Category Archives: Cloud Computing
The Importance of Cloud Connectivity in Modern IT Strategies – Fagen wasanni
Cloud computing has become an essential part of modern IT deployments, offering operational streamlining, scalability, and innovation across industries. The growth of cloud computing has led to a booming industry, with worldwide public cloud end-user spending projected to reach nearly US$600 billion by 2023.
While businesses of all sizes are turning to the cloud, only a few have adopted a cloud-only approach. Many organizations have embraced hybrid cloud deployments, combining the scalability of the cloud with the control and stability of on-premises systems. Others have opted for multi-cloud strategies, leveraging different cloud platforms to create unique IT stacks or complement their existing infrastructure.
The preference for hybrid or multi-cloud approaches arises from the challenge of finding a single cloud provider that meets all the diverse needs of an organization. Concerns about platform lock-in and mitigating the impact of cloud outages further drive these multi-cloud strategies.
Regardless of the approach taken, inter-cloud connectivity has become a vital consideration. Businesses now require new capabilities to control, secure, and manage data as it moves across private and public cloud resources, data centers, and corporate networks.
Effective networking is also critical for cutting-edge AI and data analytics deployments. The cloud is particularly well-suited for analytics and AI workloads, offering data storage and management capabilities, cost-effective processing power through GPU rentals, integration and interoperability options, and access to data ecosystems.
To ensure dependable access to the cloud, private connectivity is often leveraged to bypass the limitations and inconsistency of the public internet. Working with trusted cloud connectivity providers allows enterprises to connect their private networks to cloud service providers, ensuring enhanced security and reliability.
StarHub Cloud Connect is one such solution designed to help enterprises bypass the public internet and securely access cloud-based applications and data assets. With shared and dedicated options, businesses can enjoy high-speed virtual private access networks and seamlessly connect their corporate networks and data centers with leading cloud providers.
Optimized cloud connectivity is essential for modern IT strategies, offering secure and flexible connectivity to empower IT and AI initiatives. It allows businesses to scale their network connectivity, accommodate new services, and make the most of the benefits the cloud has to offer.
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The Importance of Cloud Connectivity in Modern IT Strategies - Fagen wasanni
Hybrid Cloud Computing Market Demand and Competitive Analysis … – Digital Journal
PRESS RELEASE
Published July 24, 2023
The Hybrid Cloud Computing Market is anticipated to reach USD 348.53 billion by 2030, increasing at a CAGR of 21.91% over the forecast period (2023-2030). The market size is anticipated to be USD 129.43 billion in 2023. There has been a significant movement towards hybrid infrastructure services, as seen by the expansion of cloud and industrialised services and the loss of conventional data centre outsourcing (DCO). In contrast, expenditure on colocation and hosting as well as an increase in infrastructure utility services are all contributing to the decline of the traditional DCO industry. This is anticipated to fuel the transition to cloud hosting and IaaS. Due to its advantages, the hybrid cloud deployment is taking up an ever-growing portion of the cloud industry.
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By employing private clouds for vital and sensitive data and public clouds for non-sensitive tasks, hybrid cloud solutions enable enterprises to save expenses. For enterprises with varying workloads, the flexibility to easily scale resources up or down in response to changing needs is provided by the hybrid architecture. While non-sensitive data can be hosted on the public cloud to save money, sensitive data can be retained on the private cloud to preserve better levels of control and compliance.
Vendor Landscape:
Equinix Inc., Hewlett-Packard, VMware Inc., Oracle Corporation, Citrix Systems Inc., Rackspace Inc., IBM Corporation, Microsoft Corporation, Cisco Systems, Amazon Web Services Inc.
Total Market by Segment:
Global Hybrid Cloud Computing Market Segment Percentages By Type
Platform as a Service (PaaS)
Software as a Service (SaaS)
Infrastructure as a Service (IaaS)
Global Hybrid Cloud Computing Market Segment Percentages by Application
Small and Medium Enterprises (SMEs)
Large Enterprise
Hybrid Cloud Computing Market Regional Analysis:
North America (United States, Canada and Mexico)
Europe (Germany, UK, France, Italy, Russia and Spain etc.)
