# Finance Transformation: How cloud solutions can be a catalyst for process improvement as well as a driver of business transformation.
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2019-02-19
Category: FINANCE
Category URL: https://financedigest.com/category/finance
Meta Title: Revolutionise Your Finance Transformation with Cloud
Meta Description: Learn how cloud-based spreadsheet platforms can revolutionise finance processes, reduce costs, errors, and improve collaboration for better results.
URL: https://financedigest.com/finance-transformation-cloud-solutions-can-catalyst-process-improvement-well-driver-business-transformationhtml

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_**Gianluca Bisceglie**, CEO of cloud-based spreadsheet platform_ _[www.visyond.com](http://www.visyond.com/)_

Finance transformation is critical if you want to keep up with the evolving ideas and strategies of today’s business landscape and can revolutionise processes and systems within organisations to make them more effective, and more profitable. Cloud solutions and Software as a Service (SaaS) is one key area offering transformative results.

In particular, cloud solutions provide a unified and cohesive environment, a single point where all information can be created, shared, discussed and communicated securely. Each person and department are integrated into the information flow. Boosting the flow of information will act like a catalyst for process improvement with transparency, workflow management and better accountability becoming [key factors](https://www.financedigest.com/automotive-soft-trim-interior-materials-market-size-key-players-growth-factors-regions-and-applications-industry-forecast-by-2026.html "Automotive Soft Trim Interior Materials Market Size, Key Players, Growth Factors, Regions and Applications, Industry Forecast by 2026"). These key areas of transparency, workflow management and accountability, are at the core of business transformation for the digital age and the benefits that come with it, which include cost reduction of [finance operations](https://www.financedigest.com/stellantis-reshuffles-european-financing-operations-through-new-jvs-with-banks.html "Stellantis reshuffles European financing operations through new JVs with banks"), productivity improvement and data leakage risk mitigation.

**Cost and error reduction**

![Gianluca Bisceglie](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/gianluca-450x450-1736839158891-compressed.jpg)

Gianluca Bisceglie

Let’s first look into the ways in which costs can be significantly reduced through finance transformation. [Cloud technology](https://www.financedigest.com/cloud-professional-services-market-to-be-driven-by-technological-innovation-tmr.html "Cloud Professional Services Market to be Driven by Technological Innovation | TMR") is easier to deploy and more affordable than native or traditional systems that require manual updates and have high maintenance costs. A unified [cloud solution allows for streamlined automation](https://www.financedigest.com/cloud-and-automation-the-anti-recession-playbook.html "Cloud And Automation: The Anti-Recession Playbook") which bypasses repetitive, mundane, error-prone tasks that can accumulate into enormous amounts of time, risk and inefficiencies due to human-errors. This unnecessary waste of [time translates into tangible costs](https://www.financedigest.com/netflixs-gaming-foray-will-cost-time-and-money-wall-st.html "Netflix’s gaming foray will cost time and money – Wall St").

Take spreadsheets for example, up until the past few years, there was really no alternative to Excel. If you wanted to crunch numbers, keep financial records, and manage your [corporate finances](https://www.financedigest.com/9-issues-in-corporate-finance-and-strategies-to-overcome-them.html "9 Issues in Corporate Finance and Strategies to Overcome Them") and risk analysis, Excel was the only tool at your disposal. But it’s no secret that traditional spreadsheets leave a lot to be desired when it comes to [modern business](https://www.financedigest.com/the-modern-cfo-at-the-forefront-of-business-transformation.html "The Modern CFO: At the forefront of business transformation") use. Many studies have found that up to 90 percent of spreadsheets contain errors. From copy and paste errors to hidden cells and miscalculations, it is certain that you’ve encountered or created an Excel error at some point. And how much time and resources have been wasted on rectifying these errors? With the latest cloud-based spreadsheet platforms, automation limits routine human error. What’s more, this type of software allows multiple team members to collaborate in real time, as opposed to back-and-forth emails and the insecure sharing of documents.

**Communication and collaboration**

The transformative impact of cloud [solutions extend far beyond cost efficiency](https://www.financedigest.com/scanwriter-v-verafin-which-solution-can-help-you-unravel-financial-scams-efficiently.html "ScanWriter v. Verafin: Which Solution Can Help You Unravel Financial Scams Efficiently?"). Playing a more strategic, business-oriented role depends on effective communication and collaboration between the [finance function](https://www.financedigest.com/easing-the-burden-of-data-overwhelm-in-finance-functions.html "Easing the burden of data overwhelm in finance functions") and other parts of the business. [Finance transformation is set to redefine how communication and collaboration](https://www.financedigest.com/digital-transformation-for-the-world-of-finance-the-rise-in-collaboration-tools-and-saas-applications.html "Digital transformation for the world of finance: The rise in collaboration tools and SaaS applications ") through cloud solutions become the overarching priority for business transformation at decision making level.

