The cloud service model, with its fast implementation time, meets the needs of a volatile business market. It enables the finance function to have a planning and budgeting solution up-and-running in a couple of weeks, as opposed to the months required for traditional on-site offerings.

The speed and responsiveness of cloud solutions helps address the inefficiencies and disparities that can result when a finance team uses disconnected or redundant spreadsheets. Now, companies can seamlessly graduate from a spreadsheet-only environment to a mission-critical solution that leverages Excel while also providing security, workflow functionality, consolidation and reporting. Challenges of poor visibility into valuable data, lengthy reporting times and collaboration issues can quickly be alleviated.

The flexible cloud model also scales rapidly to address future needs such as adjusting the number of users and adding new features. A company’s organizational needs often change in a matter of two to three years; being able to easily meet those changing needs is a direct advantage of cloud computing.

The cloud service model benefits from a quick implementation process and the flexibility to change alongside a company’s changing needs. Its scalability, agility, and customizability ensure that companies pay for only the services they need.  For those companies not ready to make the move to the cloud, a hybrid environment is an option.  I will talk more about cloud delivery models in a future blog post.  Download the Altius White Paper: The Benefits of Moving Performance Management to the Cloud to learn the full benefits of moving workloads to the cloud.