No one underestimates the importance of a CFO to a great organization – they manage the financial health and well-being of the company and are often responsible for its success. They are also responsible for allocating investment budgets and are typically rather hesitant to risk a move to disruptive technology like cloud-computing – even when it’s being recommended by their IT staff.
How is your business’s IT budget being managed? Are you spending money on technology that isn’t adding value or competitive advantage to your company? Are you confident that your investments in technology are delivering on their expected returns? If so, how long does that cycle typically take? One major mistake that companies often make in regards to budgeting is that every year they take last year’s budget and copy and paste it as a starting point for next year’s budget. The end result is a a small, often insignificant shift from year to year and a loss of potentially ground-breaking innovation. We recommend you always begin with a blank slate – identify your top priorities and business needs and then build a budget strategy that fits. Oftentimes businesses waste money simply because they fear change, and this consistent reassessment may completely change your outlook and your company’s bottom line in the process.
Updating to the latest technology can be intimidating for a variety of reasons – an oft-cited (but ultimately unfounded) concern is less security. When it comes to cloud-technology, putting your data assets in a 3rd party’s hands can actually be one of the smartest and safest things you can ever do. Companies like Microsoft and Google have millions of dollars to spend on identifying and fixing security holes. Their brand names are synonymous with high-quality service for a reason. Very few firms have similar resources to direct toward IT infrastructure thus relying on your internal servers is actually significantly more risky. Now consider the resources you do have – would you rather have them focused on server maintenance or on the type of innovation that will propel the company forward?
If we agree that your company is better served by IT driving business forward than it is by IT doing routine maintenance, then it becomes an executive’s job to push IT to deliver more tangible results. In order to do that your IT department requires smooth, predictable technology that’s easy to manage. This sounds like a description of modern tech in the cloud – optimized for user experience and accessibility while consistently updated to work more efficiently by the software giants (e.g. Microsoft and Google) who supply it. Once your platform has the basics covered (security, infrastructure, and workflow) your IT group can focus on having a real impact on your business.
Enable IT to be a hub of innovation and impact and start seeing the real ROI of IT – your business will prosper and your shareholders will thank you. As an executive, you have the capability to be a catalyst for this kind of change. By sticking with the status quo you’re missing out on the myriad opportunities provided by new technology when instead you could be fostering a culture of innovation and enhancing your company’s productivity at every level.
Still not sure about how making a switch to the latest cloud solutions will positively affect your company’s bottom line? Check out our 15 Benefits of Cloud-Computing article, or reach out to us anytime to discuss how your company could begin reaping the rewards immediately!