One of the significant advantages of more large firms migrating to enterprise-class cloud computing is that important decisions that have a huge impact on the bottom line can be better managed. This is especially true for the trade finance sector, in which many different components and facilities must be taken into account when making any change or addendum to operations plans and deals. With enterprise cloud services, these large organizations can oversee operations better from a distance and make critical changes in a timely and cost-effective way.
Traditional on-premise technologies are restrictive, and their use is often compromised for critical operations happening offsite and in far-flung destinations, according to Cloud Tech News contributor Tom Rahdar. With more scalable cloud technology, businesses are able to better structure their organization so that operations flow smoothly. This increased efficiency and enhanced connectivity can lead to acceleration in areas from transport to payment.
Additionally, businesses using cloud solutions for importing and exporting goods can avail themselves of the increased resources that no longer need to be deployed in hardware and software investments. Increased agility means that organizations can adopt other technology as it hits the market, if it will improve operations in some capacity, without worrying about the potential costs of legacy equipment in a boxed-in environment.
Rahdar cited an example of cloud-based electronic bills paving the way for last-minute changes to large-scale shipments. A change to a multi-million dollar shipment of iron ore necessitated a change to the bill of landing with only two hours left until the ship's departure. The new bill was issued through the cloud and the ship left port with the correct documentation.
According to CIO, the cloud also cuts down on information silos, which can hinder large-scale investments as all the pieces need to be assembled from disparate sources. Streamlining information and mission-critical operations can improve the efficiency and quality of trade finance activity and position organizations for expansion and higher profitability.