Cloud use is expanding rapidly as companies balance the cost and operational advantages of Cloud solutions against potential security and privacy concerns.
To better understand the current state and near-term future of Cloud adoption among finance leaders, Financial Executives Research Foundation (FERF) surveyed Financial Executives International (FEI) members about their organizations’ Cloud use, adoption plans, and any potential Cloud-related concerns.
Here are some of the key findings:
- Nearly half (44 percent) of the finance leaders responding to the survey indicated that less than 25 percent of their company’s systems today are Cloud-based.
- About one-half (49 percent) of those responding to the survey use a mix of Cloud and on-premise solutions in their finance functions.
- One-fifth (20 percent) of the private company finance functions use Cloud solutions only.
- About one-third of the finance leaders responding to the survey plan to adopt new Cloud solutions this year, and another fourth plan to adopt Cloud tools in 2017.
- Data security, followed by privacy, topped the list of Cloud adoption concerns among respondents.