CFOs are taking on a more prominent role in guiding their companies’ technology decisions, driven by factors like higher interest rates, macroeconomic uncertainty, and the growing potential of generative AI. With the need to invest strategically and carefully in technology, CFOs are expected to focus on priorities previously reserved for other key executives. This includes increasing sales revenue, enhancing customer experiences, retaining and upskilling talent, driving sustainability initiatives, and strengthening cybersecurity.
To address these new challenges, many CFOs are turning to the cloud. They realize that moving their ERP systems from on-premise to the cloud is no longer an option but a critical business move. Working in the cloud allows companies to innovate at the necessary speed and agility demanded by uncertain times while unlocking the true power of responsible and reliable business AI.
The good news is that most CFOs are already embracing the cloud. By leveraging cloud technology, CFOs can empower their teams with automated processes, centralize finance operations and data, and utilize AI and predictive insights to make faster and more informed decisions. Companies that adopt cloud technology are experiencing significant benefits.
Take Blue Diamond Growers, a cooperative known for growing almonds in California. Sustainability is a core focus of their operations, and they needed a more intelligent ERP infrastructure to support business growth and enhance their supply chain planning, procurement, and analytics capabilities. By partnering with SAP and implementing cloud-based ERP and analytics solutions, Blue Diamond Growers’ finance experts gained deeper insights, improved decision-making, and achieved smoother financial closings. The sales teams also benefited from having a more integrated view of customer orders and behavior.
During the COVID-19 pandemic, Blue Diamond Growers’ use of technology through the cloud proved invaluable. When supply chains faced severe disruptions, the cooperative quickly adapted its supply chain to remain sustainable and ensured customers had the almonds they needed for the Christmas season on time.
This example highlights how CFOs worldwide can leverage real-time financial insights, forward-looking guidance, and a comprehensive view of past performance through a single cloud environment. Choosing the cloud over legacy systems allows CFOs to harness the power of enterprise-wide intelligence effectively. This centralized approach enables finance professionals to make timely adjustments, explore new markets, create customer-engaging commercial models, and offer diversified product and service portfolios.
Moreover, cloud technology helps CFOs meet environmental, social, and governance (ESG) reporting requirements. By using cloud solutions for sustainable enterprises, CFOs can make their ESG data more transparent and integrate sustainable practices into their business strategy and operations.
As more CFOs embrace the cloud, they are not only meeting new demands but also equipping their companies with the necessary strategic tools and capabilities to navigate an uncertain environment and thrive.
It’s clear that the cloud offers significant advantages over legacy systems, granting companies more time to improve both financial and nonfinancial aspects of their business. With the cloud empowering CFOs and providing wind at their backs, businesses can chart a path toward growth and success while meeting the evolving demands of the modern landscape.
