Power of the Public Cloud and its Benefits for the Investment Industry
Now is the time to embrace the cloud. From productivity and collaboration gains to cost-containment and simplified IT operations, a journey to the cloud can be a game changer for your firm. The key is to have the right partner on that journey- such as Eze Castle Integration!
Public cloud computing is growing in popularity among investment management firms. In the past, firms embraced cloud computing technology via the private cloud methodology due to its inherent security features and service and support model. So, what are the benefits of a public cloud and why should you consider one? As you weigh your options – public, private or hybrid – it can be beneficial to consider the following aspects of cloud architectures and weigh their importance as unique to your investment firm.
Agility, Flexibility, & Scalability
The public cloud's flexibility, agility and scalability make it an ideal option for fast-growing or evolving investment firms - from hedge fund and family offices to private equity and venture capital. With the ability to add or remove applications as your business needs provides the flexibility and cost savings necessary. A public cloud infrastructure can facilitate infinite scalable production space, which adds flexibility as well as scalability.
Testing & Development
Traditionally, 'dev test' environments have required dedicated infrastructures and significant resources, putting pressure on firms to invest in additional costly hardware. Unfortunately, testing environments can also fall by the wayside if underutilized, deeming these investments wasteful. With the public cloud, firms can easily and cost-effectively set up testing and development environments without the fear of overspending or underutilization.
When it comes to the public cloud, or any managed cloud solution, the investment firm's IT department isn't responsible for managing the hosted solution. The public cloud service provider is responsible for maintenance and management of the ecosystem that stores your data. This increases efficiencies within your IT department by saving money on costly updates and maintenance as well as freeing up time within your IT department as they won’t have to keep up with this maintenance.
As stated before, in the past, firms embraced cloud computing technology via the private cloud methodology due to its inherent security features and service and support model. The public cloud isn’t secure by design, so adding multiple security layers will help mitigate risks - this is often where a managed service provider focused on the financial industry can provide considerable value. Organizations embracing public cloud technology should devote considerable resources to establishing system-, application- and data-level defenses, as well as training staff on critical data security best practices.
Which Cloud is Best for My Firm?
Understanding the different types of clouds can help you understand what cloud is best for your firm. When it comes to the public vs. private vs. hybrid debate, there’s a time and a place for each. But again, that decision typically comes down to if a firm is more security driven or perhaps requires more flexibility and less control.