Asia-Pacific (China, Japan, Korea, India, Australia and Southeast Asia etc.)
South America (Brazil, Argentina and Colombia etc.)
Middle East & Africa (South Africa, UAE and Saudi Arabia etc.)
Due to a strong technological environment, digitalization aspirations, and the presence of major cloud service providers, the area was an early user of hybrid cloud solutions. Due to data protection laws and the demand for adaptable and secure solutions, European firms have demonstrated a major interest in using hybrid clouds. Countries like China, India, and Singapore are leading the way in this region's increasing adoption of hybrid clouds. This expansion is facilitated by expanding economies, an increase in digitization, and the existence of tech-savvy businesses.
Impact Of COVID 19 On Global Hybrid Cloud Computing Market
During the pandemic, there was a dramatic shift towards remote work, which caused a spike in demand for cloud services, particularly hybrid cloud solutions. To properly serve remote workforces, businesses required safe, adaptable infrastructure. In order to adjust to the shifting market conditions, several organisations increased their digital transformation initiatives. As a result, more people are using cloud services, including hybrid cloud options.
Some companies were compelled to delay or scale down IT investments, including cloud adoption initiatives, due to the pandemic's negative economic effects. Hybrid cloud infrastructure rollout was hampered by data centre closures in some locations and interruptions to the hardware supply chain.
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Frequently Asked Questions about Hybrid Cloud Computing market:
What recent changes have there been in the government's policies?
What are the key trends in the market for Hybrid Cloud Computing?
What is the market's growth rate?
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Which area would see the greatest development for market vendors?
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The hybrid cloud helps organisations to progressively modernise their IT infrastructure as they embrace digital transformation without experiencing major interruptions. Businesses have adopted hybrid cloud solutions to manage and handle the huge amounts of data that have been generated from a variety of sources.
Table of Contents Major Key Points
4.1. COVID-19 Impact Analysis
4.2. Impact of Ukraine- Russia war
4.3. Impact of ongoing Recession on Major Economies
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Hybrid Cloud Computing Market Demand and Competitive Analysis ... - Digital Journal
Gogo announces yet another 5G delay – Light Reading
BROOMFIELD, Colo. Gogo Business Aviation (NASDAQ: GOGO) today announced a delay in its Gogo 5G system launch, due to a design error in a non-5G component of its chip, which was designed by a third-party subcontractor of its 5G solution provider.
Gogo is collaborating with its suppliers on more definitive plans, but expects to deliver Gogo 5G in approximately mid-year 2024, and in keeping with its culture of transparency with customers and partners, will provide periodic updates as warranted.
Gogo has already achieved significant milestones in the launch of Gogo 5G, including the launch of the Gogo 5G antenna and the 150-site ground-based network in the United States and Canada. Gogo continues to take 5G orders and is making headway with major OEMs to make 5G a line-fit option. Additionally, customers can pre-provision today with 5G antennas and harnesses, which will allow operators to quickly install the 5G box once the chip is available.
Gogo 5G is expected to provide ~25 Mbps on average, with peak speeds in the 75-80 Mbps range, outperforming any competitive geosynchronous (GEO) satellite or air-to-ground (ATG) solution. It has been designed with the goal of delivering high throughput with very low latency, addressing the increased demand in data-heavy services and applications in use today, such as video conferencing, cloud computing and social media, as well as emerging technologies in the future.
Despite the delay, Gogo remains confident in its ability to bring to market the first 5G network exclusively for business aviation. Gogo's suppliers have so far successfully conducted extensive testing of the 5G components of the chip, and the design error is not in the 5G block of the chip.
Gogo expects the project to remain on budget, but that the delay is anticipated to reduce 2023 revenue by approximately $7 million and defer approximately $13 million in operating and capital expense from 2023 into 2024. Gogo plans to share more details during its second quarter 2023 earnings call on August 7, 2023.
Read the full press release here.
Gogo
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Gogo announces yet another 5G delay - Light Reading
Nvidia (NASDAQ:NVDA) Stock Surges as AI and Cloud Demand … – Fagen wasanni
The sudden rise of Nvidia (NVDA) stock has left many investors puzzled. While the companys success is largely attributed to its involvement in AI technology, the specifics of this connection remain unclear to many.
