- Information
- AI Chat
Cloud Computing For Competetive Advantage
Introduction to Computer Technology (BIT-200)
Grand Canyon University
Recommended for you
Preview text
Cloud Computing for Competitive Advantage: Charles Schwab
In the finance world, technology is constantly needing to improve to increase efficiency and effectiveness in managing people’s money. A big-name company in finance is Charles Schwab. Charles Schwab is a financial services company that provides a variety of services through its various subsidiaries like banking, brokerage, and financial advisory. Charles Schwab is delving into the world of cloud computing to improve their financial services for their customers. The company is utilizing Saleforce’s Sales Cloud which is helping financial advisors develop new ways to interact with their customers. Sales Cloud is a CRM or customer relationship management program. It’s an online database that connects devices and being SaaS, allows users to access the cloud via the internet. Sales Cloud provides a platform to manage end- to-end functioning of an organization’s sales department. Charles Schwab is utilizing the technology for more than just safekeeping and recordkeeping assets but simplifying advisors’ interactions with their customers to better help them. Utilizing new applications Schwab is streamlining the ease of access of the complicated world of finance. Further, Schwab is also implementing Project PM2 which is a cloud-based portfolio management system which allows for dashboard creation, one-step publishing for advisors, and custodial data access.
With Charles Schwab being a financial services company, they are handling other’s people’s money constantly. Customers are going to want easy access to their account and to know what’s happening with their money, cloud computing allows for those things to happen. With things like banking, financial advisor, and brokerage cloud computing technology like Sales Cloud will allow advisors to have a more streamlined connection with their customers. Users can access the data via the internet with the SaaS nature of the Sales Cloud, therefore both the parties in the financial management relationship can easily access whatever needs to be accessed from their smartphone or other personal device. Also, cloud computing technology like Project PM2 further simplifies what can be complicated financial software. Project PM2 makes it easy for advisors to get information out to their clients by creating a one-step publishing process. Further, Project PM2 allows for dashboards to be created which can present all the financial information a client needs to see in a very digestible way. In the daily business operations of Charles Schwab, it’s all about efficiency and presenting often confusing data to customers in a digestible yet streamlined way.
Using cloud computing technology to streamline and simplify data transmission only helps Charles Schwab pull ahead in the shifting competitive world of finance. When a customer is deciding which company to allow access to their finances, it’s all about trust. A customer is going to have increased trust in a company when they believe the company isn’t trying to hide ore manipulate anything by presenting data in an easily understood way. Financial data and programs can be hard to navigate, utilizing cloud computing to simplify financial programs will only make customers put their money into Charles Schwab. A customer would much rather work with a company that has easy to navigate software instead of a company where the client always feels confused, especially if it’s something as sensitive as money, customers don’t want to be confused with their money. Cloud computing gives Charles Schwab that necessary competitive advantage in the cutthroat world of business.
References
Charles Schwab - Sales Cloud Customer Success Story. Salesforce. (n.). Retrieved October 28, 2021, from salesforce/ap/customer-success-stories/schwab/.
Four tech trends drive Charles Schwab advisor services platform upgrades. InvestmentNews. (2013, December 12). Retrieved October 28, 2021, from investmentnews/four-tech-trends-drive-charles-schwab-advisor-services- platform-upgrades-55190.
What is salesforce sales cloud?: Top 7 modules & features of Salesforce. EDUCBA. (2021, March 31). Retrieved October 28, 2021, from educba/what-is-salesforce- sales-cloud/.
Cloud Computing For Competetive Advantage
Course: Introduction to Computer Technology (BIT-200)
University: Grand Canyon University
