Enterprise networks’ use of the “cloud” for financial data is increasing as more chief financial officers gain confidence in the cloud as a means for storing and utilizing information, according to a new survey.

Some 73 percent of CFOS now trust the cloud, up from only 33 percent from three years ago, according to the CFO Indicator Report from research firm Adaptive Insights.

The report notes that finance is “one of the last functions in the enterprise to embrace cloud technology.”

“The cloud enables a level of data access that Finance teams need in order to meet the demand for accurate, real-time information from across the enterprise,” said Robert. Hull, founder and chairman at Adaptive Insights. “This quarter’s report validates that CFOs are embracing cloud technology for their financial data. However, despite this shift, the majority of CFOs still do not have a single source of truth for their organization, delaying decisions. This lack of agility results in documented losses in revenue and business opportunities.”

The increase in confidence comes as CFOs become more involved in data governance and despite the ongoing rash of data breaches.

Adaptive Insights points to a growing trend among CFOs to build what is called a “single source of truth” for financial operational data.

Other findings:

  • CFOs expect an increase of 25% to 50% in data volume, on average, over the next five years.
  • Only 35% of CFOs are confident they have access to the financial and operational data they need to make critical business decisions in a timely manner.
  • One in five CFOs (21%) are not currently working on a single source of truth, and this is up from 17% two years ago.

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