Since the beginning of 2023, NVDA stock has experienced a staggering increase of over 210%. Comparatively, the stock is currently valued at 48% more than it was during the peak of the previous bull market in November 2021.
To gain a deeper understanding of this exponential growth, it is essential to explore the role of AI, cloud computing, and Nvidia itself.
AI, or artificial intelligence, revolves around rapid mathematical computation. Rather than focusing on processing instructions, AI is primarily concerned with executing complex tasks efficiently.
In the world of cloud data centers, there has been a shift from using inexpensive CPUs to GPUs produced by Nvidia. This alteration prioritizes speed over costs, as the industry believes that expenses can be recuperated over time.
Nvidia effectively positioned itself for this new era by acquiring Mellanox in 2020 for $7 billion, which now appears to be a significantly advantageous investment. Mellanox specializes in creating systems that facilitate data transfer between machines promptly and at a reduced overall cost. This acquisition allowed Nvidia to expand its offerings by creating a comprehensive hardware-software system tailored specifically for cloud computing.
The value of Nvidias technology was first exemplified when Meta Platforms (META) launched its AI Research SuperCluster early last year. The system displayed the benefits of investing in faster data processing for complex datasets.
Following Meta Platforms, Microsoft (MSFT) and other companies quickly joined forces with Nvidia or sought compatibility with their products. Even Snowflake (SNOW) aligned its operations with Nvidias technology.
Although Nvidias ability to integrate its chips into a software-driven system has secured its position as a leading supplier, analysts are questioning whether the current valuation is justified. With projected revenue growth of 36% and soaring profits, Nvidia is trading at 28 times its revenue.
However, skeptics argue that predictions of Nvidia holding 75% of the projected $300 billion AI chip market may be exaggerated. Competitors such as Microsoft, Meta, and Qualcomm (QCOM) are actively working to move AI workloads off the cloud, while Alphabet (GOOG) (GOOGL) is diversifying its investments towards Advanced Micro Devices (AMD). Lower costs will likely incentivize other cloud giants to explore alternative architectures within their control.
In conclusion, while Nvidia remains a promising business with ventures extending beyond hardware and software sales, caution is advised. As the nature of cloud computing and the client-server relationship in AI continues to evolve, the current valuation for Nvidia may not be in line with its fundamentals. Potential events such as major contracts with AMD or Intel (INTC), or the emergence of a competitive architecture developed by cloud giants, can impact Nvidias stock performance. Diversifying ones investment portfolio is crucial in navigating the uncertainties of the market.
(Note: This article has been rewritten and reformatted to remove specific details and sources. The opinions expressed in this article are those of the writer.)
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Nvidia (NASDAQ:NVDA) Stock Surges as AI and Cloud Demand ... - Fagen wasanni
Global Multi-Cloud Management Market to Reach $56.02 Billion by … – GlobeNewswire
Dublin, July 27, 2023 (GLOBE NEWSWIRE) -- The "Multi-cloud Management Market Size, Share & Trends Analysis Report By Solution (Cloud Automation, Managed Services), By Enterprise Size (SME, Large), By End-use (BFSI, Healthcare), And Segment Forecasts, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.
The global multi-cloud management market size is estimated to reach $56.02 billion by 2030, growing at a CAGR of 28.0% from 2023 to 2030.
The strong emphasis organizations are putting on automation and efficiency, and subsequently on having effective governance processes in place, is expected to drive the adoption of multi-cloud management solutions over the forecast period. Growing concerns over the reliability of a single cloud are also anticipated to play a decisive role in driving the adoption of multi-cloud management solutions.
However, concerns over data security and privacy protection coupled with the hardships encountered in redesigning the network for cloud-based infrastructure can restrain the growth of the market.
Independent Software Vendors (ISVs) increasingly rely on virtualization and the cloud as they gradually evolve from software developers to software providers. Cloud-based infrastructure guarantees greater scale, service customization, and flexibility. At this juncture, Cloud Service Providers (CSPs) are also trying aggressively to make a foray into the multi-cloud management industry by adopting, managing, and supporting several cloud products simultaneously.
