Artificial Intelligence, Machine Learning, Deep Learning, Internet of Technology etc, which are emerging technologies, need to store, access and analyze huge data which can be stored efficiently on cloud.
To meet the regulatory & compliance requirements, several banks and insurance organizations have a mandate to store clients, transactions, payments, loans, policies, claim data for a number of years.
Traditionally, all banks and insurance companies implemented some emerging technologies like servers, databases in data centers to store the data, applications within ‘On Premise’ i.e. within the custody of the organization. However, one of the emerging technologies i.e. cloud has provided a quick solution to migrate data from ‘On Premise’ to much secured, resilient, highly available, fault-tolerant cloud and other emerging technologies, thus enabling organizations to reduce the cost of infrastructure, power, energy significantly.
To make it clearer, let’s consider a small or medium-sized manufacturing organization that has an in-house built-in or a bought software that calculates Tax Return to tax authority once a month or once in a quarter.
The software application runs on emerging technologies like Server, Database with high configuration which is not utilized to full extent for most of the days of a month or quarter and hence the organization ends up paying off capital expense (One-time expenses) & Opex (Operational expense).
However, with the emergence of cloud, the organization has the option to migrate data, application from on-premise to cloud within a few hours, subscribe for minimum pay plan from Cloud providers for most of the days in a month or quarter and scale-up for higher configuration on the days of Tax calculation resulting in a significant saving of cost on on-premise application, database. Needless to mention the saving can be utilized for future investments in core business.
Different from other emerging technologies, cloud ensures data is stored in different regions across the globe and is made available within a matter of few seconds thus addresses the potential risk of non-availability of application and database server, security, encryption requirements etc.