Many financial services executives in several businesses (regardless of the size) are restructuring their technology strategy. For this, they are hiring tech-savvy finance professionals, integrating systems, adopting the latest technologies (primarily automation), and discontinuing legacy financial processes.
Amid all this, moving finance-related functions to the cloud is one of the most effective changes. However, companies now realize the core advantages of cloud adoption, so they put their best effort into overcoming multiple obstacles.
This article will discuss some of the most common challenges and benefits that companies can expect while making this much-required move.
Cloud Adoption Challenges that Companies Face
Compliance & Data Security Concerns
Fears about losing confidential, sensitive data and not meeting compliance requirements are considerable obstacles that companies face during cloud adoption. Here, the most common security concerns revolve around multi-tenancy.
Multi-tenancy is the storage of multiple companies’ data on the same servers. However, such concerns are incorrectly positioned and caused due to false understanding; or we should better say due to misconceptions about cloud solutions.
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