Benefits of Cloud Computing in 2020
In the alternative investment industry, the use of cloud services is now widely accepted for firms of all sizes. Now, startups are almost always selecting a cloud-based infrastructure rather than building out an on-premise IT environment. Meanwhile, established firms are migrating to the cloud when it comes time to do a technology refresh or an office move. Whether firms are looking to outsource to the cloud or just starting out, it is crucial to understand the key considerations (Our Cloud Buyer's Guide can help!). As you weigh your options, it can be beneficial to consider the following aspects and weigh their importance as unique to your investment firm.
Scalability and Flexibility
When an organization is utilizing a cloud infrastructure instead of on-premise hardware, they are able to rapidly scale up or scale down as needed. With the ability to add or remove applications as your business needs provides the flexibility and cost savings necessary. A cloud infrastructure can facilitate infinite scalable production space, which adds flexibility as well as scalability as cloud infrastructures can be tailored to fit your firm's needs.
Cost Reduction
Using a cloud infrastructure will help to reduce your firm's IT costs. You won't have to spend huge amounts of money on purchasing and maintaining your on-premise equipment. You also won't have to invest in hardware, facilities, utilities, or building out a large data center to grow your business. A cloud infrastructure can also reduce costs related to downtime.
Security
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.
Disaster Recovery, Business Continuity
Of course, reducing down time and protecting your data is something that a firm wants and an important part of business continuity planning. They want to be able to recover quickly during a disaster and sustain minimal losses. Having your data stored in the cloud ensures it is backed up and protected in a secure and safe location. Your employees will also be able to access their data again quickly reducing loss of productivity.
