What is Amazon S3 and how does it work?

Amazon S3 (Simple Storage Service) is AWS's industry-leading cloud object storage service, providing virtually unlimited scalability, 99% durability, and enterprise-grade security for storing and retrieving any amount of data. The Abacum integration leverages S3's robust infrastructure to enhance financial data management and reporting capabilities.

Benefits of Integrating Amazon S3 with Abacum

• Centralize financial data from multiple sources in S3 buckets, creating a single source of truth through data consolidation accessible to Abacum for real-time analysis and planning

• Automate backup and archival of financial reports, budgets, and forecasts with S3's lifecycle policies, ensuring finance data governance compliance and data retention requirements are met

• Scale storage capacity automatically as your financial data grows, eliminating infrastructure constraints on historical data analysis and scenario modeling

• Leverage S3's global infrastructure to enable multi-region financial operations, supporting distributed finance teams with low-latency data access

• Integrate with AWS analytics services like Athena and QuickSight through S3, extending Abacum's reporting capabilities with advanced financial dashboard software–style data visualization and SQL querying

• Implement enterprise-grade security with S3's encryption, access controls, and data security and compliance certifications, protecting sensitive financial data while maintaining accessibility for authorized Abacum users

• Reduce data storage costs by up to 90% using S3 Intelligent-Tiering, a move aligned with broader cost-cutting strategies that automatically shifts infrequently accessed financial records to lower-cost storage classes without impacting Abacum's performance

• Enable seamless data exchange between Abacum and other business applications through S3's extensive integration ecosystem, connecting financial planning with ERP integrations, CRM, and BI tools