Strategic organizational collaboration is required in order to enhance financial information from a strategic standpoint. Financial indicators provide invaluable insight of the operations from a financial prospective. As well focusing on operational indicators only does not provide all the information in order to undertake strategic decision making. Organizations that undertake a collaborative approach are able to be proactive with decisions in a competitive environment. In fostering such collaboration concerns, risks, and opportunities maybe realised while focusing on the organizational strategy.

Cloud computing allows users to access software, and stored information from the internet without having to have software or data stored on their computer. It allows users to access information through a computer, tablet, or smart phone either from an app, or through a web browser. It has the potential to allow organizations on limited budgets access computing at lower costs. It also allows for more flexibility in allowing information from different sources to be presented in a coherent manner. Because of the flexibility it allows organizations to access information from a variety of devices. Also cloud computing can be seen as outsourcing some of the organizational IT services to a third party provider, thereby allowing it to focus on its core competencies.

Finance Professionals have used forecasts and budgets in order to compare what is expected to occur vs what has actually occurred. The undertaking requires the application of good judgment from information provided by business units within the organization. Although traditional financial reporting is based on what has occurred, the importance cannot be underestimated. Understanding why an event has occurred can be as important as predicting what is expected to occur. Traditional budget and forecasting methods used may not have taken into account patterns based on internal and external factors. The use of information technology has allowed information to be collected, cross-referenced, and categorized based on specific data-points. As a result, such information can be obtained through the use of databases, statistical formulas, as well as Client Resource Management (CRM) in addition to traditional enterprise resource systems (ERP).