Today, many C-suite leaders are investing heavily in cloud, and those investments could pay off. According to Deloitte research, 72% to 88% of surveyed respondents across industries agreed or strongly agreed that cloud investments help them gain competitive advantage. But these benefits are not equally realized across business functions.1 Deloitte’s data shows that each function outperforms the respondents overall (upward arrows) in those cloud benefits where they can leverage their expertise with cloud deployments, but they tend to fall behind in other areas (downward arrows). In other words, finance respondents lead in gaining greater cost advantages from cloud such as implementing an enterprise resource planning (ERP) software that increases efficiency and lowers costs for the organization. However, the finance respondents reported that they lag in achieving cloud benefits that help expand new product or service revenue for the organization. For example, a retailer overindexing on cost optimization, instead of leveraging cloud to cross-sell and upsell new products, could represent such a missed opportunity.
Guided by Deloitte’s cloud benefit analysis, C-suite leaders can consider the following insights on benchmarking and where they can look to help build practices by collaborating with leaders from other functions:
Given the variation in strengths across business functions, C-suite leaders can help broaden their benefit analysis across silos to maximize cloud benefits. Benchmarking via key performance indicators (KPIs) such as cost reduction, process improvement, efficiency, number of innovations, etc., can help prioritize areas where cloud strategy leadership may need to focus to gain more value. These issues are sometimes found after deployment when they can be expensive to fix. Thus, collaboration via dedicated cross-functional teams can be the key to harnessing the full power from cloud.
Learn more about what some cloud decision-makers say about cloud strategy, technology, innovation, and value in our recent Deloitte US Future of Cloud Survey Report.
The authors would like to thank everyone who contributed to the US cloud survey report and especially the team that supported the creation of this charticle including Andy Bayiates, Blythe Hurley, Hannah Suher, Lisa Beauchamp, Prodyut Ranjan Borah, and Saurabh Rijhwani.
Cover image by: Molly Piersol
Topics in this article
Technology Management, Digital Transformation, Chief Financial Officer (CFO), Chief Executive Officer (CEO), Cloud, Chief Operating Officer (COO), Technology, Chief Human Resources Officer (CHRO)
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