Feb 19 2024

The Surprising Tool That Will Maximize Your Cloud Migration

As financial institutions move to the cloud, they should consider workflow tools to boost performance.

After a slow start to using cloud architectures, financial institutions are making up for lost time: The Cloud Security Alliance reports that 98 percent of financial services organizations now use the cloud in some way, and 57 percent of them use a multicloud solution.

But migrating data to the cloud is only part of the story. For a successful digital transformation, workflows must adapt to suit the unique needs of cloud and hybrid systems. And IT leaders need to assess how their teams will use those workflows day to day.

Here are five workflow shifts that can help financial institutions transition smoothly to the cloud.

Click the banner and navigate your transition to hybrid and multicloud environments.

Tip #1: Shift to Hybrid Ops

In this era of hybrid work, IT personnel should also opt for hybrid operations. These collaborative setups help teams maintain security without burning out team members. In fact, 68 percent of IT and DevOps survey respondents say that their work will either stay the same or increase in complexity as a result of the hybrid workplace.

RELATED: Take control of cloud spending with FinOps.

Tip #2: Improve Compliance in the Cloud

Incorporating compliance and governance controls into workflows is critical but it’s a particular challenge for the financial sector, which must follow numerous regulations.

Software as a Service models simplify management of compliance and control tools by providing a scalable, centralized environment. Upgrading these tools will help financial institutions meet their regulatory needs and achieve better security all around.

Tip #3: Boost Cloud Security with Identity and Access Management

To boost cloud security, financial service organizations should incorporate identity and access management controls. This set of guardrails around users’ privileges helps ensure compliance.

It also has the benefit of streamlining day-to-day access for approved users. One of the more common IAM tools is single sign-on, which lets a user sign in to multiple systems with just one login. Other IAM strategies such as multifactor authentication, role-based access controls and adaptive authentication round out a system’s identity-based defenses for a robust solution.

Tip #4: Proactively Manage Your Applications

A successful cloud migration isn’t wholesale. Instead, it’s informed by actual needs: What applications should be moved to the cloud? Which apps need to be rearchitected or otherwise modernized?

Performing a thorough assessment of existing applications is the first step to understanding which applications should migrate and how those applications must evolve to suit the organization’s needs. IT leaders should analyze data requirements, access patterns and security needs to keep up with application management.

READ MORE: The benefits of using hybrid cloud environments.

Tip #5: Train Teams to Get Comfortable in the Cloud

The most elegant cloud solution can be rendered meaningless without the talent to use it as intended. That’s why organizations should make an upfront investment in training employees so that they can make use of the cloud’s full capabilities. This means making sure they are familiar with the platforms, processes and security protocols that help financial institutions realize their cloud ROI.

Certifications, training through cloud service providers, and building in-house resources can help IT teams and other users stay up to speed. But one key to maximizing cloud skills can’t be bought: fostering a culture of learning.

In fact, a cultural shift is essential to all of the workflow adaptations that financial institutions need for a successful cloud migration. Workflows exist to serve the people who use them, and the endorsement of people at every level of the organization — C-suite players as well as entry-level workers, decision-makers along with customer service agents — brightens their chance of widespread adoption and ultimate success. The result: a strategic, smooth digital transformation that serves the organization’s culture along with its clients.

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