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Finance, Accounting Firms Must Consider Several Options During Application Adoption

Finance, Accounting Firms Must Consider Several Options During Application Ado

All types of organizations are seeking new ways to reduce costs, improve customer satisfaction and increase productivity. For IT decision-makers, this entails always being on the lookout for emerging technologies capable of accomplishing those goals. However, the expanding complexity of today

All types of organizations are seeking new ways to reduce costs, improve customer satisfaction and increase productivity. For IT decision-makers, this entails always being on the lookout for emerging technologies capable of accomplishing those goals. However, the expanding complexity of today's computing systems and applications can make choosing a specific IT solution, product or service all the more difficult and time consuming.

In the current ultra-competitive business landscape, saving time is essential, so decision-makers must be up-to-date on modern technologies and follow industry best practices regarding the evaluation and selection of prospective IT solutions. One of the main components of a successful enterprise computing environment is business-critical applications like customer relationship management software, business intelligence programs and accounting systems. With software developers routinely launching and updating business products, it's vital for organizations to consider implementing new software or face the possibility of falling behind their competition.

This is especially true in the finance and accounting sector, where firms must deal with meeting regulatory compliance standards, managing large amounts of sensitive data and improving customer service. There are several enterprise-class applications that can help finance and accounting companies achieve those goals, but the success of such software depends largely on the process of reviewing and selecting the right program

First and foremost, IT decision-makers must determine if their organization's needs are best served through implementing a more traditional desktop application or a modern cloud-based program. Both options have distinct advantages and disadvantages, and it's generally a matter of preference and accommodating each specific firm's business needs. According to experts, cloud applications enable adopters to achieve cost savings and productivity gains, as employees can access the software via any internet-connected device. Additionally, migrating critical apps to the cloud can reduce software licensing fees and improve scalability, while also making remote software upgrades possible.

However, many businesses still have concerns about security in the cloud. Protecting customer information is especially important for financial service companies considering that exposure of their sensitive data could result in identity theft, fraud and other regrettable consequences. Still, this concern shouldn't stop such firms from considering cloud applications, as experts say cloud environments can be secured through proper planning, using strong access control technology and implementing a security system that can monitor numerous devices, servers and clouds in real time.

"After more than a decade of use, adoption of SaaS continues to grow and evolve regionally within the enterprise application markets," Gartner research director Sharon Mertz recently said. "Increasing familiarity with the SaaS model, continued oversight on IT budgets, the growth of platform as a service (PaaS) developer communities and interest in cloud computing are now driving adoption forward."

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