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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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About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

 

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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. Check out America's Best Bookkeepers

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. Check out America's Best Bookkeepers

 

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.  

 

  1. 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. Check out America's Best Bookkeepers

    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.
Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers