5 Ways Finance And Commerce Companies Can Improve Cloud Deployments

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Cloud technology was introduced with the same hype and commitment as any other technology trend has ever emerged until now. It becomes sensitive for risk-averse segments, like finance and commerce, to enter the market with safety threats of monetary and informational securities. Keeping all of this in concern, many companies are choosing cloud-based solutions for various business processes that include supply chain management, ERP, procurement, commerce and CRM.

With cloud based solutions, you receive endless opportunities to improve the operational and technical structure of your business. Simply explained, cloud based models are relatively cheaper and even faster than any other system model to host various applications and an excess amount of business data. It acts as a transformational force, where business can measure customer responses and strengths with less cost, time and risk.

Cloud, indeed, proves better than traditional approaches to transform business processes with lesser capital investment against long-term implementation. It is, however, necessary for businesses to be change-oriented and wisely follow the proper practices for successful results.

Learn about your Limitations

The finance and commerce segments of any typical business already have an extensive portfolio and bookkeeping of technology systems over a period of time. This happens because of the significant requirement of large storage of essential information. This makes some of the existing technology applications limited to cloud deployments, as they are too old to be compatible with cloud technology. This becomes an important first step for any business to understand the limitation before synchronizing with cloud computing systems. A survey conducted by Frost & Sullivan declares that about sixty-one percent of financial institutions face the “inability to meet compliance requirements”. This happens because they fail to transform various applications to the cloud.

Implement Best Practices

It is highly essential for businesses to know the best practices to implement that are equally relevant to your business processes. While you must stay vigilant about the relevance of these practices, here are some ways through which finance and commerce businesses can get absolute clarity regarding proper cloud deployment.

  1. Have a strategic vision for the change

Before you go for any cloud campaign, you first should have an extensive vision that supports the reason for the change, significantly associated with your business goals and objectives. Many businesses miss out on the purpose of cloud deployment and take it casually as a technology, which leads them to troubles.

  1. Make a tactical process plan

It is again important for businesses to plan a road map that clearly defines the implementation approach. Other than a vision, the business should have a tactical plan that can describe the absolute purpose of cloud deployment You also need to make sure that the deployment is realistic enough to be managed by your team.

  1. Make a wise choice for platform

When choosing any technology for your business, you have to be sensitive about choosing the right vendor or consulting company. The wrong selection can cause a disaster for the whole initiative. A key cloud initiative requires the right technological skills and a highly trusted long term relationship between the business, consulting partners and the technical team.

  1. Get leadership in loop

Companies must essentially get the prime management leaders in the loop about their cloud deployment approach. If the cloud initiative is only restricted to the IT and Chief Technical Officer, the significance of the cloud deployment may stay unrealized and ignored to some extent by other team members.

  1. Get Prepared for Change Management

Introducing a new technology to the organization can be a challenge for your employees, particularly to those who are relatively junior in work. Cloud technology can result in an effective approach for a business, only when all of the users, employees and relevant people are well versed in the cloud resources. Significantly, change management sessions should be held to make everyone familiar with the cloud deployment.

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