Chief financial officers (CFOs) are often the most conservative members of the C-suite when it
comes to adopting new technology. It’s no surprise that finance executives of large companies aren’t
scrambling to adopt cloud-based financial applications even while their senior-level
counterparts experiment with Software as a Service (SaaS).
Because SaaS financial management software transfers sensitive financial information from a
private local data center to public remote servers, CFOs are carefully weighing the potential time-
and money-saving benefits against concerns about data privacy and security.
To address data privacy worries, SearchFinancialApplications.com compiled a list of six
questions that CFOs can ask SaaS financial software providers before choosing between on-premises
and cloud deployment.
1. Who owns the data?
A good place to start is to review the SaaS contract’s data ownership clause. Jeanne Capachin,
research vice president at IDC Financial Insights, based in Framingham, Mass., said CFOs should
make sure the contract explicitly names their company as the owner.
She cautioned that contracts with SaaS financial management vendors tend to be more rigid than
those of traditional on-premises vendors, so decision makers should review the terms carefully.
“These contracts are very difficult to adjust, so people that are coming from large companies and
are used to having aggressive tactics with their vendors — that’s much more difficult with cloud
vendors,” Capachin said. “Don’t expect to
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