In Silicon Valley, where there are a plethora of tech startups, Stanford University has the necessary access to build connections with these businesses. As a research institution, it has established partnerships with medical teams from Kaiser Permanente to the world of health care information technology, according to Venture Beat. Now Stanford is working toward changing their electronic document management program.
Prior to the change, university finance director Katie Talamantez managed all their paperwork on Microsoft Excel spreadsheets. Talamantez "found this introduced too many opportunities for errors and duplication and grew concerned after almost committing multimillion-dollar mistakes," the Venture Beat article stated. As a way to take control of the situation, the finance department invested in a cloud-based, paperless office solution.
After the department began implementing the documents onto the server, Talamantez saw the benefits of these technologies. She was able to tell other offices where they excessively spent resources—not letting staffers go past the organization's $250 million budget.
In fact, almost half the businesses in the United States see the advantages of use cloud computing and about 40 percent of them are implementing this type of platform into their daily operations, according to Forbes. However, their study showed that chief financial officers (CFOs) are the most unwilling staffers to make the switch.
If Talamantez, a fellow CFO, is able to manage a budget using cloud-based technologies, other businesses should feel confident in its capabilities. If files are properly secure with strong passwords and encryption, then senior staff should not worry as much.
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