The cloud is becoming a saving grace for many companies in the modern era. With the rising costs of running an office and individual servers, having a cloud based service to run your various pieces of software really simplifies the process. However the companies providing these services know this, so with demand comes an increase in cost for the end user. This can end up making the savings from migrating to the cloud almost negligible, reducing the reasons to make the switch. As an organisation, implementing a cloud financial management plan is a good way to weigh up the costs and benefits of migration to the cloud.
So what is cloud financial management?
Cloud financial management is a solution that can be implemented by businesses to ensure that any cloud services they are using are optimal and fit for purpose. Weighing up the value of cloud based services is an important process for businesses in the modern era post Covid 19. Cloud software has become a significant part of the modern workplace, with working from home becoming increasingly popular even post pandemic. With this comes the need to implement systems of working, which employees can access from anywhere.
Cloud based solutions are perfect for hybrid or home workers as they are able to be accessed from anywhere. The problem is that cloud costs can start to become out of control with different teams each having their own systems, with their own requirements. Implementing a single system that all teams can use to collaborate on is a great way to cut the costs of cloud based software solutions. Moving forward we will look into the most important factors to look into when completing a cloud financial management plan.
Important factors to consider with a cloud financial management plan:
- Is the software providing value for money?
- Is it easy to use?
- Can it be used across the business?
- Are there alternative services that can do more for less?
- Can you reduce costs anywhere without a reduction in profits/performance?
How to implement a cloud financial management plan
1 – Set goals: When creating a plan, the first objective should be to create clear SMART goals which really indicate what your business needs. Figure out what your priorities are as a business, then look into the right cloud based software to attain these goals. Forget about weighing up costs initially, simply focus on features and functionality.
2 – Speak to teams and team leaders: Now you have your general business goals, it is worth sharing these within your individual teams. You must then open up the floor to allow them to have their say on what is working, as well as what needs improving. This will help you with making a decision on what software to use, what the costs will be and how this can be implemented.
3 – Set a budget: Once you have clear cut goals and input from your teams, it is time to set a budget in order to achieve these goals. The important part of this is to ensure that you stick to budget and no further complications can occur. Now is the time to look at the costs of the software and create the best compromise between cost and features on offer.
4 – Hold yourself and your teams accountable: When setting a budget the most important thing is to stick within the budget as much as possible. This can be challenging and obviously if there is a dramatic increase in demand/performance. Then the opportunity to go beyond the initial budget will be there. However in general the idea of a cloud financial management plan is to reduce costs. This means you need to hold yourself and your employees accountable moving forward.
5 – Continue to analyse: With the last tip in mind, it is worth looking over your cloud financial management plan periodically to see how things are going. If there are improvements that can be made, such as a reduced features package or more features. It is important to recognise this and implement it as quickly as possible before frustration and increased costs set in.
As we are moving into a new era for the workplace, cloud based solutions are very much the future. Getting onboard with this, and creating a cloud financial management plan is a surefire way to handle this transition with ease. Create your goals, speak to your teams, set your budget, hold yourself accountable with this budget and continue to optimise the plan. Simple stuff really.
Here at Sefas we are able to offer our Harmonie Communications Suite for businesses looking to enhance their Customer relationship management (CRM) solutions. This is a collection of 5 separate cloud based software solutions, implemented into one neat platform that can be used across all of your teams. For example Designer is a design collaboration tool which allows designers to store all their creations on the cloud. This then enables easy access to everybody to important resources. Hubmail allows you to implement a hybrid mailing solution, this then reduces the amount of time your teams spend on creating, writing, printing and distributing your communications. This is just scratching the surface, so feel free to find out more.
If you are interested in learning more about our HC Suite, please get in contact today.
Karen Peters, Head of Financial Service Markets, Sefas UK