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13 Nov 2018

Cloud computing in various industries, how it is reshaping business

Cloud computing in various industries, how it is reshaping business

Cloud computing is here to stay. Let's look at how it is reshaping various sectors like banking, healthcare, retail industry.The impact of cloud computing on the banking sector

The impact of cloud computing on the banking sector :-

The Big Data Revolution is causing industries around the world to improve their capacity to access and mine data from all sorts of sources. Information-technology (IT) infrastructure is now being put under severe pressure, while increasingly innovative digital solutions continue to be sought, not least in the banking sector. In banking sector most transformative digital solutions is cloud computing.Cloud is providing agility, security and scalability to banks which is proving to be a higher option to boost capacity to handle data. Banks can access the cloud as and when required, they can utilise resources more flexibly and efficiently, for cases such as data analytics, batch processing and data storage. Cloud computing is helping financial institutions to achieve large gains in efficiency and reductions in costs, as the technology requires banks to pay for only the services they use. For testing new applications, instead on existing IT infrastructure, it is much more cost-effective to do so on the cloud.The British Bankers’ Association (BBA) has identified three key drivers for adoption of public cloud-based services by banks:

  • Agile innovation- Accessing the cloud can increase banks’ ability to innovate by enhancing agility, efficiency and productivity. It can help banks to reallocate resources  towards innovation and fast delivery of products and services to markets and away from the administration of IT infrastructure.
  • Risk mitigation- The cloud can help to lower risks associated with traditional technology, such as capacity, redundancy and resiliency concerns. Cloud computing can equip banks with more control over issues such as security.
  • Cost benefits- The cost savings of public cloud solutions are significant, especially given the reduction in initial capital-expenditure requirements for traditional IT infrastructure. Cloud can allow banks to manage computing capacity more efficiently during periods of peak customer demand. When the cloud is adopted for risk-mitigation and innovation purposes, this will result in improvements in business efficiency which will have cost benefits.
Health Information Technology (HIT) cloud computing is a rapidly growing industry :-

Cost-savings initiatives, greater business flexibility and a secure platform to manage patient data are main reasons that healthcare organizations choose to transition into the cloud.According to MarketsandMarkets, the healthcare cloud will hit $9.48 billion by 2020, rising from $3.73 billion in 2015 at a compound annual growth rate (CAGR) of 20.5 percent. Similarly, Esticast projected that the healthcare cloud market would grow at a 23.4 percent CAGR, achieving $25.7 billion by 2024. Mordor Intelligence forecast that the healthcare cloud computing market would expand by 18 percent from 2018 to 2023.

Cloud services is booming and the cloud model is an increasingly engaging IT strategy to healthcare decision makers. Below are key reasons why partnering with cloud service providers (CSPs) is becoming increasingly prevalent among healthcare organizations as they set up partnerships with HIPAA-compliant business associates, as defined within business associate agreements (BAAs):

1. Embraced by the Department of Health & Human Services (HHS)

Cloud technology and cloud services are embraced and championed by the federal regulators in HHS. In its “Guidance on HIPAA & Cloud Computing,” HHS notes, “While a covered entity or business associate may use cloud-based services of any configuration (public, hybrid, private, etc.), provided it enters into a BAA with the CSP, the type of cloud configuration to be used may affect the risk analysis and risk management plans of all parties and the resultant provisions of the BAA.”

2. Trust in Cloud Security

Cloud security is commonly cited as one of the main concerns organizations have regarding transitioning live services to the cloud. In recent years, that cloud providers have grasped the security foundations of their cloud offerings by creating strong policy-driven, hardened services. 

3. Access to Resources

Cloud services are usually provided on a pay-as-you-go model; therefore, customers only pay for the services rendered by their cloud provider.

4. Better Business Support

According to an analysis by McKinsey researchers Nagendra Bommadevara, Andrea Del Miglio and Steve Jansen, the cloud makes IT more flexible in being able to support business, with capabilities ranging from storage and computing power to machine learning and big data environment 

5. Data Center Management Expertise

Many healthcare organizations want to get away from managing their IT infrastructure in house. 

6. Asset Protection

Using the cloud for data backup whether in conjunction with infrastructure as a service (IaaS) or as a standalone — is affordable, efficient, automated and secure.

 7. Service Quality

Cloud service provide expertise in managing and supporting the cloud server and network infrastructure. The teams build, install and provision new infrastructure behind the scenes while the end user can concentrate on using the IT services.  

The impact of Cloud Computing on the convenience industry :-

Many businesses have reformed their operations and digital back-ends with the internet-based system. Now, more convenience stores are seeing the benefits in doing so.

The Internet of Things (IoT) and interconnectivity is everything in business these days. In fact, 74% of C-level executives say that IoT will play a large role in their businesses in the next three years. Specifically, 25% of enterprises will supplement point-and-click analytics with conversational interfaces, according to Forrester Research.

According to recent research from the International Data Corporation, there will be 80 billion connected devices by 2025, and the GSMA expects total IoT connections in this country to top 25.2 billion by that year. Artificial intelligence will play a role, too, with Forrester anticipating that 20% of businesses will use the technology to make decisions and provide real-time instructions in the future.

The retail, healthcare and supply chain industries are responsible for the biggest growth in IoT, and are expanding to other niche segments.There are many advantages for c-stores with cloud computing. Those include cost savings (in the form of expensive hardware), enhanced efficiencies, increased accountability, reliable recovery of data and better data management and analytics.

There is also additional advantage of enhanced customer service. C-stores that leverage cloud computing technology will be able to create closer connections with their customers, integrate their various systems and have a clearer view of the future with the ability to predict long-term fuel prices and notice other correlations, such as comparing data between market baskets and fuel sales. This will help c-stores see patterns and better understand their customers’ wants and needs. 

What is your view on cloud computing? What other areas it is benefitting. Share your views with us. For any query, please feel free to get in touch with our team

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