9. Rapid scalability
With the fast pace of business today, you need to be able to scale your technology as your company grows. However, your growth potential can be severely constrained if you have to upgrade your equipment every time you reach the storage or processing capacity of your hard drive.
There are no such limits when using the cloud, though. Its infinite power and space mean you can rapidly scale up or down as the needs of your business change.
10. Superior data quality
Access to accurate data is becoming increasingly important for delivering excellent client service.
Cloud analytics offers the ability to drill into your data and gain a deeper understanding of your client base, helping to segment clients better, identify areas for investment and improve deployment of resources.
Holding a single electronic version of the client data securely in the cloud also removes the issue of version control, making sure that current information is always accessible, avoiding duplication and the risk of using out-of-date material.
And the potential to integrate external data sources, such as open banking, with the client data you already hold can give a more rounded understanding of the client’s financial position and better inform their financial plan.
Switching to cloud architecture can provide improved flexibility and greater control, while driving efficiencies and cost savings.
Akeel Ahmed is chief technology officer at Intelliflo
