Feb 21 2024

Cloud-Powered Solutions Improve Productivity for Finance Firms

Facing inflation, regulatory pressure and employee burnout, financial services companies turn to cloud technology to stay profitable.

For many financial IT leaders, 2024 began with a productivity imperative. In the midst of inflation, heightened regulatory pressure and worker burnout, businesses must maximize productivity to show profitable growth, according to a McKinsey report.

But it’ll take more than matcha tea and table tennis to supercharge output, especially when more than half of American workers are reporting burnout. That’s why IT leaders are putting cloud-powered solutions at the center of all business operations, making daily tasks, storage and analytics accessible at all times.

Here are a few ways that a cloud approach can enhance worker productivity.

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A Unified Workflow Within the Cloud

The convenience of the cloud can translate directly into productivity gains. Every time financial workers log on to an application or server, they must go through basic security. Those 60-second increments add up — but working within a centralized ecosystem offers greater ease and efficiency. Even in a multicloud environment, users still have a unified experience for task completion and workflow.

This level of convenience pays off. In a recent keynote on digital transformation, VMware CEO Raghu Raghuram said, “You must deliver a frictionless experience to your employees, so that they can go about achieving the next great leap in productivity.”

For workers in compliance departments, in-cloud regulatory reporting tools can reduce the burden of daily tasks. Workers in disaster recovery can reap similar benefits from the cloud. Employees across teams can also optimize cloud platforms to run faster during high-traffic times of the day or week. Cloud tools can even detect the stability of an internet connection, which helps users avoid unexpected downtime and delays.

RELATED: Businesses are thriving with the right mix of productivity tech.

Improved Insights with the Cloud’s Data Analytics

Data analytics in the cloud is another way that financial services companies can be more strategic in their digital transformation efforts and gain more insights into their business revenue.

For example, collaboration analytics, including Microsoft’s Viva Insights (part of its Microsoft 365 platform), Google Work Insights and Cisco Webex, can provide data on the cost-benefit ratio of daily work. Combine this with a cloud management tool such as CDW Inscape, and IT leaders can also improve security, enhance visibility and reduce costs.

LEARN MORE: Training your team can improve productivity in your organization.

Quickly Access Information and Collaborate Across Teams

Financial organizations can also take advantage of cloud-based productivity suites such as Microsoft 365 E3 and E5, which enable teams to call, chat or videoconference from any device in one click. This is particularly helpful for teams working in hybrid or remote setups, easily facilitating more regular communication and collaboration. These quick connects can also eliminate meetings, which 71 percent of senior managers say are inefficient and unproductive, according to Harvard Business Review.

Any one of these tactics improves productivity, but it’s clear that a cloud-based approach will help financial firms stay competitive in uncertain times.

Dilok Klaisataporn/Getty Images

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