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While GPs have long contemplated the benefits of cloud technology, its importance as a driver of digital transformation has only recently risen to the forefront. With COVID-19 continuing to prompt change on so many fronts, GPs’ experiences during the pandemic confirm that the cloud has gained mainstream acceptance among them in recent years. For the relatively few firms that have yet to migrate at least some services to the cloud, it’s no longer a question of if, but when. As GPs recognize that the transition from single-point, disparate solutions to an end-to-end solution will be crucial to their ability to compete effectively, they’re beginning to appreciate the benefits of cloud technology. So, what factors are causing GPs to embrace the cloud?
The COVID pandemic and the resultant work-from-home mandates have dramatically changed how GPs work and how their internal teams communicate and share information. With team members dispersed across geographies and time zones, GPs need a secure, reliable, globally-accessible solution where stakeholders can have access to the same information across business teams and internal functions. With the cloud, teams can collaborate easily using real-time data and reporting, accessing files and information securely from their browser or mobile devices so they can work smarter and faster.
Due to the confidential nature of their business, GPs require confidence that their data will be stored in a safe and compliant manner. Historically it was assumed that the best way to accomplish this was to keep data and systems in-house, and while there is still inherent risk when utilizing any external system, today’s cloud solutions can provide more advanced and comprehensive levels of security than traditional onsite data centers. Advances in cloud security technologies and overall investment in adoption of cloud security controls now allows GPs to feel more comfortable trusting their data in the cloud. Controls like advanced encryption technologies for data at rest and in transit, hardened infrastructure, comprehensive security monitoring, integrated threat detections, protections against DDoS attacks, and built-in regulatory compliance provide GPs with the security they need to conduct business and compete in a global marketplace.
Cloud technology provides GPs with the flexibility to scale easily in response to business needs. To stay ahead of the competition, GPs must react quickly to fast-changing markets; absent the advantages of cloud technology, that means keeping track of IT resources, data storage, and security requirements, and owning the burden of updating their proprietary and third-party tech stack in order to keep pace with the demands of the business. With the advantages of cloud scalability however, GPs can address industry developments and unexpected events effortlessly themselves or leave it to their service providers to manage for them. The business agility afforded by cloud computing lets GPs fully focus on core competencies instead of allocating limited resources to maintaining their IT infrastructure.
While many factors influence a GP’s decision to utilize cloud technology, the main driver of migration is often cost regardless of size. Cloud technology is easy to maintain, as it requires little internal overhead and minimal internal resources to troubleshoot. The costs of internal data centers and the expensive resources required to keep the lights on are traded for cents on the dollar as this once singular burden is now shared with the entire cloud provider’s base.
As confidence in the cloud has increased, adoption has steadily grown in recent years; smaller firms were early adopters as they recognized the competitive edge provided by cloud technology – not only from a cost-savings perspective, but from the perspective of having access to state-of-the-art technology that would normally be reserved for GPs that could afford the investment. Recently, larger market participants have also begun to migrate to the cloud, drawn by these same factors.
Overall, GPs that have been able to quickly scale and adapt by embracing cloud technology have found it easier to meet and exceed their competition. Utilizing technology that could rapidly respond to roiling markets and unexpected industry developments, GPs can easily scale vertically and horizontally to meet their immediate needs. Due to lessons learned during the COVID crisis, GPs have seen that market sentiment can turn on a dime, and in order to compete for the best deals, they need to adopt a faster time to market and provide better service quality to their stakeholders. Cloud adoption is now table stakes to compete. Competitive advantage comes from trading the distractions of self-managed infrastructure for the core competency accelerants of cloud services. Big Data, Machine Learning, and deep analytics are all now accessible and relatively cheap with the cloud.
Where in years past GPs may have feared the challenge of overlaying their systems and workflow on top of a cloud provider, the rapid advancement of cloud providers, and the software providers that build on top of them, has drastically reduced this barrier. Allvue provides an end-to-end offering to GPs to manage all aspects of their business while still allowing for adaptation to the GP’s special workflows, data sets, and external systems. GPs can develop against the Allvue platform where the competency and needs exist, or they can leave all the adaptation and advancements to Allvue. No matter where the GP sits on this continuum, they can leave the maintenance, monitoring, redundancy, scalability, and security to Allvue while they can focus on their core business and on maximizing value for their investors. For more information, visit www.allvuesystems.com.