Cloud Financial Apps Then and Now: Study Reveals Why CFOs Are Cloud Ready

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Cloud Financial Apps Then and Now: Study Reveals Why CFOs Are Cloud Ready

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Video & Slides: http://www.proformative.com/events/cloud-financial-apps-then-now-study-reveals-why-cfos-are-cloud-ready ...

Video & Slides: http://www.proformative.com/events/cloud-financial-apps-then-now-study-reveals-why-cfos-are-cloud-ready

The adoption rate of cloud financial applications continues to explode at companies of all industries and sizes. CFOs at these companies are leveraging these applications to drive growth and competitive advantage. Join Brian Sommer, accounting software expert, and founder of Vital Analysis and Tom Brennan, VP, FinancialForce.com, as they discuss the findings of in-depth interviews with CFOs and a subsequent research report, revealing how attitudes towards cloud financials have changed in recent years, and why the adoption rates are rising. They’ll highlight the unique, often enlightening perspectives on why CFOs are embracing cloud financial systems today and the specific benefits they are seeing from their implementations.

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  • 1. Ask, Share, Learn – Within the Largest Community of Corporate Finance Professionals Cloud Financial Apps: Then & Now Brian Sommer, Founder & CEO, Vital Analysis Tom Brennan, VP of Marketing, FinancialForce.com
  • 2. After participating in this event you will be able to:  Understand the top reasons why executives made the shift to the cloud - then (3 years ago) and now  Why cloud financials have fast become the preferred solution over on-premise systems  Understand the future path of cloud financial systems in building a more connected front and back office
  • 3. Proformative is the largest and fastest growing online resource for senior level corporate finance, treasury, and accounting professionals. A resource where corporate finance and related professionals excel in their careers through:  Uniquely valuable, online Peer Network  Direct subject-matter-expert advice  Valuable Features and Resources All of it completely noise-free Check it out at www.proformative.com
  • 4. Ask, Share, Learn – Within the Largest Community of Corporate Finance Professionals Cloud Financial Apps: Then & Now Brian Sommer, Founder & CEO, Vital Analysis Tom Brennan, VP of Marketing, FinancialForce.com
  • 5. 1960 - 1980 SaaS Cloud 2010 - Present Proprietary Platforms 1980 - 1992 Web Enabled 2002 - 2010 Client Server 1992 - 2002
  • 6. TALC Buyers classifications • Innovators - first to experiment with new technologies, willing to take risks • Early Adopters - the next wave of firms to adopt a new technology • Early Majority - buy from established vendors, less apt to take significant technology risks • Late Majority - wait for markets to settle, only buy from established leaders, not looking for competitive advantage in software selection - instead want competitive parity • Laggards - last to buy a given technology and are exceptionally cheap
  • 7. • CRM, Human Resources, Talent Management, Office Automation, etc. are well into their cloud adoption phase – Is Financial Accounting the next sector to move? • Will the use of cloud technology in other departments make Finance adoption easier? • Will the same reasons for moving to the cloud in other departments also hold true in Finance? • Has the CFO/Controller’s mindset changed re: cloud financial accounting software?
  • 8. Marketing Surprise! Many CFOs reported using 5 cloud applications in their firm. • • Eloqua Marketo Finance • • • • FinancialForce.com Adaptive Planning SVB Anaplan Sales/CRM • • Salesforce Xactly Human Resources • • • • ADP Workday SuccessFactors Paylocity Office Administration • • Office 365 Google Apps Storage • Box
  • 9. Fear! Uncertainty! Doubt!
  • 10. • Open an office anywhere, anytime with just an Internet connection and a smart mobile device • Provides a measure of flexibility to workers to do work on their timetable and at their location of choice • Permits the retention of key Finance talent
  • 11. • Like the ability to acquire complimentary products, in abundance • Enjoy products already pre-integrated and/or tightly coupled with one another • Want the tools to extend, tailor apps if needed
  • 12. • Multi-tenancy was the most loved aspect of these solutions. The vendor maintains the software. • Permits IT to work on more strategic applications • Gets Finance out of the upgrade work cycle
  • 13. • No lumpy step change • No additional hardware purchases • No local technology required • Scales up and down • No ILFs
  • 14. Business Value
  • 15. Ask, Share, Learn Within the Largest Community of Corporate Finance Professionals The future of cloud financial systems…
  • 16. “In our survey, threequarters of finance executives (76%) agree that a solid cloud-computing strategy will be important for their company’s success within the next 12 to 18 months.”
  • 17. Forrester report, predicted in 2012 that "C-level execs [would] officially name customer experience a top strategic priority.“ Forrester cites an IBM 2012 CEO study to corroborate that it's coming to pass: • CEOs named "customer obsession" as the top leadership trait required to steer their organizations effectively. • 66% listed "customer relationships" as a key source of sustained economic value. • 73% said that they’re investing heavily in "customer insights.”
  • 18. 1. Driving growth 2. Increasing gross margin 3. Improving responsiveness and meeting customer expectations 4. Improving EBIT 5. Generating free cash flow
  • 19. 1960 - 1980 SaaS Cloud 2010 - Present Proprietary Platforms 1980 - 1992 Web Enabled 2002 - 2010 Client Server 1992 - 2002
  • 20. Enterprise Resource Planning (ERP) Borderless Back Office Internally focused Externally focused • • Technology stack designed to work inside the building • Cost centric Technology designed to work outside the building • Revenue and customer centric Organize around departments Organize around the customer • Data silos • One view of the customer • “Over the wall” processes • Seamless front and back office • Service owns the customer? • Us vs. Them • Everyone owns the customer • Value built on internal process • Us - project collaboration efficiency • Value built around around the processes customer
  • 21. Enterprise Resource Planning (ERP) Transactions • Customer is a number • Customer is past due • Email, voicemail, and IM • CRM deals with customers Borderless Back Office Transactions and conversations • Customer is a person • What is the customer feeling? • Social interactions • Back office serves external and internal customers
  • 22. Your back office to go
  • 23. Marketing Automation Sales Force Automation Call Center Automation Customer Relationship Management • VP Sales buyer • Manages progression of lead to deal closure • Marries external and internal data re: prospect • CMO Sale • Manages evolution of raw prospect to qualified sales lead Pseudo Customer Experience • Sell to CRM buyer • Adds social listening to CRM Real Customer Experience • Sold to Chief CX Officer • More than Pseudo CX • Possesses process challenge capabilities, lifetime customer values calculations, etc. Optimal Customer Experience • Requires a different kind of financial data • Attune to new metrics like customer lifetime value • One set of data from which all decisions are made • Likely requires next generation financial software that is integrated with CRM and other apps
  • 24. • Vital Analysis Report - How I Learned to Stop Worrying & Love Cloud Financial Software – Free Download! • To speak with a FinancialForce.com representative, contact your Account Executive, or email info@financialforce.com • View our demo center and events page for on-demand videos - See it in action! - Order to cash - Social Media in Finance
  • 25. Thank You
  • 26. You will be prompted to take a short survey once this webinar concludes, we would greatly appreciate your feedback regarding this event. Please join us at www.proformative.com to ask any additional questions and to continue this conversation with your peers. If you have questions about CPE Credit, please send an email to cpe@proformative.com
  • 27. Save now on early bird pricing Join Us for the 2nd Annual Embracing the Corporate Finance Technology Revolution Feb. 13, 2014 | The Venetian, Las Vegas Optional Pre- Conference Workshops Feb.12th Golf Outing Feb. 14th (Limited Availability) www.ProformaTech.com GET CREDITS: Up to 10 CPE Up to 10.6 CTP