Cloud Computing Yields Improved Cash Flow for Finance Industry
March 15, 2013
Cloud computing is catching on everywhere, but perhaps nowhere is it more prevalent right now than in the finance sector, where firms are adopting the cloud in record numbers. As payment processes have been increasingly going mobile, firms have been actively looking for a way to monitor all that cash flow, and the cloud has offered the perfect solution, according to a new survey from Bill.com.
The website surveyed 510 chief financial officers and finance managers across multiple industries – and more than 66 percent of respondents said that they now process financial transactions using their mobile devices, while 44 percent said this ability was a business requirement. Those who "wholeheartedly" adopted the cloud, the study found, found improvements in efficiency, effectiveness and competition.
"As more and more businesses move to the 'No Check' CEO paradigm, having financial solutions that can be effectively used to manage all aspects of cash flow from anywhere at any time will be increasingly important," Bill.com CEO René Lacerte said in a statement. "As this survey has shown, the move to mobility represented by this new generation of leaders is already underway."
Art Murphy, director of client development at Abacus Group, recently explained the benefits of cloud computing in finance to the Data Center Journal. Murphy explained that the cloud enables organizations to "spend less and do more" with their tech budgets, giving IT departments a level of flexibility they've never seen before. There are two groups driving change in finance – the investors and the Securities and Exchange Commission – and Murphy said both are working to promote the cloud movement.
Mobile payment processors were once merely a small but vocal minority – that's not the case anymore, as a significant portion of mobile users are spending on their mobile devices. Of those polled in the Bill.com survey, 30 percent said that at least a quarter of their payments were now mobile ones, and 11 percent said their proportion was more than half. Users were even happy with the safety of their mobile payments, for the most part – 70 percent claimed that mobile reliability was "good or excellent," and 83 percent said they felt secure.
The finance world has largely moved beyond checks, and even beyond online payments. Mobile payment processing is the future, and companies have eagerly embraced it in recent years.