Opeyemi Aro, an expert, has harped on the role of cloud-based solutions in revolutionising financial efficiency, streamlining operations and driving business growth.
Aro who made this assertion in a recent media briefing, highlighted the strategic importance of cloud technology in modern finance.
“Digital transformation is crucial to businesses that would survive a fast-paced and ever-evolving digital economy,” he said.
He emphasised that finance functions sit at the nexus of all organisational activities, making it imperative for leaders to spearhead digital transformation initiatives in the industry.
“Either the business requires optimisation or transformation of its corporate finance functions and other facets of its finance operations, the business will gain flexibility, significant cost savings, and real-time access to vital financial data,” he said.
He noted further that these data become timely for actionable insights as the timing between data gathering and final financial reporting is greatly shortened, from relatively weeks to seconds.
This exponential improvement in productivity positions the business for profitability and long-term growth.
Aro identified cloud-based financial management systems as a primary driver of this transformation.
“The shift from traditional, on-premises IT infrastructure to cloud-based platforms is more than just a technological upgrade; it’s a fundamental change in how businesses approach financial management,” he said.
Cloud platforms reduce the need for expensive physical infrastructure, eliminating large upfront investments and enabling companies to pay for only what they use, he explained, adding that it significantly lowers both capital and operational costs.
According to him, beyond cost savings, cloud solutions offer real-time data access, enabling finance teams to monitor financial performance continuously.
“Traditional financial systems often suffer from delays, but cloud platforms provide instant access to up-to-date financial information, pivotal for timely decision-making.”
“The financial management expert noted again that cloud platforms centralize data, allowing multiple users to access and edit information simultaneously, improving communication and collaboration.”
Advanced security features, such as encryption and multi-factor authentication, protect financial data from breaches and unauthorized access, he added.
However, the expert acknowledged challenges in transitioning to cloud-based financial systems, including data migration, culture shift, employee resistance, and knowledge gaps.
He recommended a clear digital transformation strategy, phased migration approach, comprehensive training programs, and effective communication to mitigate these challenges.
As cloud technology evolves, the expert highlighted the integration of artificial intelligence (AI) and machine learning (ML) with cloud platforms. These technologies will automate routine tasks, forecast trends more accurately, and detect fraud more effectively.
Aro has been in the finance space for over a decade, serving as corporate finance expert to both private and public sectors across West African countries.
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