7 Tips for Financial Execs Transitioning to the Cloud

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If you are actively searching for best practices and tips to move to the cloud, here are 7 tips.

A tectonic shift — or, we could rename it a techtonic shift — is spreading rapidly across the globe as organizations move to the cloud. The transformation comes from not only the need to use software based in the cloud, but also from companies rethinking their corporate strategies and positioning in terms of their internal data, content, systems, privacy, security and even culture. Financial executives often find themselves in these type of digital transformation projects for their financial expertise as well as for their overarching business analysis, objectivity, compliance knowledge and high-level view of an organization. Fueled by market research data, Gartner estimates that more than $1.3 trillion in IT spending will be directly or indirectly affected by the shift to cloud by 2022. Much of this spend will lead to company goals of improved efficiency, cash flow and overall cost savings.

Despite statistics, scores of small, medium and enterprise companies are not yet on the cutting edge of digital transformation and haven’t yet made the move to the cloud. If you fall into this bucket of companies you’re not alone, yet. If you are actively searching for best practices and tips to move to the cloud, please read on.

1. Select Executive Sponsorship

Your first order of business is to nominate your project champion or executive sponsor to lead the cloud transition project. This person must have the power to make decisions and be technically savvy enough to talk and understand “cloud speak.” They must also have the ear and respect of the entire executive team to keep all constituents informed throughout the organization’s shift to the cloud. Your executive sponsor will be able to consider different needs for business units, global ramifications and long-term goals. Similarly, this person will understand the existing infrastructure and the current technology stack, including ERP, CRM, RPA, line of business systems and repositories. Ultimately, this person will sign off on the type of cloud platform and any related vendors with financial implications and business objectives at the forefront. – Read more