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Don’t take the Basic Advantages of Consolidation in the Cloud for Granted!

 

A recent web interview with Paul Littlechild, Group Financial Controller at the Arena Group, brought home the compelling advantages of moving to a consolidation solution in the cloud. The benefits were twofold:

  • Firstly, the agility and flexibility of the cloud.
  • Secondly, the advantages of having a unified consolidation environment (CCH Tagetik in this case) that could serve as the foundation for both local and group reporting.

 

 

How things change! Two or three years ago one would have been debating the merits of whether to transition to the cloud. Now there is a danger that the basic advantages of the cloud are taken for granted and overlooked!

 

Migrating to a dedicated specialized consolidation system -CCH Tagetik- in the cloud

 

For the Arena Group which is rapidly expanding its global footprint, a move away from spreadsheets to the cloud was almost a “no-brainer”. Having CCH Tagetik provide the cloud infrastructure and prepare the application environment took a significant burden away from Paul Littlechild’s small group finance team. “We could focus on the business not on IT”, he said.

 

Not only did the cloud reduce the need for in-house IT skills but having CCH Tagetik virtually on-tap confers tremendous flexibility. For example, Paul can bring users in a new country on board in the space of 20 minutes and without leaving his desk. The cloud also means that local and group finance functions have immediate and shared visibility of the process.

 

But it is also important not to overlook the benefits of a single consolidation model. Replacing an inefficient spreadsheet-bound process was liberating, delivering consistent and accurate reporting between one part of the organisation and another. Business units now trust the information in the CCH Tagetik consolidation and are increasingly confident to use it for local reporting.

 

Furthermore, the combination of cloud and a unified model with balances being uploaded directly from local trial balances has improved productivity, shaving four days off the process and releasing valuable time for other value-adding activities.

 

FSN’s research shows that finance professionals are typically, time-poor. A 2016 study, the “Future of the Finance Function”, found that 42% of finance functions spend too much time on management reporting and 32% say they spend too much time on statutory reporting.

 

A powerful and specialised consolidation system will always prove its worth over spreadsheets but positioning it in the cloud is a springboard to global accessibility, productivity and process agilityFor many years commentators have been saying that the cloud is just a different method of deployment but this interview underlines that migrating to the cloud on its own can be profoundly transformational.

 

Migrating to a dedicated specialized consolidation system -CCH Tagetik- in the cloud

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