• Intapp DealCloud

Is your financial services firm cloud-ready?

  • Ben Harrison

    Co-President, Financial Services and
    Founder, DealCloud

With the world of private capital investing becoming increasingly competitive and complex, firms are always looking for ways to increase their competitive advantage while also saving time and money.

One proven strategy being deployed by financial services firms is to invest in a purpose-built financial services cloud solution like Intapp DealCloud. According to a recent IDC study, “at a consistent rate, companies are continuing to mature in the cloud. From 2017 to 2019, optimized cloud strategies doubled from 8% to 16%. Cloud customers expect this to double again by 2021.”

In this guide, we will review the key benefits of a cloud-ready technology strategy and provide an overview of the process for getting started.

There are many benefits of using financial services cloud solutions in today’s environment to maintain a competitive advantage. Below are just some of the ways implementing this technology can help your firm become more successful.

Increased efficiency

There’s an old saying that holds true now more than ever – time is money. The time-consuming and often unsecure process of sending files back and forth over email is inefficient and can have a negative impact on productivity. Team members should not be wasting time searching for items in their inboxes or going through Excel spreadsheets to find data when there is an easier solution. An efficient, cloud-based solution enables employees to access files and data from one central location, ultimately leading to a more streamlined and more secure business. It’s important to have a cloud-based CRM that allows for easy collaboration and transparency, especially when your team is working remotely.

Optimized data security and enhanced compliance standards

In today’s era of data breaches, a cloud computing security solution offers security protocols to protect sensitive information, ensuring that a third party doesn’t tamper with your data. Solutions such as the DealCloud Secure Cloud enable firms to securely access data from any device or location while providing the necessary agility, flexibility, and scalability to respond quickly and effectively to challenges. When choosing your firm’s capital markets technology provider, it’s important to ask yourself these questions.

Reduced costs

The implementation of a cloud-based, single-source technology system is one way to greatly cut costs across all areas of your business. A cloud-based CRM can reduce the cost of transactional due diligence, the cost of paper, and the cost of human error. Investing in a cloud-based platform can also negate the need for other software platforms. For example, as detailed in a recent case study, Hamilton Lane recently collapsed 28 systems into one by implementing DealCloud’s deal and relationship management platform. Instead of using a host of disparate systems and processes, the firm increased efficiency and reduced their spend on software platforms.

How to perform a cloud-readiness assessment at your financial services firm

If your deal and relationship management solution is not already on the cloud, the process of transitioning to a cloud-based system can seem daunting. Understanding current and upcoming infrastructure needs will help firms understand what’s subsequently required to prepare their teams and their processes for moving to the cloud. Below are some steps you should consider:

  • Evaluate your horizontal vs. vertical technology options – Do they have expertise in your specific industry? Do they understand the nuances and complexities of your organization? By selecting a vertical-specific solution provider, you may experience efficiencies in the implementation and go-live process which can accelerate your time to cloud-readiness.
  • Evaluate provider performance – Does the provider you’re considering have secure infrastructure deployment options? Is the platform secure? Does it have penetration tests readily available?
  • Take stock of every team/business unit’s needs – How will every part of the organization access and leverage this tool? Without a full scope, you may inadvertently choose a provider that cannot accommodate the needs of specific groups.

Today’s capital markets firms operate in a highly competitive marketplace, demanding that firm leaders be well prepared to deal with growing client expectations and increased competitive pressures. Becoming cloud-ready can help your firm operate more efficiently, ultimately saving you time and money.

The financial services cloud solution offered by the DealCloud platform has a proven track record of success across capital markets firms such as Raymond James, The Riverside Company, and more. To learn more about Intapp DealCloud’s cloud-based, single-source technology platform, get in touch with our team today.