Finance embracing the cloud’s offerings

From cloud-based ERP to professional services automation, there are an array of options for those wishing to enter the cloud. Some sectors, though, have long been wary of the new technologies for fear of security breaches – but now, even these industries are starting to realize that the cloud offers a safe way to boost productivity and efficiency in many areas.

Finance moving forward
With so much sensitive personal and financial information at stake in safeguarding its data, the financial sector has been hesitant for many years to fully embrace cloud opportunities. Now more and more companies in the sector are deciding that the risks have been minimized, with the chances for improvements making it an important move to make, according to Forbes.

Forbes points to a study by UK consulting firm Ovum which saw the numbers growing quickly in recent years, as more firms are deciding the methods of making information safer have grown sufficient and the chances for improved practices is simply too much to pass up. It’s happening in most areas of the sector, both the buy and sell sides alike, according to Rik Turner, senior analyst of financial services technology for the company.

“The buy side tends to be an easier target for cloud than the sell side, given that more of its participants are smaller firms with limited IT budgets,” said Turner. “That said, the sell side is changing. With budgets and headcount under more constraints since the global financial crisis, there are clearly opportunities on that side of the business too.”

Hybrid model coming soon?
The Ovum report, like so many others, sees the major development to come in the cloud to be the hybrid model. Still, for now, the uptake will continue to increase, according to Turner.

“Cloud services adoption in the capital markets has increased in the last few years. In the future, there will be an even faster uptake of cloud services,” Turner said. “Although the process of migrating services to the cloud is often driven by cost constraints, there is also now a dimension of preparing a platform for the sector’s future evolution.”

With so many options, the cloud is an important opportunity for a huge number of companies. If your operation is looking for a partner in making the move to the cloud, consider BMI Cloud Solutions. With award-winning tools such as Kenesto and Pardot, BMI can help you set up the optimal solution for all your challenges.