Global Companies Turn to Cloud-Based, Unified Solutions to Address Rising Demands from Investors, Regulators, and Internal Stakeholders
SANTA CLARA, Calif., March 16, 2021 /PRNewswire/ -- Frost & Sullivan's latest thought leadership paper, Telling the Whole Story: Why it's More than Just a Numbers Game—The Rise of Unified Financial and Non-Financial Reporting, reports the findings of the company's annual Global Cloud Survey, which identifies factors driving the uptake of cloud-based reporting solutions and the advantages they bring to all companies. The paper was published in collaboration with Workiva, the company that simplifies complex work.
Over 400 global companies responded that cloud-based reporting solutions provide more value and insight into business data for investors, regulators, and internal stakeholders.
Annual cloud survey trends for global companies reveal:
- 44% of respondents currently use cloud solutions.
- 38% of respondents plan to invest in cloud solutions in the next two years.
- The future of environmental, social and governance (ESG) reporting is top of mind.
- SaaS platforms continue to remodel companies' processes.
To download the complimentary white paper, please visit: http://frost.ly/57r
"Cloud-based reporting solutions equip businesses for further digital transformation, connecting the dots between companies' platforms and programs, numbers and narratives, and facilitating collaborative, consolidated reporting to the benefit of all. In addition, these platforms are easy to implement and intuitive to use," said Frost & Sullivan Principal Consultant John Davies.
The opportunity to provide greater visibility for investors and the public into how businesses manage ESG issues stood out among companies surveyed.
Additional benefits include ease in compliance with regulations mandating the provision of clear and comparable financial and non-financial information. Respondents also noted increases in process efficiency, shorter reporting cycles and lower costs.
"A cloud-enabled, collaborative approach unifies people and processes, freeing up employees from entering, checking, and formatting data, and allowing them to concentrate on strategic issues that improve companies' performance rather than just reporting on them," added Davies.
"The right technology is paramount in facilitating unified reporting across an organization," said Workiva General Manager of EMEA Bart Van Praag. "By utilizing open, intuitive, intelligent platforms, public and private companies can address the requirements of investors and regulators through the provision of transparent and timely financial and non-financial reporting."
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Workiva Inc. (NYSE: WK) simplifies complex work for thousands of organizations worldwide. Customers trust Workiva's open, intelligent and intuitive platform to connect data, documents and teams. The results: improved efficiency, greater transparency and less risk. For more information, visit workiva.com.
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SOURCE Frost & Sullivan