Last month, we (virtually) welcomed hundreds of Sage customers, partners, and sponsors to Sage Sessions Construction and Real Estate Online for a day of networking, knowledge sharing, product insights, and perspectives on preparing for the year ahead.
If you were unable to join us, here’s a snapshot of some of the key takeaways from the conference.
1. Acceleration in cloud adoption
The pandemic has had a profound impact on pretty much everything, including digital transformation in the construction industry. “We are seeing more and more customers moving to the cloud due to the pandemic and the need for people to have applications and data remotely accessible and easily maintained across any situation,” explained Nancy Harris, EVP and managing director of Sage North America.
What is the cloud? Bob Hollander, president and CEO at Swizznet, described the cloud as “remote massive data centers with scalable infrastructure connected by super-fast networks. These super-fast networks allow your cloud applications to perform just as well as the in-house applications at your corporate office.”
We expect the accelerated trend toward cloud adoption to continue through 2021 and beyond, due in part to favorable “cloud economics.” “It used to be that we spent 80% of our IT budget to build and operate software and 20% to run it. Cloud is making it easier for us to just consume the technology and reduce or eliminate the build and operate cost,” Bob Hollander continued.
2. The modern CFO’s balancing act
In the role of the modern CFO, or controller or CFM, it’s not just about being able to report historically. It is increasingly becoming more important to share and discuss insights that the CEO and executive team require to make strategic decisions about their organization.
A monthly financial check-in is no longer good enough for today’s CFO. Even before the pandemic, construction firms were placing greater emphasis on the need to make decisions at a moment’s notice and with real-time financial data. Sage Intacct Construction, our native-cloud solution, helps the modern CFO deliver strategic insights quicker and seamlessly integrates with field, payroll, and budgeting solutions.
Introduced back in March, Sage Intacct Construction is already delivering value to our customers. The “reports and dashboards let us drill into revenue and expenses for any project in real-time and ensure a huge time savings to our finance team. With this flexible way of looking at the data, we’re able to give senior management timely access to valuable business performance insight, rather than delivering outdated reports months later,” shared Debora Hester, Controller at GeoTechnologies, Inc.
3. The power of choice
As construction and real estate technologies evolve and new solutions enter our space, “we know it’s important for us at Sage to build a bridge for our customers to get to different options within the cloud that suit them best at the time that is right for them,” said Nancy Harris. Through the power of choice, we are helping our customers benefit and prepare for the future.
What is the power of choice? In today’s modern technology environment, we can no longer expect one vendor to provide all the solutions for all the needs within your business. We understand that our financial management tools need to have an open API. This way you can build the right solutionContinue reading