IMPACT OF CLOUD-BASED FINANCIAL MANAGEMENT SYSTEMS ON COST REDUCTION STRATEGIES IN LARGE CORPORATIONS IN PORT HARCOURT

Abstract

This study examines the impact of cloud-based financial management systems (FMS) on cost reduction strategies in large corporations in Port Harcourt. The specific objectives of the study were to; determine the effect of cost structure on cost reduction strategies in large corporations; ascertain the effect of real-time reporting on cost reduction strategies in large corporations; and determine the effect of integration capabilities on cost reduction strategies in large corporations. . Survey design was adopted in the study. The primary source was used in generating data for this research. The population of this study comprised of selected staffs in the finance and control department which was 88. The study concludes that cloud-based FMS are effective in driving cost reduction strategies by optimizing financial processes and enabling better resource allocation. It is recommended that corporations in Port Harcourt invest in advanced data analytics tools, prioritize system interoperability, and foster a culture of continuous improvement and data-driven decision-making to fully realize the benefits of cloud-based financial systems. These measures will ensure sustainable cost savings and enhance overall competitiveness in the dynamic business environment.