Cloud technology was introduced with the same hype and commitment as any other technology trend has…until now. It has become sensitive for risk-averse segments, like finance and commerce, to enter the market with monetary and informational security threats. Keeping all of this in mind, many companies are choosing cloud-based solutions for various business processes, which include supply chain management, ERP, procurement, commerce, and CRM.
With cloud-based solutions, you will receive endless opportunities to improve your business’s operational and technical structure. Simply put, cloud-based models are cheaper and faster than any other system model to host various applications. It acts as a transformational force, where businesses can measure customer responses and strengths with less cost, time, and risk.
Cloud proves to be better than traditional approaches to transform business processes with lesser capital investment against long-term implementation. It is necessary for the businesses to be change-oriented and follow the proper practices for successful results.
Learn about your Limitations
The finance and commerce segments of any business already have an extensive portfolio of technology systems over a period. This happens because of the 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 their business processes. While you must stay vigilant about these practices’ relevance, here are some ways finance and commerce businesses can get clarity regarding proper cloud deployment.
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 associated with your business goals. Many businesses miss out on the purpose of cloud deployment and take it casually as a technology.
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 cloud deployment’s absolute purpose. It would help if you also ensured that the deployment is realistic enough to be managed by your team.
Make a wise choice for platform
When choosing the right technology for your business, you should 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 technical skills and a highly trusted long-term relationship between the business, consulting partners, and the technical team.
Get leadership in the loop
Companies must essentially get the prime management leaders in the loop regarding the cloud deployment approach. If the cloud initiative is only restricted to the IT and Chief Technical Officer, the cloud deployment’s significance may stay unrealized and ignored to some extent by other team members.
Get Prepared for Change Management
Introducing 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. This happens when the users, employees, and other relevant people are well versed in cloud resources. Significantly, change management sessions should be held to make everyone familiar with the cloud deployment.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.