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FinTech Trends Newsletter Week 8th May-12th May 2017
The key aspects to consider when executing a smooth move to the cloud
An ‘enormous’ opportunity is afoot for cloud companies as more organisations move towards implementing hybrid cloud and managed services. As the benefits of cloud computing become more pronounced, more businesses are migrating to the cloud. Greater scalability, flexibility and financial security often come as a result of making the shift to cloud computing – and those are just a few of the ad- vantages. The allure & benefits of the cloud are well known. However, the fine details of cloud migration and implementation are often overlooked.
Migrating to the cloud is more complicated than many Firms anticipate. Too many of the business are embarking on cloud migration with only the first few steps in mind — the cost of the service and the logistics of the physical transfer of the data itself. Moving data is a lot like moving to a new house or apartment. Anyone who has moved house can tell you that it’s often more complicated than that.
For starters, you have to select a place of residence. As you do this, you must consider the needs of your home. Think of the features and amenities in a home that will be of most value to you as a Firm. Moving into a public space such as an apartment is often cost effective. Still, apartments have their drawbacks. Houses offer the advantage of greater privacy and circum- stantial control. If you need something in between, a townhouse could serve as a sort of hybrid that offers the best of both worlds. Other considerations: What level of upkeep will the property require? Is there a big gar- den? Will the house require renovation in order to suit the needs of your family? You could always just build your own home – although, this could become very complicated if you have no experiences with homebuilding.
As you can see, there are numerous unseen variables involved in moving to a new house or apartment. Believe it or not, all of these examples are directly comparable to considerations that should be made when migrating data to a cloud. If you didn’t already make this connection, take a minute to reread the previous paragraph with the following comparisons in mind: family = company; home/ property = cloud platform; apartment = public cloud space; house = private cloud space; townhouse = hybrid cloud arrangement.
These are just a few of the factors that home movers or data migrants should take into account. With this analogy as a backdrop, con- sider a few tips for avoiding problems when migrating to the cloud.
Start Simple: Cloud computing is a powerful tool. This technology has created so many options and opportunities to improve the inter- nal mechanism of a company. Understand the pros and cons of public, private and hybrid cloud computing. Once you have an idea of what you are looking for, consider cloud computing service options. If you don’t know much about the market, there are Managed Ser- vice Providers (MSP’s), like Storm IT Financial that are well suited to Firms who are beginning their cloud computing journey and will offer advice to suit your firm. We always say every firm is different and one cloud does not fit all.
Plan Ahead: In order for cloud computing provide maximum benefit, companies must have a plan for cloud migration. The following are a couple suggestions to keep in mind when preparing for cloud migration.
* Have a plan for maintenance and data management. The simplest way is to use a trusted MSP, like Storm IT Financial who are cloud and data experts. The MSP and IT personnel should have a firm grasp of your company’s data needs before cloud computing is imple- mented. This way they anticipate cloud management needs and are prepared to proactively solve problems right from the start.
* Have a plan for account controls. Predetermine your security, authorised access, finance, resource, management and data prefer- ences before cloud implementation, by doing this cloud computing to be a more effective and hassle free. If you have a clearly defined cloud management rhythm established from the start, it will be easier to grow when the time comes.
For further advice and assistance on cloud, migration, data management and managed solutions or if you have any Hedge Fund/ Alternative Investment technology query, call Storm IT Financial.
Storm IT Financial FinTech News & Trends picks: Week 8th May – 12th May 2017
Azure Government – The most secure & compliant cloud for defence with new compliance and service offerings
Support for regulatory compliance & ongoing innovation are at the core of Microsoft’s commitment:
The Future of Finance: More Data, Fewer People
Automation is underway in Finance, say Credit Suisse:
http://www.institutionalinvestor.com/Article.aspx? ArticleId=3713883#/.WQi2OT68V8U.linkedin
How machine learning could prevent money laundering
How AML is changing due to technology advances:
Warren Buffett says AI will lead to fewer jobs, warning future could be ‘enormously disruptive’
Buffett says that AI could be “enormously disruptive,” yet beneficial in making the economy more efficient:
JPMorgan Software Does in Seconds What Took Legal teams 360,000 Hours
New software does in seconds what took staff 360,000 hours:
Embrace RegTech innovation to transform investor compliance into a competitive advantage
FinTech & RegTech making Funds Life easier for CCO’s:
Trump signs cybersecurity executive order, mandating a move to cloud computing
President signs executive order for cybersecurity & shift to the cloud:
https://www.geekwire.com/2017/trump-cybersecurity-cloud/
Cloud ‘will soon be the default security option’
Security delivered through the cloud will become the new normal:
Apex Fund Services Agrees To Genstar Recap, Equi- noxe Alternative Investment Services Acquisition
With the addition of Equinoxe, Apex will increase its suite of tech & middle office solutions:
http://www.finalternatives.com/node/35120
Microsoft Debuts Smarter Cloud at Build
Microsoft CEO Satya Nadella, introduces enhancements to the company’s critical data and cloud services:
http://www.technewsworld.com/story/Microsoft-Debuts-Smarter-Cloud-at-Build-84524.html
UK and Hong Kong seal fintech accord
Regulators want to make it easier for fintech firms in each region to access each other’s market:
KPMG acquires fintech matchmaking firm Matchi
KPMG looking to cash in on the growing trend for bank/startup collaboration with the FinTech acquisition:
