Businesses have stepped up their pursuit of transformation in the age of industry 4.0, digital disruption and connected economy.
Cloud has been a great enabler in this race towards digital, building a connected ecosystem that is essential to not only satiate the need of customers but also partners, vendors, employees and things. Cloud has made connecting with consumers and businesses, at the speed of thought, possible by enabling real time insights via the complex landscape of ‘big data’ processing and computing.
Today’s consumer mindset is not a reflection of any isolated event: our generation observes a network effects pattern and our behavior is influenced by the actions of others. Every second, there are billions of events triggered by individuals from multiple devices and locations, producing a chain of events. Understanding of behavioral events, correlating them and extracting insights involves managing and mining massive scale datasets.
Cloud, with its unparalleled compute and other data and analytics tools, has made behavioral economy a reality through network effects at scale, and introduced game-changing platform business models. No organization today can say no to this disruptive force that will potentially alter the course of business and economics.
Cloud has had far-reaching impact across industries
- Healthcare organizations, service providers and wellbeing product disruptors are coming up with better health insurance and private care plans through electronic medical records (EMR). EMR systems sharing became an affordable reality only through better storage, collaboration and data sharing in the cloud.
- The aviation industry monitors air-traffic controls, flight paths, and other vast amounts of relevant information in real-time through cloud.
- Retail has been revolutionized with the advent of advanced, cutting-edge cloud computing technologies, big data, advanced analytics, social data, Internet of Things (IoT), artificial intelligence (AI), and conversational bots.
- Banking and financial sectors have been reimagined by the cloud. Smart and virtual banking, digital wallet, and mobile payments have raised digital transformation to a new level in the financial sector.
- Cloud technologies and edge computing together have transformed the advanced metering infrastructure of entire utility networks. Geo-location and real-time asset monitoring capabilities have added a significant new dimension to the energy and utility industries’ service and cost affordability.
- Cloud has taken the connected car and the future of automotives into a new reality.
Cloud-based ecosystem for a customer-centered, connected economy
Speed of business transformation is the new metric for cloud. Cloud is more of a business transformation accelerator than a technology transformation driver (See Figure 1) that enhances:
Cost efficiency: Smaller companies having limited IT budget and resources use cloud-based technologies, which provide them cost-effectiveness in operations. Large scale firms often offload non-mission critical and non-complaint workloads.
Time to market: DevOps, coupled with cloud on technologies such as IoT, Big Data, AI and ML, brings forward improved speed of innovation by faster access to development environments and thorough developer processes. Automated processes enhance security and eliminate possible errors and elimination of downtime that enable the building of stateless applications, ultimately leading to business reliability and customer satisfaction.
Business model: Cloud ecosystem allows firms to adopt platforms or become a platform business itself, in the age of platform economy. There is improvement in the economics of integration and delivery of services which ultimately enable new platform based models and sources of value creation.
Planet-scale compute: Data on cloud models, trained through feature engineering and clubbed with AI, simplifies collaboration and enhances customer experience. Some AI applications leverage boosted models and deep neural networks, which are extremely compute intensive, requiring long feedback loop and training time.
Machine learning (ML) IaaS platforms, purpose-built compute instances, and high performing AI capable chipsets, are affordable latest generation compute acceleration technologies. Cloud platform has made finding ‘Neverland’ a magical reality.