Achieving organisational goals in today’s fast-paced financial landscape means being able to effectively leverage innovative technology developed precisely to solve problems and improve the speed of resolution. For cloud success, leaders in the finance sector must both recognise the full range of benefits of moving away from on-premise. Failure to embrace cloud-based technology – including applications – increases the chances of stagnation while competitors adopt technology like blockchain and AI that sends them into the future. Keeping everything on-premise means continuing to deal with a rapidly obsolescing legacy system, instead of embracing the power of cloud-based applications.
Best practices to select and implement cloud apps
The key to a successful cloud deployment for finance rests with financial experts and IT professionals being able to work together to create compliant, effective systems that are secure and easy to use. The business objectives, skills, and role requirements implicit in the financial services sector drive the selection process when it comes to which apps are viable and which are too risky or clumsy to provide any meaningful benefit.
Finance application leaders seeking the best fit when it comes to cloud apps will do well to keep things simple: The more complex an app is, the more vulnerabilities it may have. Moving to the cloud should increase security, not diminish it.
- Check to ensure that applications you are considering match the overall strategy and organisational structure.
- Limit customisation and keep the implementation of systems as neutral as possible.
- Understand that using cloud apps is tantamount to outsourcing, and perform due diligence to ensure end-to-end compliance is maintained.
When you select a partner for implementation, work alongside them to make the shift to cloud apps as seamless as possible. Many financial experts are extremely devoted to their current way of doing things, and you must be prepared to show them the advantages and benefits of making the switch. Avoid technical jargon and make change management rules as clear as possible.
Migrate in groups, team by team or department by department, with the least vital parts of your organisation going first. This will give you time to identify any issues and fix any problems before the full organisation-wide rollout. Train each team in the use of your new cloud-based apps, and listen to feedback. Some resistance to new ways of doing things is normal, but early groups provide test cases and allow you to present proof of benefit to later teams making the transition.
Cloud app adoption In finance, accountants are moving swiftly towards the implementation of cloud apps, citing security and functionality as key reasons for adoption. Cloud computing is also a major factor in modern investment management.
Once your new cloud applications are fully integrated, you can continue to enhance the benefits by evaluating organisational abilities and identifying new areas where technological investment can drive enhanced productivity. The results can provide benefits far beyond what a few simple applications can deliver.