Drive Business Agility with Cloud-based Finance & Accounting Operations (FAO)
by Navin Gupta, on Nov 23, 2022 9:10:15 PM
Estimated reading time: 2 mins
Key takeaways from the blog
- Cloud-based FAO solutions easily integrate and synchronize with On-premise legacy platforms.
- Intelligent Automation is the binding factor that systematically integrates the overall architecture.
- It supports real-time business visibility. It supports faster decision-making and agile leadership.
Finance and Accounting Operations (FAO) revolve around a mesh of multi-generation technologies and systems. Most of these systems are standalone siloes housing critical business data that cannot be risked for leveraging digital transformation. The enterprise data is scattered over a host of such siloes. As a result, the management teams are able to have a business overview only after periodic closures – either quarterly or half-yearly. The closures are long winding and people-intensive processes, frequently involving data entry across multiple systems. The resulting latency and hence the myopia is detrimental to decision-making and business agility.
Business leadership teams frequently require to make faster decisions with high confidence. Lateral thinking is possible with a limited data set. A humongous amount of enterprise data is not easily palpable for having a quick understanding of the overall inflow and outflow. As businesses invest in new generation Cloud-based data management applications to overcome the lack of agility and data transparency, they need to increasingly bring their earlier data management platforms onto the Cloud. This may not be always possible due to the risk of losing data. The most obvious solution to this predicament is using agile Cloud-based FAO solutions and using Intelligent Automation to synchronize the data with your siloed FAO legacy investments.
Leverage Cloud-based FAO Solutions for Agile Leadership
Cloud-based FAO solutions have Intelligent Automation and Workflow management at their core. The same technology also enables legacy synchronization. As per global analyst firms, 90% of digital platforms that fail to support Cloud operations will be decommissioned in a couple of years. However, a common overview of the entire distributed operations is important.
Hybrid Cloud platforms that overlook the integrated On-Premise and On-Cloud FAO architecture are critical for agile operations, data transparency, real-time business overview, financial governance, and decision-making. Hence Augment-Automate-Simplify is the mantra ahead on a diverse and distributed business landscape. It drives continuous business agility.
Cloud-based FAO operations support future-proof business and data ecosystems as they leverage innovation at scale along a common data fabric. The cohesive unit not only supports higher levels of automation but also agile leadership and decision-making in an ever-changing and dynamic business landscape.
Cloud-based FAO solutions that easily integrate with the business ecosystem and the overall data fabric offer a superior platform for real-time data analysis and planning. The solutions provide in-built real-time data visualization and self-service analytics that supports agile business leadership and faster decision-making.
Benefits of Cloud-based Finance & Accounting Operations (FAO)Cloud FAO solutions primarily support agile decision-making and bring to table a plethora of business benefits –
- Self-service Analytics: They offer real-time snapshots and business overviews anytime, anywhere, and tools for do-it-yourself analytics.
- Workload Management: They eliminate workload overruns, manage workloads, and optimize operational costs.
- Federal Compliance: They enable the fulfillment of all compliances and business regulations mandated by the state/federal governments from time to time.
- Higher Efficiency: They help drive productivity and efficiency of business management roles through the leverage of technology.
Cloud-based Finance and Accounting Operations platforms easily integrate with the On-premise legacy architectures with the use of Intelligent Automation solutions. The holistic ensemble allows real-time business visibility for agile decision-making in an increasingly changing business landscape.