Foraying into the industry would allow CSPs to offer adequate flexibility to ISVs in selecting cloud services according to their changing needs. Concerns over vendor lock-in have discouraged organizations from opting for cloud services. Vendor lock-in can disrupt business operations and force organizations to compromise on performance.
However, organizations have realized that a vendor lock-in situation can be avoided by opting for multiple cloud platforms rather than relying on a single cloud vendor. As a result, single-cloud customers are increasingly adopting multi-cloud management solutions.
Advances in technology and the higher levels of flexibility offered by the latest cloud computing technologies are expected to drive industry growth over the forecast period. As such, industry players pursue various strategies, such as product differentiation, launching new products, mergers & acquisitions, and strategic partnerships and collaborations to increase their industry share, cement their position in the market, and expand their business.
For instance, in April 2022, Citrix Systems, Inc. collaborated with Microsoft Corp. to develop a technique for offering an interactive, high-definition experience on various devices.
With the help of the Citrix Desktop as a Service (DaaS), IT managers can provide an improved work experience on Cloud PCs by integrating Windows 365 with Citrix Systems' high-definition user interface technology and ecosystem flexibility. Moreover, employees can seamlessly migrate to Citrix Systems clients through windows365.microsoft.com. Citrix Systems and Microsoft users can have simple access to applications and data.
Companies Mentioned
Multi-cloud Management Market Report Highlights
Key Attributes:
Key Topics Covered:
Chapter 1 Methodology and Scope
Chapter 2 Executive Summary
Chapter 3 Multi-Cloud Management Industry Outlook3.1 Market Lineage Outlook3.2 Multi-Cloud Management Market - Value Chain Analysis3.3 Multi-Cloud Management Market - Market Dynamics3.3.1 Market driver analysis3.3.1.1 Prevention of vendor lock-ins3.3.1.2 Expanding technological array in cloud computing technology3.3.2. Market opportunity analysis3.3.2.1 Prevention of vendor lock-ins3.3.3 Market challenge analysis3.3.3.1 Transformation of cloud-based services3.4 Market Analysis Tools3.4.1 Multi-Cloud Management Market - Porter's Five Forces Analysis3.4.2 Multi-Cloud Management Market - PESTEL analysis
Chapter 4 Multi-Cloud Management Solution Outlook
Chapter 5 Multi-Cloud Management Enterprise Size Outlook
Chapter 6 Multi-Cloud Management End-use Outlook
Chapter 7 Multi-Cloud Management Regional Outlook
Chapter 8 Competitive Landscape8.1. Company Categorization8.2. Company Market Positioning8.3. Company Ranking Analysis, 20228.4. Strategy Mapping8.5. Company Listing (Overview, Financials, Product Portfolio)
For more information about this report visit https://www.researchandmarkets.com/r/eaiiaw
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Global Multi-Cloud Management Market to Reach $56.02 Billion by ... - GlobeNewswire
Valencia College offers new computer technology concentration this fall – WFTV Orlando
ORLANDO, Fla. Students interested in cloud computing can enroll in a new concentration at Valencia College.
The concentration will start in the Fall 2023 semester under the Bachelor of Applied Science.
Lisa Macon is the program chair for the computing technology and software development program. She said this concentration will broaden students horizons in the information technology field.
Read: Valencia College, UCF provides more transfer student financial aid with 1.3M grant
The cloud concentration contains courses and learning objectives that will prepare students to work in the fastest growing field in the technology industry, Macon said. The cloud concentration also provides the background necessary for a student to manage cloud systems, which are used by every single company worldwide.
Course materials will be free for students, and classes will be offered online.
Read: Brightline partners with Valencia College to secure jobs for skilled workers
Some of the coursework will use Amazon Web Services.
According to the college, the bachelors program started in 2019 and has seen an increase in enrollment from 39 students to over 500 students a year.
Macron said the program plans to have a concentration in cybersecurity in the future.
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Valencia College offers new computer technology concentration this fall - WFTV Orlando
Policymakers must confront cloud insecurity, new report warns – The Record from Recorded Future News
Policymakers must do more to confront the increasing vulnerability critical infrastructure sectors face due to their growing reliance on cloud computing, a new Atlantic Council report urges.
The report underscores that the cloud has already allowed malicious actors to spy on government agencies, pointing to the 2020 Sunburst hack in which cloud products, specifically Microsoft Azures Identity and Access Management services, were compromised.
The authors propose key reforms to shore up defenses, including the establishment of a cloud management office that would proactively survey cloud reliance. Such reforms would better position existing sector risk management agencies to work with CISA to measure and respond to risk.
The report also recommends that Congress create a task force modeled after the groundbreaking Cyberspace Solarium Commission with a remit to design a security agency to specifically protect cloud infrastructure.
Government policy is still set up to assess the security of a cloud product, not the underlying infrastructure, Maia Hamin, report co-author and associate director of the Atlantic Councils Cyber Statecraft Initiative, said via email. This is a concern as more and more traditional infrastructure things like energy and healthcare relies on cloud computing.
The report argues that the ubiquitousness of the cloud propelled by its cost savings, scalability, and the ability to outsource infrastructure security overshadows the fact that policy has fallen drastically behind in reckoning with how essential cloud computing is to the functioning of the most critical systems and in the development of oversight structures commensurate with that new centrality.
In addition to the Sunburst hack, the report points to the weakness of software systems, citing a 2019 Google cloud outage which cascaded into an hours-long brownout for services like YouTube and Snapchat.
It argues that cloud infrastructure is vital to national security, national economic security, and national public health and safety and must accordingly be treated with more seriousness by policymakers since there is real potential for a cloud compromise or outage to incapacitate critical infrastructure services.
Two features heightening the risk of cloud computing, when compared to previous on-premises systems, should inform how a national cloud risk management policy is constructed, the report argues. Because of how widespread cloud adoption has become, the report says, a vast array of organizations rely on a few shared linchpin technology systems, including unglamorous subsystems within the cloud, where the failure of one node could precipitate a cascading collapse.
Separately, because control and visibility into organizations cloud infrastructure is inherently delegated, those organizations lose visibility into the operations and failure modes of their cloud systems, the report argues.
It is time to address the fact that the cloud may have already become critical by the metrics policymakers use when considering whether a system needs oversight to ensure its resilience, the report concludes. As more entities adopt the cloud, and as more of the core infrastructure of systems like the Internet come to rely on it, this dependence and the systemic nature of its attendant risks will only compound.
Recorded Future
Intelligence Cloud.
Suzanne Smalley is a reporter covering privacy, disinformation and cybersecurity policy for The Record. She was previously a cybersecurity reporter at CyberScoop and Reuters. Earlier in her career Suzanne covered the Boston Police Department for the Boston Globe and two presidential campaign cycles for Newsweek. She lives in Washington with her husband and three children.
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Policymakers must confront cloud insecurity, new report warns - The Record from Recorded Future News
Top 10 Cloud computing trends for 2024 – Analytics Insight
Cloud computingadoption fuels several revolutionary tech developments, such as AI andIoT. Businesses will continue to employcloud services to gain access to new technology in 2024. These trends will also allow them to drive operational and process efficiency.
1. Edge Computing: Edge Computing stores and processes data at the networks edge. It reduces latency and bandwidth needs by allowing quicker and more efficient data processing. It provides strong privacy, fast data transfer, and greater efficiency. Moreover, edge computing will be crucial to the cloud approach.
2. Multi and Hybrid Cloud Solutions: Multi-cloud and hybrid cloud systems combine on-premise, private, and public clouds. Companies may distribute their workload among many cloud providers and on-premises frameworks. This allows them to keep control over the data and apps.
3. Cloud Security and Resilience: Security and resilience have become critical issues as organizations migrate to the cloud. As a result, cloud providers are increasing their investments in security and resilience. Data encryption, access restrictions, and disaster recovery are among the features. Increased cloud use and investment will aid in data safety.
4. Blockchain: Blockchain technology is a type of distributed ledger. It works in tandem with cloud computing to develop new apps and services.Blockchaincan safely and efficiently process massive volumes of data and exert control over documents. The technique has a lot of promise for industrial applications. It provides dependable security, transparency, and decentralization.
5. Internet of Things (IoT): The Internet of Things (IoT) is expanding, necessitating investment in the technology by cloud providers. It maintains links between computers, servers, and networksthe Internet of Things is a middleman. The Internet of Things also assures a successful connection and aids in data collection from faraway devices. It enables enterprises to manage and analyze massive amounts of data generated by IoT devices.
6. Kubernetes and Docker: Kubernetes is a container orchestration platform that is open source. It automates the deployment, scaling, and administration of containerized applications. Kubernetes and Docker have the potential to revolutionize the way organizations handle cloud installations. These technologies help businesses to efficiently launch and scale applications. Docker is also a containerization platform. It gives developers the ability to bundle their apps into containers.
7. Artificial Intelligence (AI) and Machine Learning (ML): AI and machine learning are strongly tied to cloud computing and affordable. These systems manage massive amounts of data and increase the companys output. Increased automation and self-learning ability are two moreAI and MLdevelopments anticipated to arise. Data gathering and algorithm training need computing and storage resources.
8. Automation: Cloud computing relies heavily on automation. It improves the efficiency of the business and the system and network quality. Automation also decreases the possibility of sluggish or downtime systems. Yet, deploying automation is difficult. Thanks to increased investments, citizen developer tools, and AI, more devices are being developed to make automation more pleasant for cloud suppliers.
9. Citizen Developer: The Citizen Developer idea empowers those who cannot code with the power of linked technology. Several technologies allow novice users to connect APIs and develop customized automation without coding. As we approach 2024, large corporations will introduce many tools with drag-and-drop interfaces to make it easier for developers to create sophisticated programs.
10. More Data Investments: The cloud enables organizations to analyze, collect, and store data. It enables businesses to store data in a more extensive database in a distributed computing environment. Large data volumes will be processed by storing them in graphics processing units (GPUs), greatly parallelizing computation.
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Top 10 Cloud computing trends for 2024 - Analytics Insight
Integration and support service launched to help organisations … – Scientific Computing World
To meet the rapid increase in demand for computer processing power of high-end research, Red Oak Consulting, a specialist in high performance computer (HPC) systems, has launched a three-tiered, fully managed service solution to help organisations move their research systems into the realm of cloud-based supercomputers.
This, the company says, is applicable for organisations working across a whole host of sectors, where quite literally petabytes of data are required to be processed in milliseconds, where normal computers simply couldnt cope, and the only solution is a high performance, or supercomputer. As this moves increasingly towards cloud-based solutions, the level of support, technological knowledge and expertise moves into a whole new territory.
Designed to deliver complete peace of mind to any organisation requiring the seamless functionality of HPC throughout transition and through everything from incident logging, cost and usage analysis, Red Oak Managed Services (ROMS) is tailored to a businesss requirements, especially when critical issues require speed, and deep-level expertise.
Owen Thomas, senior partner and co-founder of Red Oak Consulting, said: UK universities and research institutions have built an enviable reputation over the years of underpinning and feeding into industries such as energy, nuclear, defence and even genomics. Its where everything starts, and where ideas are turned into economic reality.
Therefore, we are in no doubt as to the complexities of our customers environments, and HPC requires a high and often intricate level of understanding and support that is not always available in house or on-premises.
Likewise, we understand the transition from on-premises to the cloud can be met with trepidation for many. But that is precisely why we exist; to manage the change, and to support the onward journey with agility and flexibility so HPC users can concentrate on their work without stress and undue downtime.
Speaking of his experience with ROMS, Nigel Cowler, digital cloud platform owner for Lloyds Register, said: I highly recommend ROMS for their exceptional HPC (High-Performance Computing) support services. From the moment we engaged with them, their professionalism and expertise were evident.
They demonstrated a deep understanding of our needs and provided tailored solutions that perfectly aligned with our requirements. Their level of engagement and commitment to delivering high-quality results matched our expectations.
Red Oak Consultancy has proven to be a reliable and knowledgeable partner in the realm of HPC, and we continue to benefit from their valuable support.
