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CFO and Information Technology

CFOs have long been challenged by the value proposition of capital technology investments, often requiring in-depth analysis and reviews before making the plunge. While the lower monthly costs of cloud-based computing may overcome this inertia in some instances, CFOs are understandably nervous about committing to “rentals” of software or services that don’t have an extended life beyond the end of the subscription. While the CFO may not be reviewing each purchase for IT fit, they are likely intensely interested in whether they are getting the expected value from any technology purchases that are made. The CFOs leaning may help influence purchases for quite some time, making it vital to ensure that your CFO fully understands the benefits of moving to the cloud so you can break through their paralysis of analysis. Here are 4 of the sticking points that are pushing CFOs away from adoption of a more agile, extensible model for technology.

1. Communicate Key Risk Factors for Adoption

Like any technology, cloud platforms are only truly valuable if you gain widespread adoption throughout your user base. CFOs may have been burned in the past with projects that had an extensive upfront cost, yet didn’t deliver the expected business value after an extended implementation period. CIOs and other IT leaders can help mitigate this risk by addressing the root causes behind the poor adoption rates. Cloud solutions can be particularly challenging to sell, simply because they are predicated on the concept of continual change — something that is a struggle for many organizations.

2. Reassure CFOs That Technology Will Be Analyzed and “Rightsized” for Cloud

Financial business leaders are rarely happy with having assets on the books that aren’t being utilized, but legacy technology has a way of hanging around long after its useful life has been expended. When you reassure CFOs that you won’t simply be transferring efficiency problems to a new type of infrastructure — that you’re first resolving and appropriately sizing the solutions for your future business needs — they are more likely to be open to the conversation about a move. Gaining efficiencies and improving operations are always topics near and dear to the heart of CFOs. This could manifest in a variety of ways such as analyzing server and peak memory usage, looking for system vulnerabilities that can be addressed and reducing overall software licensing requirements.

3. Yes, There Are Ongoing Variable Costs — But They Are Balanced by Added Value

Traditional software models include an upfront purchase cost and an associated ongoing maintenance fee to obtain upgrades. Over the life of a contract, maintenance fees can increase and there may be charges over time for significant upgrades that aren’t covered in your service model. Newer options are introduced to the market on a regular basis, but a high sunk cost in a particular platform serves to discourage new investments in other platforms. With cloud-based platforms you may still have a multi-year contract, but once that time is over it may be significantly easier to shift to a new platform. Granted, there are likely integration costs and training and general disruption to your business to consider, but you may be able to recognize compelling benefits by changing to a new cloud-based service. Plus, most cloud software has the benefit of regular releases that will provide enhanced usability, resolve bugs and create a more secure computing environment. The financial equation becomes slightly more difficult to sell to your CFO if your usage is expected to vary considerably from month-to-month, as it can make cash flow more difficult to project.

4. Cloud Performance Has Improved Dramatically in This Decade

Sure, there are still some platforms that are not fully optimized and don’t run as quickly as they would on a local server — but we are no longer in a world where “cloud” equates to poor performance, latency and a lack of security. Ultra-fast connections throughout the country and the world and high-performance data centers offer a new level of service deliverability. While it’s still important to carefully review contracts to ensure that SLAs and reliability levels are up to your expectations, these should no longer be used to deliver a no-go decision on moving to the cloud.

Having an honest internal conversation with top leadership helps determine which — or all — of these concerns are holding back your CFO from approving cloud-based projects. While financial considerations are often top of mind, there are other risk factors that need to be openly addressed in a way that communicates the overall value to the organization.

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Elizabeth Mitrani
Elizabeth Mitrani
17:23 06 Aug 19
Palindrome Consulting was key in establishing my business and helps me keep it running. They are the consummate... professionals, incredibly knowledgeable and are always available to help. They have gone above and beyond to ensure that I was up and running quickly and that any issues that may arise on my end or dealt with immediately. I highly recommend Palindrome Consulting.read more
Moshe Rubinstein
Moshe Rubinstein
14:57 28 Jun 19
They are there every step of the way. Responsive and timely. The full service mentality mixed with the problem solving... abilities, is what makes them an easy choice.read more
Benjamin Wainberg
Benjamin Wainberg
14:09 28 Jun 19
Palindrome Consulting is customer centric. For Palindrome Data Safety is paramount; they keep their and our systems... updated with the newest technologies and are not shy at changing to better alternatives. Their platforms are always running and in the odd case there is an event, their technical team has an awesome response time.read more
Copier Man
Copier Man
13:56 28 Jun 19
We have been using Palindrome since 2005. They make my company feel like we are #1 all the time. Expert staff are... always available to help all my users all around the country.read more
Martin Feldman
Martin Feldman
16:43 26 Jun 19
As a partner in Fischer & Feldman, P.A. we have utilized Palindrome Consulting as our IT experts for many years. In... addition to keeping our server up and running, they are available to consult on the everchanging cloud and web landscape. We could not function as a successful law firm without their constant care, attention and almost IMMEDIATE RESPONSE TIME.read more
Rebecca Fischer
Rebecca Fischer
16:39 26 Jun 19
Palindrome has been my IT company for more than 15 years. We have been through four server and computer replacements... over the years all of which went smoothly. As technology has changed Palindrome has kept us current in their recommendations and are extremely responsive when we run into a software or hardware problem. We have been through hurricanes with Palindrome and felt confident they would have us up and running as quickly as possible and despite the fact we are probably a smaller client, they have treated us as one of their most important clients. I highly recommend Palindrome and have complete confidence in their capabilities and service. They have even gone the extra mile when we wanted to donate our old computers to a children's special needs school and delivered the computers, set them up and provided service for the same. Ilan Sredni is the consummate professional and has surrounded himself with top professionals and skilled technicians.read more
Nelson T
Nelson T
20:32 25 Jun 19
Palindrome Consulting has proven itself time and time again to be the epitome of professionalism and technical... expertise. They take the time to listen to your needs and then apply their wealth of technical knowledge to create truly innovative and robust solutions. They truly deliver piece of mind.read more
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