Global Companies Turn to Cloud-Based, Unified Solutions to Address Rising Demands from Investors, Regulators, and Internal Stakeholders

Rhea-AI Summary

Frost & Sullivan's recent paper highlights the growing adoption of cloud-based reporting solutions among global companies, emphasizing their benefits for investors and stakeholders. Key findings from their Global Cloud Survey reveal that 44% of companies currently utilize these solutions, with 38% planning future investments. The paper underscores the significance of ESG reporting and increased process efficiency, shorter reporting cycles, and reduced costs associated with cloud technology. Workiva, collaborating on the paper, advocates for unified financial and non-financial reporting.

Positive

• 44% of global companies currently use cloud solutions, indicating a strong market presence.
• 38% plan to invest in cloud reporting solutions in the next two years, suggesting future growth.
• Increased efficiency and lower reporting costs reported by surveyed companies.
• Cloud platforms facilitate compliance with financial and non-financial reporting regulations.

Negative

• None.

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."

About Frost & Sullivan

For six decades, Frost & Sullivan has been world-renowned for its role in helping investors, corporate leaders and governments navigate economic changes and identify disruptive technologies, Mega Trends, new business models and companies to action, resulting in a continuous flow of growth opportunities to drive future success. Contact us: Start the discussion.

About Workiva

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.

Contact:
Jaylon Brinkley
P: +1 210 247 2481
E: Jaylon.brinkley@frost.com 
http://ww2.frost.com

 

View original content:http://www.prnewswire.com/news-releases/global-companies-turn-to-cloud-based-unified-solutions-to-address-rising-demands-from-investors-regulators-and-internal-stakeholders-301248342.html

SOURCE Frost & Sullivan

FAQ

What did Frost & Sullivan's Global Cloud Survey reveal about cloud-based reporting solutions?

The survey found that 44% of global companies currently use cloud solutions and 38% plan to invest in them in the next two years.

How does cloud-based reporting enhance ESG reporting?

Cloud-based reporting solutions provide greater visibility into ESG issues, aiding compliance and transparency.

What are the reported benefits of adopting cloud-based reporting solutions?

Benefits include increased process efficiency, shorter reporting cycles, and lower costs.

What is Workiva's role in the cloud reporting landscape?

Workiva collaborates with Frost & Sullivan to promote unified financial and non-financial reporting through cloud technology.

What trends are observed in the use of cloud-based reporting solutions?

The trends indicate an increasing focus on digital transformation and ESG reporting among global companies.