It is evident that cloud-based technology is the future of ERP (Enterprise Resource Planning) when almost all major vendors have decided to aggressively move to the cloud, replacing on-premise systems with subscription-based, Software-as-a-Service (SaaS) solutions. In comparison with legacy on-premise ERP solutions, cloud ERP solutions offer numerous significant advantages in terms of costs, deployment time, and scalability.

What are CFOs’ top priorities for 2016? Consulting firm Protiviti tries to answer this question in its 2016 Finance Priorities Survey. Collecting responses from 650 CFOs, vice presidents of finance, corporate controllers, and other financial management professionals, the survey ranks the priorities using five categories: process capabilities (financial transactions); process capabilities (financial analysis); emerging issues; technical capabilities. The infographic below shows these five main findings.

An ERP solution that is costly and ineffective loses its reputation and appeal among companies. In a 2015 ERP report, Panorama Consulting Solutions pointed out that ERP implementation costs are higher than in 2014 and that ERP failure rates increased by 21% this year compared to 16% last year. Additionally, 2015 is witnessing fewer companies reselecting the same ERP software vendor than last year (69% this year versus 76% last year). This suggests that companies are struggling to select and implement ERP systems the “right” way.

Read more: 3 Infor ERPs considered market-leading systems by Nucleus Research

We consider an ERP implementation a failure if it has taken too long, amassed more costs than anticipated and fostered dissatisfaction rather than the promised benefit. But before you look for signs of an inefficient ERP and determine to replace it, consider this one thing.

Every company, regardless of industry, has its own concern about expense management. High technology is one of those industries that requires a more refined approach to business intelligence reporting, in particular, to expense management.

Jack Welch, former Chairman at GE once said: “The budgeting process…sucks the energy, time, fun, and big dream out of an organization”. Yes, everyone hates it! If there is an effective way to do it without trying too hard will you take its advantages to grow? What you need is just a good planning and budgeting process and the right technology!