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There has been a definitive shift in recent years in how management consulting organizations think about the cloud. In response to macroeconomic disruptions dramatically changing how organizations operate, it has become imperative to reshape and transform themselves by moving to the cloud. Through strategic cloud-driven digital transformation, organizations can remain relevant and even thrive amidst all the upheaval.
But Why Move To The Cloud?
The cloud has come a long way from being a mere technological curiosity to becoming an integral component of an organization’s modernization. It is now critical to the digital transformation of any organization, big or small. Cloud-based platforms offer multiple advantages over on-premise solutions as discussed below.
The cloud allows for easy scalability as and when required with minimal hassle due to its limitless capacity. For consulting services, it is imperative to have enough capacity to handle business operations at peak. As these organizations prioritize agility and speed, the elastic scale of the cloud allows them to scale up and down quickly to meet changing needs.
When running operations in the cloud, organizations benefit from the managed security services provided by their chosen vendor. These measures are often more robust and more highly resourced compared to the capabilities of a single IT department in a large organization.
Support For Innovation
With the cloud, organizations can focus on and invest in resources to build, create, and experiment with new experiences for their own customers. They no longer need to spend time and effort on managing infrastructure and connecting on-premise systems. The cloud also makes it easier for organizations to incorporate emerging cloud-native technologies like artificial intelligence and machine learning to unlock business opportunities and drive innovation.
In addition to the above, the cloud helps lower operating costs while offering better compatibility with modern digital systems necessary for the enterprises of today. However, for large organizations, moving to the cloud is not about simply shifting systems to the cloud platforms.
Key Enablers Of Cloud-based Transformation
Cloud migration is a complex endeavor and, typically, a part of a wider push for digitally transforming the organization. To derive the maximum benefit from a move to the cloud, enterprises must reorganize their operations and build new capabilities. Being smart about this transformation will make the difference between gaining a significant competitive advantage and falling behind. With that in mind, here are some of the key enablers of successful cloud driven digital transformation.
A Modern Unified Platform
For many management consulting services organizations, their business operations are rooted in legacy infrastructure with multiple point solutions and applications in use across their global locations. Such a complex solution stack creates data silos and barriers to access the data needed by managers and business leaders to drive critical decisions. In fact, Accenture notes that 43% of business leaders consider legacy systems and application sprawl to be a barrier to the benefits of the cloud.
Instead of looking for cloud-based alternatives to these solutions or upgrading legacy systems with cloud capabilities, it is far better for consulting services organizations to invest in a modern cloud-based unified platform that operates at scale across all locations. Such a platform accelerates the decision making process by delivering granular level visibility into the organization’s data.
A Globally Compliant Solution
For consulting services organizations that typically operate on a global scale, compliance quickly becomes a pressing concern. Enterprises need to comply with ever changing standards and legal regulations across regions at a local, state, and national level. To solve these challenges and ensure compliance across the board, organizations need to look at a global platform that supports all levels of compliance across all locations.
Choosing a solution that incorporates global compliance allows organizations to focus on more revenue-generating activities while remaining assured of meeting regulations. After all, it becomes the vendor’s responsibility to ensure compliance requirements are met.
AI & ML Based Analytics And Reporting
In today’s business environment, changes take place at breakneck speed, making it imperative for business leaders to have tools that help make sense of the constantly evolving marketplace. Traditional analytics tools are incapable of providing the insights needed to keep pace with these changes. For industries as competitive as management consulting, organizations must remain ahead of the curve to remain relevant and satisfy ever-changing client needs.
To solve these challenges, organizations must leverage modern technologies like artificial intelligence and machine learning to drive their analytics. Cloud-based AI analytics as used in Polaris PSA, are not only easier to incorporate into workflows but they can also take full advantage of richer data sources across the organization to deliver mission-critical recommendations. These solutions can even provide real-time insights allowing enterprises to solve problems before they surface, and allowing them to quickly take advantage of trends.
Professional Services Automation (PSA)
For management consulting firms that operate on projects, a single tool that automates key processes around projects, resources, time, and finances can go a long way in transforming the organization’s capabilities. A modern PSA tool can make these enterprises more resilient while helping uncover missed opportunities and efficiency gaps to drive higher utilization, revenue, and profitability.
Through the cloud, the PSA tool connects the entire organization and gathers all relevant data to help support key processes such as project management, productivity management, revenue recognition, forecasting, and more. By shifting to a PSA, you help transform your organization into a more modern and nimble organization as it brings all employees, managers, and stakeholders to the cloud together. You can also begin the process of shifting other key processes such as billing and payroll to the cloud.
Choose A Self-Driving PSA
Management consulting organizations looking to enable cloud-driven digital transformation will find Polaris, the world’s first self-driving PSA platform, to be an ideal solution to their challenges. With advanced AI and machine learning technologies, Polaris analyzes data in real-time and delivers live recommendations to help managers keep projects, resources, and finances on course.
Polaris does the heavy lifting to help support intelligent decision making around project execution, resource allocation, capacity planning, and more. It helps optimize services revenue planning and pricing while driving faster and accurate billing. As Polaris PSA easily integrates with other industry-leading cloud software including ERP, CRM, and accounting, enterprises can rapidly drive successful digital transformation initiatives.