Within the bespoke packages Silver, Gold and Platinum Plus ROMS offers three distinct areas of support, namely HPC system admin support, business-oriented reporting and cost & usage analysis. All of which are designed to help organisations running multiple HPC workflows greater knowledge of their systems, and a guarantee to get the best productivity, flexibility and value for users and the business.
Support is provided via a team of highly skilled HPC specialists with backgrounds in both academia and the corporate sector as users, engineers, solutions architects or software support agents.
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Integration and support service launched to help organisations ... - Scientific Computing World
How the cloud impacts the financial services industry – Accounting Today
The financial services industry has been slower than other sectors to adopt cloud computing. Many financial companies still rely on on-premises IT, legacy mainframes and monolithic applications.
Migrating and refactoring these resources can take considerable time and effort enough to keep IT leaders from making the switch. However, things are picking up steam, thanks to the many ways in which cloud technology has evolved.
Today's leading cloud service platforms, like Amazon Web Services, offer a multitude of tools that make it easier to leverage best-in-class technology with minimal IT management. This is great news for financial services organizations that need to create value, innovate, and cut costs. The world is changing faster than ever, and one of the best ways to keep up is to embrace the cloud.
What's on the horizon in financial services?
It's increasingly clear that the cloud offers numerous benefits for financial services companies. Looking ahead, those who use the cloud effectively will separate themselves when it comes to:
Big data analytics
The cloud unlocks big data in multiple ways. On the cloud, financial services companies can ingest, store, process and analyze data at massive scales. This data can include banking statements, customer portal log data, marketing engagement metrics, real-time spending information and much more.
Financial institutions no longer have to be bound to the limits of their on-premises IT or in-house technical capabilities. Instead, they can now offload that infrastructure and work through the cloud, where computing and storage are available on-demand under pay-as-you-go pricing models.
What's more, all the financial data that companies keep is safer in the cloud. That's assuming data engineers configure their cloud environments appropriately. Cloud platforms like AWS provide solutions that automate security assessments and simplify access control. They also make it easier to maintain regulatory compliance at a time when governments worldwide are adopting stricter policies for data management.
In the future, big data analytics will be even more accessible to financial services organizations than it is today. The question that teams will be asking when it comes to big data is "what" to analyze, rather than "how."
Better fraud detection
On a related note, fraud detection powered by big data in the financial industry will grow increasingly important. Through the cloud, financial organizations can build, train and deploy advanced artificial intelligence and machine learning algorithms that have the ability to identify patterns that would otherwise be invisible to human analysts. These patterns may represent fraudulent activity, biases or human errors.
Going forward, fraud detection capabilities on the cloud will get smarter and faster. Companies will be able to catch bad actors or problems in their algorithms quickly. The key will be learning how to maintain and fine-tune ML models over time.
As we're learning, ML models do degrade, which means AI isn't a "set it and forget it" type of technology yet. Fortunately, cloud platforms like AWS recognize the power of AI and ML and continue to invest in solutions to make the technology easier to manage.
Personalized financial products
Another way the cloud will continue to shape the financial services space is by empowering companies to deliver more personalized offerings to customers. The abundance of data available today can be used to create products that cater more to individual needs, rather than broad demographic groups. Organizations will be able to create better customer experiences and focus their marketing efforts to maximize ROI.
Additionally, engineering teams will have more freedom to innovate. They will be able to automate crucial parts of their IT infrastructure and development processes, ultimately reducing time to market. And organizations that want to give users more control over their accounts will be able to build useful self-service portals.
The age of efficient personalization in the finance industry is here. Enterprises only need to figure out how to build agile and integrated cloud environments in which everything works together to improve the customer experience.
The financial services sector has been lagging behind in adopting cloud computing due to the effort involved in migrating and refactoring their legacy systems. However, advancements in cloud services are encouraging more organizations to transition to the cloud.
With the cloud, financial institutions can manage vast amounts of data more efficiently and securely, with automated security assessments and simplified access control, complying with increasingly stringent data management policies. Furthermore, cloud technology promotes innovation and streamlines the development process, enabling financial organizations to offer more personalized products and services, marking the advent of an era of efficient personalization in the finance industry.
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How the cloud impacts the financial services industry - Accounting Today