How to utilize the capabilities of the cloud to solve complicated business problems
CXOToday has engaged in an exclusive interview with Mr. Bhavesh Goswami, CEO & Founder, CloudThat
- What is the key to successfully managing critical data?
In today’s digital age – characterized by cloud, IoT, and smart devices – where there is an overabundance of data, it has become imperative for businesses to ensure its secure usage. Some data elements are critical and have a direct or indirect financial impact if exposed to unauthorized access. Personally identifiable information (PII), Personal Health Information (PHI), and Payment Card Industry (PCI) data are examples of this scenario.
As the technology landscape is both evolutionary and dynamic, there is a need for detective as well as preventative security controls. Creating guardrails to prevent access to critical data, defining fine-grained policies to allow changes by automation, and setting-up detective controls to provide full visibility and transparency of your data are all essential measures.
Businesses can also bank on cloud platforms like AWS for general data security patterns and corresponding controls that protect data. The AWS Cloud Adoption Framework (AWS CAF) provides the best security practices, with features such as IAM for writing access controls, detective controls like AWS CloudTrail that reduce the risk profile of the data environment, infrastructure security to limit access to only the right people, and data protection through encryption. In addition, you need a defined incident response strategy, which is action-oriented and gives you a defined action plan in case of unauthorized access.
By implementing these measures, businesses can ensure the secure usage of their critical data elements and mitigate the risk of financial impact resulting from unauthorized access.
2) What are some of the approaches or strategies that businesses can take to harness better value from their data?
Despite heavy investments in data management, organizations continue to face data problems. One reason for that is data has always been perceived as one aspect of a technology project, not a corporate asset. According to the 2022 Forrester report, companies report using only 12% of the data available to them, leaving 88% of data largely ignored.
With increasingly diverse and large corporate data stores, a clear strategy to address data is necessary. Just having a repository of siloed data on-premise can’t generate tangible results for any organization. It’s a resource drain that slows decision-making, hampers collaborations, inflates costs, and undermines customer experience.
To solve critical business problems, data must be integrated between different systems. An effective data strategy involves implementing a data pipeline that extracts data from various sources, like APIs, web applications, sensors, and databases. The data should be consolidated into a centralized repository, cleaned, processed, transformed into a consumable form, securely stored, and continuously monitored for issues and upgrades.
Leveraging cloud platforms like Amazon Web Services (AWS) is the best way to implement this strategy. AWS offers the right infrastructure and tools for batch data processing and visualization. It provides various pay-per-use analytical solutions capable of handling vast amounts of growing data, providing insights to help businesses while optimizing costs.
For example, AWS offers Amazon S3 data lake for collecting data, Amazon EMR for processing, and Amazon Redshift or Quicksight for analysis. AWS also allows businesses to define auditing and governance policies that comply with geography-specific regulations.
Moreover, AWS instances can be used for testing and POC without the need for any significant investments. This makes it an ideal way for teams to validate assumptions and get some concrete facts for cloud migration.
3) What are the technology trends that we can expect next year?
The rapid advancements in technology are driving the pace of innovation like never before. With the advent of the cloud and 5G, the possibilities for digital transformation are accelerating even further. AI/ML has long been at the forefront of this technological revolution, but now we can expect exciting developments in Metaverse, AR/VR, and quantum computing.
According to a recent McKinsey report, the Industrial Internet of Things (IIoT) will connect over 50 billion devices, and 70% of manufacturers will use digital twins by 2024. Moreover, 70% of organizations will employ multi-cloud or hybrid management tools, technologies, and processes. By 2024, 65% of applications will use cloud services to extend functionality, and the majority of legacy applications will receive some form of modernization investment.
Computing power will also continue to increase in 2024 and around 45% of IT spending will shift to cloud solutions, according to Gartner. The next big thing in connectivity, 5G, will create opportunities and use cases that are not imagined yet and help India become a USD 5 trillion economy.
The McKinsey report also predicts advances in AR and Quantum computing to continue, with over 50% of user touches being augmented by computer-vision algorithms by the close of 2024. Low-code or no-code technology will be a trend in the coming years, with over 70% of applications using LC/NC technology by 2025.
Furthermore, the total worldwide spending on cloud services is predicted to surpass USD 1 trillion by an IDC survey with ANZ, India, and Singapore being the largest drivers. The coming year will also witness increased cloud adoption by the government and industries like BFSI and FinTech.
4) Reasons why the cloud is more pervasive in modern technologies.
Cloud computing has become a ubiquitous force in modern technology, powering everything from mobile apps and social media platforms to enterprise software and data analytics tools.
One of the most important aspects that define its pervasiveness is its flexibility to scale. Amidst the highly uncertain global market, and rising financial stability, companies hesitate to invest in their computer equipment. Hence, pay-per-use cloud computing is a much better way of consuming technological services and continuing business operations.
Another driving force is the dependency on the cloud for new and innovative technologies like AI, serverless, blockchain, and edge computing. Cloud serves as the platform for growth and innovation in these areas, and any future technology will most likely depend on it. If AI grows, the cloud will grow and so with DevOps, cloud-native apps, or anything you can think of.
Cloud security providers invest far more in security than induvial organizations. For instance, Amazon’s CFO announced last year that the tech giant expects to invest USD 25 billion in AWS infrastructure. Microsoft and Alphabet make similar investments too to ensure the security of personal and corporate data.
5) Challenges faced by organizations when moving their business to the Cloud.
By 2024, it’s predicted that 45% of enterprise IT spending will shift to the cloud, making it imperative for businesses to accelerate their cloud adoption plans. However, without proper governance and restraints, cloud adoption can quickly become overwhelming and discouraging.
The biggest challenge in cloud adoption is the skills gap, with over 70% of organizations lacking skills to manage cloud environments, according to an IBM report. This can slow down the process or pose an existential crisis to the company. This can be easily remedied by training employees in the latest cloud technologies from authorized training institutes like CloudThat.
The second challenge is implementing a clear cloud governance program that outlines protocols and limits to prevent costs from rising. Since cloud computing operates on a pay-as-you-go basis, it’s essential to have clear protocols to ensure efficiency and prevent overspending.
Cloud adoption also requires a cultural shift to reallocate resources effectively and strategically. Cloud supercharges the speed of technology, and organizations need to rethink how technology can be leveraged for strategic advantage.
In this regard, a cloud consultancy firm like CloudThat can help businesses reallocate and rehost resources effectively. With a team of certified experts who specialize in cloud technologies and consistent technical, business and compliance support, cloud consultancies can make cloud migration more efficient, effective, and secure.
