The Cloud Does It Again: Transforming Financial and Manufacturing Services
As two of the most traditional industries, financial and manufacturing services have taken their time to arise to the cloud. Migrating to the cloud has been necessary for meeting new demands from the tech-revolved world. Unlike media, entertainment, and life sciences industries, adopting digital technologies has been slow. In other ways, the financial and manufacturing industries have found unique and creative ways to enhance their business advantages through the adoption of cloud computing.
Companies in those industries must fight to stay competitively relevant. As they occupy massive global markets, financial and manufacturing companies are faced with inflated competition from legacies as well as newbies. It was necessary for these industries to reconsider their traditional business models or they would be at risk of being left behind. Cloud computing has been proven to aid in alleviating the struggles that accompany digital transformation. Our world has become filled with digital-savvy consumers that have high expectations for efficiency and customer-related services. Cloud infrastructure has helped in reducing and avoiding redundancy in this demanding world.
Seeing how the world is today, it is not surprising that both industries have invested more money in cloud computing. Since transitioning to the cloud, financial and manufacturing services enterprises have experienced the cloud’s beneficial capabilities to allow demands to be met. There, however, remains the challenge of remaining cost-effective while managing innovation, security, and accountability. With adequate management of cloud environments, companies can dodge many of these challenges. The objectives that can be achieved through the use of the cloud include agility, competitive advantage, and innovation.
With the adoption of cloud technology, financial and manufacturing services are now able to keep up with the ubiquitous and constant demand for accessibility. These industries are specifically adopting the containers, machine learning, and server-less areas in the public cloud at faster rates. Each of these areas provides the ability for overall improvement. For example, containers reduce overhead expenses while providing better flexibility. As containers can operate virtually anywhere, companies can move faster, deploy software more efficiently, and perform at unprecedented levels. It is a strategic investment as the application’s abilities allow for improved application delivery and lower costs.
Of the cloud services, data warehousing, big data analytics, and search are the most popular. Manufacturing companies who seek new insights from the multitude of machines deploy big data analytics. The agility of the cloud supports quick responses for the ever-changing and growing developments and markets. Overall operational efficiency is vital in meeting customer demands. For financial services, the stockholders’ and employees’ strive for greater sustainability would have inevitably led to the adoption of cloud technology.
Cloud computing is revolutionizing virtually every aspect of every industry in the global market. It is obvious, now, that cloud migration is no longer just a technological option for business, but rather it is a competitive strategy.