10 questions every cfo must ask before moving to the cloud
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Every small business CFO is thinking about how to save money, and technology is a great enabler for that. With the proliferation of cloud computing in recent years, CFO are thinking about if cloud is the right fit for their organization. This presentation will go trough the top question every financial executive must ask and think about before making the move to the cloud.
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10 questions every cfo must ask before moving to the cloud
- 1. NORTHEAST ENERGY EFFICIENCY PARTNERSHIPS TOP 10 QUESTIONS EVERY CFO NEEDS TO ASK BEFORE MOVING TO THE CLOUD
- 2. Presented By • Frank Armenio, Partner, B2B CFO – Frank Armenio has 30 years of broad based financial, operational experience in private and public multinational company roles such as CFO, Corporate Controller, Budget Manager, Sales Controller, and Revenue Accounting Manager. Frank has a mix of big company/small company experience with the ability to bring the big company processes and best practices to translate it all into a fast paced, entrepreneurial environment. • Kirill Bensonoff, Partner, ComputerSupport.com – Kirill is the founding partner at ComputerSupport.com. He is responsible for delivering technology solutions, driving customer satisfaction, maintaining the culture of innovation as well as overseeing the strategic direction of the company and building business relationships. Kirill lead teams on multiple cloud migrations and consulted clients on various cloud best practices issues.
- 3. Is the cloud the right fit for my organization? Is my organization ready for the cloud? TOP 10 QUESTIONS EVERY CFO NEEDS TO ASK BEFORE MOVING TO THE CLOUD| 3
- 4. Is your cloud secure enough for my organization and what are the security parameters? TOP 10 QUESTIONS EVERY CFO NEEDS TO ASK BEFORE MOVING TO THE CLOUD| 4
- 5. What steps can/should we take to insure we meet all security and compliance standards? TOP 10 QUESTIONS EVERY CFO NEEDS TO ASK BEFORE MOVING TO THE CLOUD| 5
- 6. Is your cloud endorsed by any regulatory agencies/commissions? TOP 10 QUESTIONS EVERY CFO NEEDS TO ASK BEFORE MOVING TO THE CLOUD| 6
- 7. Who owns my organizations data? TOP 10 QUESTIONS EVERY CFO NEEDS TO ASK BEFORE MOVING TO THE CLOUD| 7
- 8. Where is my data being stored? TOP 10 QUESTIONS EVERY CFO NEEDS TO ASK BEFORE MOVING TO THE CLOUD| 8
- 9. Is your cloud public, private, or hybrid? TOP 10 QUESTIONS EVERY CFO NEEDS TO ASK BEFORE MOVING TO THE CLOUD| 9
- 10. Will we experience downtime moving to the cloud? TOP 10 QUESTIONS EVERY CFO NEEDS TO ASK BEFORE MOVING TO THE CLOUD| 10
- 11. What is your process to move into the cloud? TOP 10 QUESTIONS EVERY CFO NEEDS TO ASK BEFORE MOVING TO THE CLOUD| 11
- 12. How long does it take to move an organization of our type/size into the cloud? TOP 10 QUESTIONS EVERY CFO NEEDS TO ASK BEFORE MOVING TO THE CLOUD| 12
- 13. What are the cost implications/advantages to moving into the cloud? TOP 10 QUESTIONS EVERY CFO NEEDS TO ASK BEFORE MOVING TO THE CLOUD| 13
- 14. Open To Questions TOP 10 QUESTIONS EVERY CFO NEEDS TO ASK BEFORE MOVING TO THE CLOUD| 14
Notas do Editor
- Not all organizations are a fit for the cloud. If your company is a government subcontractor, or works offline a lot, cloud might not be the right fit. Also, having on-premise hardware might still make financial sense for mid and large enterprise.
- Security is one of the most prevalent questions that come to mind of course when taking the leap into the cloud. Getting a solid security profile is an absolute must detailing the providers standards of security and logistics.
- Contracting a 3rd party to perform an independent audit of both your internal infrastructure/environment, as well as review of the cloud providers profile, is a great step in insuring confidence in the cloud. Certified Information Systems Auditors can provide thorough reports detailing your organizations and the cloud providers security profile, as well as competence, and deliverability standards.
- Some regulated industries have organizations with their own security guidelines. Some of the bigger compliance guidelines out there that everyone should be aware of are:FINRA (financial services), HIPPA (healthcare), PCI (credit cards), FISMA (government)
- This is a key question every CFO needs to ask. In case you decide to leave your cloud provider, who owns the data? How do we get our data back? Are there any cost associated with getting data out? What happens if the cloud provider goes out of business?
- Data storage and computing access location is another important question. Certain organizations may be required to compute here in the US only for example. Or, it just may be personal preference. You might not want your data in some 3rd world country, or someone's basement. Also, is data stored in multiple locations, so you can continue to work, in case one of the locations goes down.
- A provider should be educating you on both the differences as well advantages/disadvantages on the different types of clouds, and what the best recommendations are based on your needs and requirements. For example, a public cloud is someone like Amazon Web Services or Rackspace. A private cloud can be built by any technology company, like Salesforce, to host their own application. Or, there can be a combination of both.
- For most companies downtime is not an option. Having a carefully architected and planned migration to the cloud should insure that there is 0-minimal downtime occurred. One general plan of migration for example is over weekends, after hours, or staggered. A CFO must always is – is there a rollback plan? What happens if the migration hasn’t gone smooth and I want to go back to where we started?
- Having a process of implementation in place is a must have as well. The provider should have a standard process in place to insure that the organization doesn’t experience system overload or culture shock. Change can be traumatic too some. Ask to see the project plan before you start.
- Time will of course vary from organization to organization. The common factors like size, technology, cooperation, etc. all play a role in the time it takes to get into the cloud
- Cloud has the reputation of saving companies money. Well, that’s not always the case with all. Cloud can cost as much if not more in some cases than your current infrastructure in the first couple months to even years of adoption. However, you have to look at the whole picture and not forget “soft costs” – things like space, cooling, heating, electricity all add up. Then of course there is support, maintenance of the hardware, and capital expenditures on new hardware and software. Spending a big chunk of money today is more expensive then paying for something over time. Also, its important to not forget unused capacity – if you overbuy hardware, you can not return it. With cloud services, you can usually scale up or down, depending on the need.