Like all technology trends, the cloud technology model emerged with lots of hype and promises. It would be wise to step on new soil with the utmost care, especially regarding the risky commerce and finance segment, when the information has more security, regulatory, and privacy concerns. Despite all these various concerns, numerous financial companies have been making progress using cloud-based technological solutions across multiple lines of business, such as ERP, CRM, front office, procurement, supply chain, and commerce applications.
Adopting cloud-based solutions presents an opportunity for vast operational and technical improvements. Cloud technology is a faster, more straightforward, and more affordable way to host numerous different software applications with enormous amounts of data, to put it in simple words. In the broadest definition, cloud technology represents a substantial transformative force where users can employ new business competencies and customer experience to launch excellent short-time scales, reduce risks, and lower expenses.
Cloud technology will enable a business transformation in numerous ways that the traditional approaches will not. It is because of the extended application schedules along with the significant capital investments that the customary approaches often require. However, using this innovative opportunity for transformation also comes with embracing the change and following the best practices, which will support successful implementation and adoption.
Know the Limitations
Because of the size and the department silos, commerce and finance companies have a large and diverse portfolio of existing technological systems. Many of these systems span years of procurements, new product launches, or the execution of modern technology. Some of the applicants might not be perfect candidates for cloud technology due to the limitations it has on security or usage. In reality, a recent study by Frost & Sullivan on cloud adoption validated this finding, with 61% of financial service companies quoting an “inability to meet compliance requirements” as one of the reasons for not moving numerous applications over to the cloud. Other business procedures might still use manual or paper-based operations, making shifting to cloud technology more challenging. As stated by Frost & Sullivan research, 53% of all financial companies who were surveyed have implemented a “cloud-first” approach for the new applications. However, they do not plan to transfer legacy apps.
Adopt the Best Practices
So, where does the company start? The very first thing you should do is complete your homework and research entirely about the industry you are working in. You must talk to your peers and employees to identify the correct business processes that make sense for the organization. However, through this entire process, keep in mind that you will be required to follow the best practices that are employed for successful cloud technology implementation and deployment. The following are three ways to ensure successful cloud technology deployment.
- Have an all-inclusive cloud vision, strategy, and blueprint. Before you embark on any of the cloud technology campaigns, it is essential that you completely understand the purpose of this change. Numerous companies believe using the cloud is a technology play, missing the precious opportunity to develop a vision for noteworthy business transformation. In reality, careful business planning is probably the most complex challenge to overcome.
- Create a genuine, well-designed road map with an implementation approach. Beyond this vision, you might also need a tactical plan. Most often, corporations initially bite off more than they can chew. They plan the initial scope to be very expansive and almost unobtainable. Before you begin with the deployment, ensure that the team is entirely ready to handle the entire process.
- Obtain leadership buy-in. When your leadership team, including the CFO, CEO, CMO, COO, CHRO, etc., is not on board, it may hinder the decision-making process and slow down the progress of major initiatives. Nevertheless, if the CTO and the IT department only support your cloud technology initiative, the actual transformative business advantages of cloud technology may go entirely unnoticed. Thus, the organization might resist the implementation option. The process might even begin to feel like a complete failure. When you get everyone on board, it overwhelmingly increases the potential for success.
Conclusion
In the fast-paced world of technology, cloud technology emerged with great promise, particularly for industries like finance and commerce. However, embracing this transformative force necessitates a cautious approach due to security, regulatory, and privacy concerns. Nonetheless, many financial institutions have successfully leveraged cloud-based solutions across various business functions, leading to operational and technical improvements.
Cloud technology offers speed, simplicity, and cost-effectiveness for hosting diverse software applications and vast data sets. It presents an opportunity for rapid business transformation, reduced risk, and lowered costs. Cloud technology outshines traditional approaches, often involving extended implementation schedules and substantial capital investments.
It is vital to understand and embrace change while adhering to best practices for successful implementation and adoption to harness the benefits of cloud technology. Finally, obtain leadership buy-in across all departments to maximize the potential for successful cloud technology implementation and transformative business advantages. By following these guidelines, companies can unlock the full potential of cloud technology in the finance and commerce sector.
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