Our previous blog challenged some of the common misconceptions holding investment management companies back from embracing cloud technology, yet we didn’t really touch on all the benefits. That’s largely because there really are so many business benefits to using cloud solutions – we can’t cover them all.
Here’s our top 3 benefits investment management businesses would experience by moving to the cloud…
1. Improved agility
In a highly competitive market like the investment management sector, speed matters. It’s important to be able to adapt at a moment’s notice to capitalise on new opportunities or trends, improve user experience, or bring new innovations to life. Cloud tech has made creating environments for new applications a much faster process, which enables your development team to use their time more efficiently. Cloud computing platforms span a wide range of the latest computing, storage, analytical, application services and developer tools, meaning that developers can focus on building their product, not setting up their infrastructure and environment.
2. Improved scalability
It’s important for all large organisations today to be able to adjust the scale of their operations quickly. Whether you need to meet greater usage needs or scale down if resources are going unused, cloud architecture makes it easier to do either because specific applications no longer need specific physical servers to run. With cloud services you can provision the type and scale of services you want within minutes. Improved scalability also makes it easier than ever before for companies to go global by quickly deploying applications and services anywhere in the world.
3. Improved cost control
Moving applications, infrastructure, or platforms to a cloud model can create enormous savings. Instead of making large upfront (and ongoing) investments in managing your own data centre, cloud tech enables you to stand down or redeploy servers that were previously hosting applications. This can work across various environments (production, development, test), multiplying the benefits. With virtualisation tools, creating and then releasing extra environments is quick and efficient.
In addition to capital costs, there’s also less strain on resourcing as people are no longer required to maintain traditional infrastructure components such as databases. This enables organisations to shift the focus of their technology teams from a service maintenance mind-set to one of driving innovation utilising the latest technology to support their business’ aspirations.
In our view, cloud technology is a critical tool for today’s organisations existing in an ever changing world, and more investment management companies should look to leveraging its many benefits.