Does Cloud & Data Centre Technologies Have any Importance in the Finance Sector?
Have you heard about cloud and data centre technologies? I’m sure quite often, right? You may have heard tech geeks and entrepreneurs talk about it a lot. But does it have any role to play in your company, which caters to the finance sector? Is it just a hype or a real boom to the booming financial market? Want to know? Let’s check it out.
What is cloud and data centre technologies?
In simple words, cloud is an online data storage system. While your physical data centres store data within a local network, cloud data centres store data over the Internet. While the physical data centres are run by in-house teams, the cloud data centres are generally outsourced to third party cloud providers.
Why use cloud and data centre technologies in finance sector?
- High bandwidth servers:
If you want to sustain in the competitive and ever-changing financial business, you must be prompt in your response. The cloud and data centre technologies come with high-speed systems which can perform the given job within seconds. This technology also enables easy backup and disaster recovery solutions, which means your data is always handy. Whatever the circumstances, and no matter how big the crisis, you can continue business like you were.
The finance sector is one of the most sensitive domains in the present business world. The financial institutions not only deal with billions, but also store confidential data of multiple organizations. So how can they leave their data storage in unknown hands? Secure cloud servers ensure reliability. This technology is capable of meeting the regulatory rules which vary from country-to-country.
- Centralized Management:
Your computers are located at different locations, and hence if you are at location A, it is a time-consuming process to get all the invoices and audit sheets available at location B. The advanced software provided by cloud and data centre technologies centralizes all the data available across centres. This enables easy access to any data at any point of time, sitting at any location. This in turn brings an immense improvement in the management and operation of the financial organization. Moreover, a centralized data centre ensures transparency and agility in the system, which are a must when you are dealing with loads of money.
- Low infrastructural costs:
No one will deny the fact that buying space for the data centre is a costly affair. Then, there is the cost of power, buying racks and stacks for the files. Why spend so much when you can easily store your data online, that is, at the cloud data centres? This technology eases your life by freeing more space and reducing the cost of buying more place for your physical data centres, also reducing power utilization.
- Saves Time:
Calculate how much time you have spent on getting an optimal location for your data centre; track the average time your IT personnel takes to resolve issues; check the approximate number of hours you spend everyday emailing different locations to get invoices, audit sheets and bid details. You will be amazed to see that you have spend several productive hours just to get the data. Cloud and data centre technologies gives you instant access to data; they eliminate the need of buying space and hence you need not spend hours searching for an appropriate location; lastly, your IT department can now perform better jobs than just raising incident tickets and doing follow ups.
Cloud and data centre services can be deployed across all financial institutions, be it a large bank, small businesses, or ad-hoc financial projects, users can ask for customized cloud solutions, which can be expanded or shut down as per the requirement.
How much will it cost?
All sounds well but how cost-intensive is the migration? The good news is that large companies like IBM and Huawei provides you a complete package of IT infrastructure to transform your physical data centres into cloud storage devices. Packages are more economical with end-to-end solutions or use Java Web Development, which offers transparent and easy access to cloud and data centre technologies.
So are you ready for transformation? Enjoy the advanced cloud and data centre technologies to make your mark in the finance sector.