Author: Maksym Datsenko is a Chief Technology Officer at Cloudfresh
Thanks to cloud computing, various enterprises in any field can maintain their applications at a high level. And this significantly reduces the financial cost of their maintenance. In addition to reducing overall costs, cloud computing can increase application performance.
Cloud computing concept
Cloud computing is a specific model that provides, on demand, high-speed access to the IT resource base (servers, storage, web applications, various services, etc.) This option allows organizations to scale data when needed and pay only on a per-user basis.
Cloud services are a type of cloud computing that refers to outsourcing information technology infrastructure and vendor operations. Cloud service providers provide the user audience with a complete package of information technology services controlled remotely via the network. This kind of cloud computing allows organizations to entrust the management and maintenance of their software to a team of specialists, offloading their human resources to focus on the main tasks of their company.
Thus, the cloud on the network allows you to eliminate financial investments in the company’s infrastructure software and use the saved money to develop your organization. In addition, by making infrastructure flexible and cost-effective to scale, it can quickly reach the consumer market.
How do you decide if cloud services are right for your organization?
There are several essential points to consider to make the right decision:
- You must understand whether your enterprise is ready for such a transition. When your company uses traditional local solutions, you need to consider how smoothly this infrastructure will integrate with the cloud service. In addition, you should think about the skills of your employees and whether they will be able to control the cloud environment professionally.
- Availability of initial investments with long-term payback. Considering how much financial resources will be invested to use the cloud service is essential. Initially, you must invest, but savings will take effect after a specific time.
- Consider potential risks because any IT-related transition carries a particular risk. Therefore, it is necessary to consider level c in such a transition and weigh investments against potential threats.
Here are the key points you should consider when deciding to switch to new information technologies.
What are the types of cloud computing?
There are three main types of cloud computing, and we will discuss them in more detail below.
Infrastructure as a Service (IaaS)
This type of cloud computing is a specific part of IT. This model allows you to rent IT resources from the service provider on demand (virtual computers, storage with a certain amount, various networks). This computing model allows for managing large amounts of information technology (IT) resources.
Platform as a Service (PaaS)
This model provides the ability to deploy applications in the cloud without the need to manage core infrastructure. This method allows you to significantly increase the efficiency of a financial company because you do not need to acquire technical resources and independently maintain software: update the program, deal with security (protection of confidential information and from cyber attacks), predict possible capacities, and much more. Other necessary for the full functioning of applications.
Software as a Service (SaaS)
This cloud computing model is a complete product launched and managed by a service provider and is paid solely based on its use. In other words, this service is an application necessary for a user audience by applying this kind of cloud computing. Thus, maintenance and management of the central infrastructure is optional. Only one task will be solved – to choose the purpose of using the software.
Each cloud computing model has its own regulatory boundaries, so the financial institution will independently select the service that suits them best.
Some organizations combine these services to meet specific requirements and improve operational efficiency. If you want to learn more about this subject, you should refer to Cloudfresh, a reliable partner that will help you optimize many processes in your company and save you money.
Consider the main advantages of using a cloud service provider
Cloud services will allow companies to focus on important issues of their activities. By handing over application management to a team of specialists, the organization will significantly relieve its time and human resources to solve the main problems. All this increases the productivity of the organization.
We list the main advantages of such a service.
Significant cost savings
The most important advantage of cloud computing is the enormous financial savings. When using cloud services, a financial institution will pay exclusively for its resources if we compare this option with traditional solutions. When a particular feature is not needed, it does not need to be purchased, but if it is required, it can be applied and excluded. Therefore, there is no need for additional costs for its acquisition.
In addition, cloud services are systematically updated with the latest functionality. It allows you to use the actual application you do not need to invest in. It is a substantial financial savings for a financial institution.
Possibility for scaling
Cloud computing allows you to scale applications and increase or decrease resources as needed to respond to the degree of consumer demand promptly. Therefore, such services are intended for organizations of absolutely any scale of activity.
Elasticity and scalability allow organizations to expand without considering the potential scaling issues for software. It provides an opportunity to increase the consumer audience without worrying about the automatic expansion of the company’s infrastructure.
And to reduce financial costs, cloud computing will allow you to do this very quickly. This option is significant for enterprises that need a timely response to changes in scale. It will enable you to reduce the financial costs of infrastructure because you will need to pay only upon using the service provided by the provider.
Improving Efficiency
Thanks to cloud computing, organizations cannot deal with software updates. The service provider will do this work. Therefore, the company will be able to fully direct its efforts to solve problems directly related to business problems. Thus, such savings will increase the efficiency of the organization.
Ensuring reliability and security
Cloud service providers provide a high degree of security and reliability with many layers of protection. And security is an essential issue for financial institutions regarding IT infrastructure and operational issues. Providers have innovative solutions to protect confidential information from external cyber-attacks.
With a quality choice of provider, your company data will be securely stored in a private cloud, and it will be possible to use advanced security features (for example, two-level identification).
Moreover, providers can provide software disaster recovery and 24/7 support for your organization’s customer base. Cloud computing is the most economical and effective method if recovery is needed. Storing the database and applications in the cloud makes it much easier for an organization to protect against data breaches or software stability issues.
Also Read: Managing Cloud Computing Cost: Challenges & Strategies
Better collaboration
Cloud services are revolutionizing multi-company collaboration. By storing information in a cloud service, organizations allow employees to access the database and perform interchange at any time and from any geographic location.
Such elasticity in cooperation ensures the quality of companies’ collaborative work and increases their work efficiency. Moreover, cloud services have facilitated communication between organizations and users.
Undoubtedly, the cloud service will save the organization money and increase the efficiency and productivity of its activities.
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