Digital transformation allows for collaboration as means of engagement and data gathering, as well as accountability and governance for organisational transparency. It also democratises the information flow, removing bottlenecks and allowing every stakeholder to get key answers on the fly, without asking [finance people](https://www.financedigest.com/people-dont-like-to-be-told-no-when-it-comes-to-finance.html "People don’t like to be told no when it comes to finance") continuos “what-if” questions. More on this below.

[**Improved productivity**](https://www.financedigest.com/demand-for-meatless-products-and-vegetable-proteins-is-expected-to-improve-nutritional-yeast-market-sale.html "Demand For Meatless Products And Vegetable Proteins Is Expected To Improve Nutritional Yeast Market Sale")

Deploying a cloud-first [finance transformation strategy is a catalyst for developing an agile](https://www.financedigest.com/world-class-finance-digital-transformation-and-analytics-based-decision-making-among-key-imperatives-for-creating-finance-agility.html "World-Class Finance: Digital Transformation and Analytics-Based Decision Making Among Key Imperatives for Creating Finance Agility") and adaptive organisation enforcing the ability of meeting the needs of a fast-paced and changing environment, thus becoming and maintaining a competitive advantage. This can be trickled down from enhanced productivity – allowing organisations to react and respond quicker by accessing [cloud data](https://www.financedigest.com/the-future-of-cloud-how-to-keep-your-data-safe.html "The Future of Cloud: How to Keep Your Data Safe") in a few clicks. These decisions typically are strategy-level [finance data](https://www.financedigest.com/how-to-drive-a-data-culture-in-the-finance-industry.html "How to drive a data culture in the finance industry") that determine and influence decisions – therefore, taking control and gathering organisational data in a unified process allows for better and faster information flow whilst protecting confidential data which you otherwise have been to be cumbersome, slow and perhaps a little to late.

There is also self-service analytics to consider: distributed cloud systems empower each stakeholder in the finance department to extract valuable information without relying on the guru of this [financial model or that business](https://www.financedigest.com/financial-advice-for-starting-your-own-business.html "Financial advice for starting your own business") case. Everybody can interact with the information they seek in a simple, not to mention faster, [way and contribute data](https://www.financedigest.com/four-ways-data-and-ai-can-transform-financial-services.html "Four ways data and AI can transform Financial Services") without risking the chance of deleting or breaking the logic of the other collaborators.

The main reason for large companies to [migrate anything to the cloud](https://www.financedigest.com/financial-services-industry-blazes-the-trail-for-cloud-migration-post-pandemic.html "Financial services industry blazes the trail for cloud migration post-pandemic"), not only databases, is not the cost savings, or the more robust infrastructure and backup. Neither it is the efficiency and reduced [complexity of managing](https://www.financedigest.com/managing-compliance-complexity-will-deliver-security-rewards.html "Managing compliance complexity will deliver security rewards") IT in large organisations. The [real and most tangible benefit comes from transforming how the organisation works](https://www.financedigest.com/get-real-how-to-be-your-authentic-self-at-work.html "Get real: How to be your authentic self at work"). The cloud more than merely a technology, it is a shift in the paradigm, manifesting how organisations should adapt to the digital age, where people spend more than [50 percent](http://www.smartinsights.com/mobile-marketing/mobile-marketing-analytics/mobile-marketing-statistics/) of their time using their mobile devices and increasingly doing everything instantly, on-demand and on the go.

[Transition to the cloud](https://www.financedigest.com/taking-tax-to-new-heights-why-it-makes-sense-to-transition-your-tax-to-the-cloud.html "Taking Tax to New Heights: Why it makes sense to transition your tax to the cloud ") is essentially about empowering the people in an organisation to work together in real-time and from anywhere, making all businesses more agile and lean, increasing the speed of processing information, making decisions and responding to changes in the outside world. That’s why transition to the cloud is so important.

Gianluca Bisceglie worked in [Private Equity](https://www.financedigest.com/can-private-equity-do-for-africas-manufacturers-what-its-done-for-f1-and-rugby.html "Can private equity do for Africa’s manufacturers what it’s done for F1 and rugby?") in the Middle East and in Russia. Gianluca began his career at Vodafone, where he worked in engineering and [technology strategy](https://www.financedigest.com/how-to-establish-a-successful-technology-strategy.html "How to establish a successful technology strategy"). Now is a founder of Visyond, a secure and collaborative spreadsheet and presentation automation platform for better [analysis and decision-making in real time](https://www.financedigest.com/analysis-financial-literacy-or-luck-the-year-small-time-traders-made-a-big-impact.html "Analysis-Financial literacy or luck? The year small-time traders made a big impact"), without waiting for spreadsheet gurus to become available. Visyond visualises the impact of decision and answers questions on-the-fly, reduces errors and [controls what each collaborator can see](https://www.financedigest.com/electronic-control-module-ecu-for-automotive-market-to-see-incredible-growth-during-2021-2031.html "Electronic Control Module (ECU) for Automotive Market to See Incredible Growth During 2021-2031") and interact with. [www.visyond.com](http://www.visyond.com)


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