in the social impact space.

It is recognized that the finance community’s adoption of technology is limited. The view was that each function views the other as a hindrance to their business process flow. While the finance function is driven by the book – accounting standards, compliance, audit, corporate laws and taxes; technology is ever evolving with respect to advancement in platforms, functions, features and access. The change of the millennium bought about winds of change wherein finance function felt the need to crunch the time to record and report, and the technological evolvement was sufficient enough to provide the means. The transition of technology solutions from record keeping to enterprise resource management also enabled considerable freedom in budget allocations for investments in technology.

In this context, the technology that finance is adopting is nothing but the applications that aid decision making in the function or the ability of the application to process transactions and provide a meaningful insight to numbers. The most significant amongst this is the ERP itself, using which there have been smartphones or tablets-enabled applications. Today’s CFO’s need not be bound to their desks to keep track of cash flows, financial dashboards, inventory management, approvals of expenses, transactions, reports etc., which can be achieved by a click or a touch on the devices being used.

While the advent of Internet revolutionized the way transactions are carried out, the new way of getting things done is through apps. A click on the app store will provide solutions for:

• Banking through the apps of the banker
• Money Control, Bloomberg, Stock Watch provide the pulse of the Stock & Forex markets along with the to-date status of the investment portfolio that the CFO manages