Assessment: The First Stage of Accelalpha’s Approach to Digital Transformation
As the market environment continues to evolve, more companies are migrating to cloud computing in order to remain competitive. This trend accelerated during the COVID-19 pandemic and is anticipated to surge over the coming years. Migrating to the cloud is increasingly looking like an inevitability for companies across the globe.
Despite the challenges associated with moving to the cloud, the benefits far outweigh the effort required to transition. Some benefits include improved accuracy and productivity through automating processes, cost savings, and revenue growth opportunities.
The Four Stages of a Digital Cloud Transformation
The cloud is a global network of servers with a large capacity to process and store data and software. Cloud-based software applications provide creative solutions that help companies improve customer service, grow revenue, lower operating costs, streamline processes, and work more efficiently.
A successful digital transformation to the cloud involves four stages:
- Assessment
- Planning
- Execution
- Evolution
Assessment is the first stage that must occur when considering a cloud migration. In the next few blog posts, we will explore all four stages in-depth and discuss why effective execution is crucial to a company's success with cloud implementation.
Stage One: Assessment
In this initial phase, it is essential to consider how you can move away from your legacy infrastructure, evaluate product and solution options, and ultimately determine whether or not to embark on your cloud journey. This is the time for critical evaluation of the efficiency and profitability of current operations. During this phase, you should assess the company's present environment and determine how you will move to a modern cloud-based environment.
Ask yourself where the company is headed and what the current and future objectives should be to achieve growth. Realistically assess your organization's appetite for change from the top down - from senior leadership down to your end-users. The assessment phase is also where you establish your goals for the transition and the changes needed to achieve those goals while identifying how you will avoid potential and costly pitfalls.
Don't Be Afraid of Change
Be honest in your evaluation of team members, business processes, and the functionality of your existing applications. It is critical to accept up front that necessary changes will create challenges that need to be addressed as you move through the journey. Next, you will determine which partners you are going to use as you make the transition.
Choosing a cloud solution differs from selecting an on-premises solution in which you would craft an RFP (Request for Proposals) with a list of functionalities. Instead, the final step of the assessment phase is to evaluate the solution you choose by understanding:
- flexibility in configuration
- extensibility through bolt-ons, and
- potential limitations when it comes to customization
These are the keys to a successful cloud implementation. These three factors work together to strengthen the cloud solution and enable it to help companies adapt and grow over time.
We recommend that you work with a company that has led similar implementations and provides consistent results at this assessment stage and throughout the transition. This will be the beginning of a long-term relationship with your chosen partner, and it's critical to align the culture and capability between you and your partner during this step.
Choosing the Right Partner
Don't just focus on a data sheet when looking at a solution. Instead, look at the capabilities and your partner's capacity to optimize them to drive the success of your organization while controlling and reducing costs.
One factor that makes an Oracle solution so attractive is that you can balance utility, supportability, and access to new functionality that is released every quarter. A feature that may not be available right away will likely be coming soon, and your Oracle solution will scale as you grow.
Examine your potential solution from different angles – from the CEO's perspective to the end users' view – and evaluate the potential impact on the operation. Bringing in experts who can make the implementation successful will help you manage the challenges and instill your team with the knowledge needed to maintain the new solutions and grow.
What the Future Holds
According to Fortune Business Insights, "The global cloud computing market" "is projected to grow from $480.04 billion in 2022 to $1,712.44 billion by 2029, at a" Compound Annual Growth Rate (CAGR) "of 19.9% during the forecast period". This trend is emblematic of the many benefits, advantages, and proven results derived from implementing Oracle cloud solutions. Companies that have embraced Oracle cloud Solutions are already reaping the cost savings, increasing their revenue, and scaling their operations.
Don't miss the second installment in this series, where we will be discussing what is involved during the planning phase of your digital transformation to the cloud.
In the meantime, if you are ready to get the conversation started, don't hesitate to contact us with any questions.
Sources Cited:
Fortune Business Insights: https://www.fortunebusinessinsights.com/cloud-computing-market-102697