In a report compiled by professional services organization KPMG, the cloud was recently described as being a “disruptive” influence on the banking sector. However, for once, the term wasn’t being used in a negative light.
So, how can a technology like cloud computing disrupt an industry in a good way? What KPMG analysts were hinting it at was the fact that this innovation is slowly but surely turning the way we think about doing business on its head.
As far as financial companies are concerned, the report stated that the “old ways of doing business need to change” and the cloud is certainly doing that. Within a few years, a significant proportion of the population has moved to conduct their banking via their smartphone or tablet, using downloadable applications to access their accounts, move money around and set up payments – all actions that used to require a physical presence in the bank itself.
It’s a breakthrough saving consumers time and money. However, it’s not just the customer base that is profiting. The banks themselves are benefiting for increased levels of customer engagement, more efficient processes and cost savings. It’s a win-win situation for those that have invested in the technology, giving them a clear competitive advantage over those that have yet to develop their own similar platforms.
This revolution among businesses is not just limited to one specific sector though. The cloud has also been able to facilitate the emergence of big data and analytics as a key trend for the future, with many firms shifting their focus to the collection of information on anything and everything to try to gain market insight that will help them develop effective long-term strategies.
Of course, at the heart of this drive are cloud developers, with third-party suppliers like Canopy offering a range of applications that can be added to their clients’ networks via its Enterprise Applications Store.
With more choice comes more decision-making and the abundance of functions the cloud now serves has emphasised to those taking the technology seriously the importance of devising and implementing an effective cloud strategy. While it’s entirely feasible for a company to adopt a carpet bomb approach that results in an all-singing, all-dancing system, this goes against the ethos that one of the cloud’s main benefits is to provide a more efficient, cost-effective and simpler way of doing things.
It has always been the case that technological advancement pushes business onto the next level and the cloud is doing just that. Many firms have already realised the potential it offers and have invested in some level, while those that haven’t will probably end up doing so at some point – but the longer they leave it, the bigger chance there is of them falling behind.
Perhaps the most beneficial element of the cloud is its ability to create a network between businesses and their clients like never before. Sharing information and communication has never been easier, and in a world where globalisation seems to be the key to moving forward, this technology offers the potential to create an international village that has never been better connected.