Many financial services executives in several businesses (regardless of the size) are restructuring their technology strategy. For this, they are hiring tech-savvy finance professionals, integrating systems, adopting the latest technologies (primarily automation), and discontinuing legacy financial processes.
Amid all this, moving finance-related functions to the cloud is one of the most effective changes. However, companies now realize the core advantages of cloud adoption, so they put their best effort into overcoming multiple obstacles.
This article will discuss some of the most common challenges and benefits that companies can expect while making this much-required move.
Cloud Adoption Challenges that Companies Face
Compliance & Data Security Concerns
Fears about losing confidential, sensitive data and not meeting compliance requirements are considerable obstacles that companies face during cloud adoption. Here, the most common security concerns revolve around multi-tenancy.
Multi-tenancy is the storage of multiple companies’ data on the same servers. However, such concerns are incorrectly positioned and caused due to false understanding; or we should better say due to misconceptions about cloud solutions.
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A multi-cloud approach is nothing but leveraging two or more cloud platforms for meeting the various business requirements of an enterprise. The multi-cloud IT environment incorporates different clouds from multiple vendors and negates the dependence on a single public cloud service provider. Thus enterprises can choose specific services from multiple public clouds and reap the benefits of each.
Given its affordability and agility, most enterprises opt for a multi-cloud approach in cloud computing now. A 2018 survey on the public cloud services market points out that 81% of the respondents use services from two or more providers. Subsequently, the cloud computing services market has reported incredible growth in recent times. The worldwide public cloud services market is all set to reach $500 billion in the next four years, according to IDC.
By choosing multi-cloud solutions strategically, enterprises can optimize the benefits of cloud computing and aim for some key competitive advantages. They can avoid the lengthy and cumbersome processes involved in buying, installing and testing high-priced systems. The IaaS and PaaS solutions have become a windfall for the enterprise’s budget as it does not incur huge up-front capital expenditure.
However, cost optimization is still a challenge while facilitating a multi-cloud environment and a large number of enterprises end up overpaying with or without realizing it. The below-mentioned tips would help you ensure the money is spent wisely on cloud computing services.
Most organizations tend to get wrong with simple things which turn out to be the root cause for needless spending and resource wastage. The first step to cost optimization in your cloud strategy is to identify underutilized resources that you have been paying for.
Enterprises often continue to pay for resources that have been purchased earlier but are no longer useful. Identifying such unused and unattached resources and deactivating it on a regular basis brings you one step closer to cost optimization. If needed, you can deploy automated cloud management tools that are largely helpful in providing the analytics needed to optimize the cloud spending and cut costs on an ongoing basis.
Another key cost optimization strategy is to identify the idle computing instances and consolidate them into fewer instances. An idle computing instance may require a CPU utilization level of 1-5%, but you may be billed by the service provider for 100% for the same instance.
Every enterprise will have such non-production instances that constitute unnecessary storage space and lead to overpaying. Re-evaluating your resource allocations regularly and removing unnecessary storage may help you save money significantly. Resource allocation is not only a matter of CPU and memory but also it is linked to the storage, network, and various other factors.
The key to efficient cost reduction in cloud computing technology lies in proactive monitoring. A comprehensive view of the cloud usage helps enterprises to monitor and minimize unnecessary spending. You can make use of various mechanisms for monitoring computing demand.
For instance, you can use a heatmap to understand the highs and lows in computing visually. This heat map indicates the start and stop times which in turn lead to reduced costs. You can also deploy automated tools that help organizations to schedule instances to start and stop. By following a heatmap, you can understand whether it is safe to shut down servers on holidays or weekends.
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The moving of applications, databases and other business elements from the local server to the cloud server called cloud migration. This article will deal with migration techniques, requirement and the benefits of cloud migration.
In simple terms, moving from local to the public cloud server is called cloud migration. Gartner says 17.5% revenue growth as promised in cloud migration and also has a forecast for 2022 as shown in the following image.
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Mobile App Development India engineers, who hold years of experience in building data centers in the cloud. Being AWS partner, our app developer’s offer spearhead integration services for Cloud to Cloud and Business-to-Business for all three models - SaaS, PaaS and IaaS.
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Data Management has taken a new turn with the introduction of Cloud Storage which has resulted in requirements for Cloud Computing. It is nothing but the data processing system that takes away a load of data management from the hands of individual devices.
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Hybrid cloud solutions are the next step in the digital transformation of the healthcare industry. Here’s how healthcare can benefit from cloud infrastructure.
Learn More at : Cloud Technology Solutions
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