Are Organizations Really Finding More Responsiveness in The Cloud?
The Simple Answer
The simple answer to the question, “Are organizations finding more responsiveness in the cloud?” is “Yes.” Many companies both large and small are moving to financial management that is cloud-based computing. This demonstrates that businesses are seeking to be more responsible in a changing financial landscape. This demonstrates that organizations are trying to keep up with their exacting and highly connected customer base.
Keeping up with a Changing Business Landscape
But there is a tremendous shift in mindset and resources needed in order to make this work for financial businesses. The ancient adage, “The customer comes first,” is true now more than ever. Customers are more demanding more from their financial companies and these firms should be able to deliver.
According to a new report from Forrester, making the customer happy needs to be a top priority for those in finance. The customer is important because that is where the money is. This is also important because with the new modes of making money and new industries emerging today, a customer-focused approach to doing business is required to gain, assist and retain customers.
Cloud-Based Applications and Customer Service
Serving customer needs to be done within the financial organizations themselves. As such, financial teams will require the resources they need for success. More than simply cloud-based software applications will be needed to achieve such success. Financial firms will also need to invest in cloud-based financial management applications. Such applications will help improve customer experience by allowing financial teams to have a full view of the customer experience.
These applications will also need to be integrated smoothly with other departments, which will in turn result in greater efficiency. It provides for process cash to occur securely and smoothly through sales, billing and receivables. Extra spreadsheets, manual work and special integrations can then be avoided.
Additionally, teams will be able to have access to the same information as all financial data will be centrally located. By allowing employees will be able to access information whenever it is needed, companies will be even more efficient.
Cloud Advantage No. 1: Information at Your Fingertips
The following is an example of the advantages of cloud-based financial applications. A sales team member is traveling for work and encounters an issue with a customer payment. The team member can look up the customer information in real time to help resolve the issue quickly. The need to find someone from the financial department to get this information is therefore eliminated. This is great for both the customer and the employee, as higher employee satisfaction translates into a better customer service experience.
Cloud Advantage No. 2: Improved Customer Satisfaction and Employee Morale
With increased customer satisfaction, there is customer retention. This is the goal of any organization and influences the financial success of such organizations. Important information about vendors, business partners or customers should not be hidden away. When there are different systems for different tasks being used the potential for miscommunication and errors increases.
Cloud Advantage No. 3: Mobility and Flexibility
An additional advantage of using cloud-based financial software is mobility. The ability to look up needed information on a mobile device like a cell phone provides added flexibility for employees. It also allows for information to be accessed at home, at work or while traveling.
Employees can also switch between various devices without losing any updated information. This helps to avoid costly mistakes. By having important information like cash flow figures and accounts always at employees’ fingertips, businesses can better serve today’s digitally connected customer.
Adjusting to a Changing Business World
The only constant is change in the current world of finance. Fast-moving innovation is the key driver of this change. More efficient internal business processes are important now more than ever as a direct result of these current industry realities. Providing accounting and financial access via cloud-based computing is one way in which high- performing organizations are dealing with this constant change. Such organizations are more flexible and forward-thinking than their peers, who are often stuck in outdated modes of financial management that do not interact well with other areas of their business.
By having internal computing processes that allow employees to track the entire customer experience from CRM to that customer growing to an accounts receivable, helps companies improve the customer experience as well as the company’s return on investment. Seeing the advantages of cloud-based computing related to an improved customer experience makes it hard to imagine why some businesses have not jumped on the cloud bandwagon yet.
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