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The findings of a survey by document management software company, Version One (, highlight that two-thirds of UK senior finance professionals are confused about cloud computing. Version One carried out the research with 110 senior finance professionals (finance directors and managers) across a range of UK public sector and private sector organisations.

The survey reveals that 67% of senior finance professionals admit that they “don’t know” what cloud computing is. 14% state that they understand cloud computing to be internet-based computing and 2% think that it is a hosted software service. The remaining 17% of respondents understand cloud computing to be a mixture of internet-based computing, software-as-a-service (SAAS), software-on-demand, an outsourced/managed software service and a hosted software solution.
In addition, 37% of those surveyed said that their company doesn’t currently use cloud computing with 56% stating that they “don’t know” if their organisation uses cloud computing or not. 6% claim that their company uses cloud computing “a little” with just 1% stating that it is used “a lot”.

Julian Buck, General Manager of Version One, says, “Despite all the recent hype about cloud computing, this research reveals that many finance professionals are still confused about what on earth it is! My understanding is that the ‘cloud’ is the infrastructure which allows an internet-based application to operate. However, until there is a definitive understanding of what it is and this is communicated in easy-to-understand language and not ‘buzz words’, confusion will continue to reign.”

Buck continues, “IT directors should remember that if they have plans to invest in cloud computing in the future, they will need to convince their organisation’s finance director to release the funds. How can FDs be persuaded to make such an investment when they don’t even understand what cloud computing is?”

The findings from Version One’s survey suggest that as well as confusion reigning amongst finance professionals regarding what cloud computing is, there is currently minimal demand for this technology. Just 2% admit that their company is “definitely” going to invest in cloud computing within the next 12 months with 9% stating that they may consider it. For those that “definitely” or “maybe” have plans to invest in cloud computing, the key business drivers given are efficiency savings and reduced licence costs. The remaining 66% say that they “don’t know” whether their organisation plans to invest in cloud computing within the year ahead or not with the remaining 23% stating that their company has no investment plans.

Buck says, “In the current economic climate, organisations can indeed benefit from cloud computing which can deliver quality applications at low-cost. However, until the confusion surrounding the true meaning of cloud computing is clarified and its potential benefits are clearly defined, few organisations are going to adopt it any time soon.”


About Version One

Version One Ltd is the author of electronic document management and imaging solutions. These solutions enable the electronic storage, retrieval, management, enhancement and delivery of business documents such as invoices, purchase orders and statements. This 'paperless office' technology is seamlessly integrated into all major ERP and accounting systems and with a typical ROI of less than six months, Version One's solutions are enabling thousands of organisations to cut paper consumption whilst saving dramatic amounts of time and money.

Liz Ebbrell, Version One
+44 (0)1625 856505 or 07917 634 705

Ben Carey, Version One
+44 (0)1625 856505

This press release was distributed by ResponseSource Press Release Wire on behalf of V1 Ltd in the following categories: Business & Finance, for more information visit