Like all technology trends, the cloud technology model first emerged with lots of hype along with promises. It would be wise to step on new soil with the utmost care, especially when it comes to 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 various lines of business, such as ERP, CRM, front office, procurement, supply chain, and commerce applications.
Adopting cloud-based solutions present an opportunity for vast operational and technical improvements. To put it in simple words, cloud technology is a faster, more straightforward, and more affordable way to host numerous different software applications with huge amounts of data. In the widest definition, cloud technology represents a huge transformative force where users can employ new business competencies along with customer experience to launch amazing short time scales, reduced risks, and lower expenses.
The cloud technology will enable a business transformation in numerous ways that the traditional approaches will not. This is because of the extended application schedules along with the major capital investments that the customary approaches often require. However, using this innovative opportunity for transformation also comes an embracing the change and also 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 across 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 study recently conducted by Frost & Sullivan on the 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 the shift to cloud technology a lot 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 completely about the industry you are working in. You must talk to your peers and employees to identify the correct business processes which make sense for the organization. However, through this entire process, keep in mind that you will be required to follow the best practices which are employed for successful cloud technology implementation and deployment. The following are three ways that you can rest assured that you get a 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 important that you completely understand the purpose of this change. Numerous companies believe that using the cloud is simply a technology play, missing the precious opportunity to lay out a vision for noteworthy business transformation. In reality, careful business planning is probably the hardest challenge to overcome.
2. 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 completely ready to handle the entire process.
3. 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 the 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.