The foundation for modernisation
A vast majority of executives tell us they are well advanced on their journeys to the cloud to modernise their businesses. However, most of the efforts on cloud adoption so far have been centred around ‘migration’ aspects of the application portfolio with a targeted outcome of cost savings and operational efficiency. In our view, this only represents the first 20% of the business value that cloud promises.
These executives also tell us their businesses accelerated transformation efforts last year in the face of rapidly changing market environments. Income is under pressure with balance sheet margin compression. Capturing deposits and streamlining costs is crucial to optimising margin spreads and this needs superior digital capabilities of systems of engagement, systems of integration, and systems of record.
That means cloud migration is not enough – it is now necessary to refocus cloud adoption with rethinking ‘modernisation’ and how that will deliver value in business terms. This is where the remaining 80% of value lies – enabling business agility and growth.
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