Navigating cloud transformation: Key insights and strategies

Digital transformation remains at the forefront as organizations look to modernize processes and enhance agility through artificial intelligence to achieve strategic goals. In a recent Baker Tilly webinar, industry leaders shared insights into tackling transformation challenges, harnessing Oracle Cloud solutions and preparing for impactful change.

Panelists Wendy Chambers of Edward Jones, Adam Scott of Oracle and Kayla Flint of Baker Tilly were led by moderator, Brad Fisher of Baker Tilly.

Edward Jones’ Journey to Oracle Cloud

Edward Jones is the largest private RIA financial services firm that provides investment analysis, wealth management and financial planning services to individuals and businesses. For several years, Edward Jones considered transitioning to the cloud with a focus on evolving their processes to stay ahead in a rapidly changing technological landscape. A strategic vision and the need to align transformation goals with the company’s long-term objectives were important for Edward Jones.

The importance of Calibration

The “Calibration” phase is a pre-implementation strategy for mitigating risks and setting a strong foundation for future success. This process includes defining guiding principles, assessing current technology footprints, aligning transformation efforts with organizational goals and building a client specific roadmap aimed maximize ROI.

The panelists agreed that the Calibration Phase helps identify potential pitfalls and ensures all stakeholders are aligned. Chambers highlighted that starting calibration allowed her team at Edward Jones to prioritize effectively, focus on long-term goals, and bring stakeholders into a shared vision. This approach allowed Edward Jones to identify their most pressing challenges and craft a road map that addressed both immediate needs and future aspirations.

The power of Oracle Cloud

The role of cloud technology is prominent in driving innovation in today’s organizations. Modernization through the replacement of legacy systems allows organizations to leverage cutting-edge tools like artificial intelligence (AI) to enhance productivity, streamline processes and improve decision making.

Scott touched on the flexibility and scalability of Oracle Cloud, which enables organizations to adopt transformative solutions tailored to their unique needs. Whether improving financial reporting or automating human capital management (HCM), Oracle Cloud serves as a springboard for achieving operational excellence and maintaining a competitive edge.

Key themes for a successful transformation

• Guiding principles as the North Star: Establishing a clear vision is essential and by tying transformation efforts to measurable KPIs and qualitative design principles, teams can focus amid inevitable challenges. Chambers noted that her team frequently revisited their guiding principles to evaluate decisions and stay on course.
• The art of the possible: Introducing teams to the capabilities of modern systems fosters excitement and alignment. Chambers explained how showcasing the potential of Oracle Cloud helped Edward Jones rethink processes, embrace innovation and prepare for meaningful change.
• Holistic planning and resources: Resource planning, stakeholder engagement, and setting realistic expectations are crucial for a successful digital transformation. Flint shared how engaging stakeholders early ensures alignment and commitment, while robust governance minimizes disruptions. Involving cross-functional teams helps organizations recognize the broader impacts of transformation.
• Flexible road maps: Projects often evolve, and the panel advised organizations to adopt a “crawl-walk-run” approach, leveraging the flexibility of Oracle Cloud to implement features one-by-one. Oracle’s adaptable platform ensures projects remain on track, even if adjustments are needed along the way.

Final takeaways

• For organizations in the early stages: Begin by exploring the art of the possible and gathering internal champions to build momentum.
• For those in mid-transformation: Regularly revisit the original goals to ensure efforts remain aligned with strategic objectives and KPIs.
• For everyone: Collaborate with experienced partners like Baker Tilly to navigate challenges, optimize outcomes and capitalize on opportunities.

Thoughtful planning, robust technology and a clear vision can pave the way for sustainable success.

Want to Learn More?

If you're considering or currently undertaking a digital transformation, contact Baker Tilly to explore how their tailored approach and Oracle capabilities can help your organization thrive.