When a new technology emerges, there are always new promises. However, to be sure, you need to embrace these with a lot of care and caution. This is particularly true if you happen to belong to the world of commerce and finance. In this industry, risks concerning data privacy and security are always more.

In spite of this fear, there are indeed many financial companies which are making a beeline for cloud technologies. They are using these technologies for supply chain solutions, Customer Relationship Management and Enterprise Resource Planning solutions.

Why is cloud computing solutions beneficial for businesses?

When you choose to adopt cloud computing for your business, you can gain many benefits both in terms of technology and operations. The cloud makes it easier and faster for companies to install applications and handle large volumes of data. The cloud therefore serves as an excellent platform for launching new capabilities and improving customer experiences within record time. The biggest benefit is that this involves minimal risks and incredibly low costs. Unlike the traditional approaches, cloud computing can help businesses take to new technologies much faster. In traditional approaches, the time taken for adoption would be much longer and the associated costs much higher. However, along with the cloud hosting which helps businesses change, there is a also a need to choose the best practices to ensure that the adoption is carried out smoothly and successfully.

 

How can businesses deploy clouds better?

One of the first things to consider for deploying cloud models better is to know your business limitations. Because of the nature of their departments, financial organizations are likely to own a diverse portfolio. This will include data which has been collected through years, details about product launches and new technologies. However, many of these technologies cannot yet be shifted to the cloud because of security threats. Incidentally, according to reports by Frost & Sullivan, almost 61% of the financial companies are hesitant to move specific applications to a cloud because of their inability to adhere to the compliance needs. There are also some other businesses which are still dependent on paper-based operations. For these too, shifting to the cloud may be a challenge.

To deal with this problem, it is important to do some research beforehand. You can consult both employees and peers to find out the best methods to make this move. Some of these best practices for cloud deployment have been discussed as follows:

 

  1. Businesses in the financial sector will need to create a comprehensive strategy or plan for the transition to the cloud. To do so, you will need to first understand why you are making this shift. There are businesses which take this step in a hurry without proper planning, and challenges that they face as a result are very hard to overcome.
  2. You need a practical road map, a plan to ensure that your employees are duly prepared to handle the changes which come with this shift. This is because many companies end up biting more than what they can chew. They create such wide plan of action for themselves that they cannot attain these later.
  3. When you do not have capable CFOs and CEOs, your decision making process may suffer. When the cloud transition is being handled only by the IT staff and the CTO, the real advantages of cloud hosting solutions may be left unused. The trick is therefore to get every person on board to maximize the rate of success.
  4. You must then find the best platform and the best vendors or partners for the task. In the absence of the right team and technologies you cannot deploy the cloud successfully. Otherwise, failures are inevitable and your whole initiative may fall through.
  5. You must also be quick in building all this to enable the organization to manage changes. New technologies will not be free of problems. The shift from traditional environments to cloud environments will appear to be a challenge at first for all. Users can benefit from these new solutions only when the organization welcomes the change too; they must offer the right skills and resources to accept this change.

When the cloud can be brought in with change management, the results are always excellent. For instance, a leading cash-handling company had realized that it could do better with cloud technologies. It wanted to grow into a “smart” enterprise which used digital technologies but was driven by standard global processes. This change was not possible through a traditional approach. So, the leaders chose the right platform and partner for the transition to the cloud, depending on specific needs of their business. It also realized the need to get everyone on board. Since the transition was expected to be huge, a proper plan was designed and the team was prepared in advance. The idea was to take it slow, to allow the initial launches to become successful first before changing the others. This company made a conscious decision to train the stakeholders for this new change because no cloud initiative can be without bumps.