A quick guide for businesses in the alternative investment and private equity sector
Whether to move to cloud computing solutions or not is a hot topic right now, and here at Tribeca we are getting asked this question on a very regular basis.
Why is this becoming more commonplace?
Companies offering SaaS solutions (software as a service) are spending huge marketing budgets pushing the benefits of switching to the online environment. For business consumers it is now almost a daily event to receive some sort of information about these types of services.
There is also a trend for businesses to be moving towards 24/7, global provision, and for their services to operate much more heavily from mobile devices and portable laptops.
It’s becoming seen as the ‘modern way of doing business’, but it isn’t right for every business, and it isn’t mandatory to migrate to the cloud. So, is it right for you?
To help you review your own situation and identify where the cloud may be the correct decision for your company, we have put together some practical advice points from our perspective as IT support specialists.
We hope you find it helpful.
What is ‘cloud computing’?
It’s surprising that when we ask this question, we tend to get different answers from everyone. Due to the cloud being intangible and absolutely huge, the responses tend to come in the context of how a person has engaged with or used it in the past. The reality is that the environment, range and potential opportunities are almost limitless.
At Tribeca we define ‘the cloud’ as being “interconnected services and devices that can be accessed from anywhere”.
This covers a very wide range of business and private situations, including business SaaS solutions such as Microsoft Office 365, and home streaming services such as Netflix and Spotify. The reality is that the cloud is vast, is still growing at an unbelievably fast rate, and in all likelihood will continue to do so.
There is no doubt that within the space of just a few years, there has also been a substantive change towards subscription-based software as a service solution. There are many benefits to this move, but there are also a few areas to be cautious, so do be sure to look before making the leap!
What does this mean for you as a consumer?
There are several attractive arguments for making a move to the cloud, but it’s important to recognise that the marketers working for these companies are primarily focused on selling you the benefits and are often less clear about the associated risks and limitations.
The immediate and appealing benefits tend to be the consistency of spend on software and the idea of being permanently up to date on the version in use. The software support provided is also often promoted as being a part and parcel, and this can seem a strong benefit on paper.
There are, however, differences between this type of functional support and the independent and qualified advice that IT support companies offer. As an example, it is unlikely that cloud services support personnel will give you advice on where competitive software may actually be more beneficial or have fewer limitations.
Before making any shift to the cloud, we would always ask our clients “What are the specific benefits you would like to see?” This question is deeper than it first appears, and we dig deep to truly understand the aims before researching and reviewing the potential of available solutions.
With a plethora of different cloud-based solutions, including but not limited to Private, Public, Hybrid cloud and also SaaS or IaaS (Infrastructure as a Service), it’s important to take the time to analyze and assess which cloud-based solution is best for your business.
Very few cloud offerings are as secure as they need to be “out of the box”. An assessment is needed on what additional security features need to be integrated or enabled to ensure your data and end-users are secure. Furthermore, regulatory requirements within the financial services sector may have an influence on the type of cloud environment you choose.
This is why getting the right (and independent) advice is critical.
A few points to consider before migrating:
- Where will my data be kept?
- Will it be backed up and protected?
- Will the proposed solution legal in terms of compliance requirements?
- If the data is compromised how easy would it be to manage recovery via that system?
- What is the business continuity plan should the cloud system become unavailable?
- Are there any additional security risks associated with the migration?
It may seem that this blog is trying to steer you away from making a move towards cloud computing, but it’s actually just a case of wanting to prevent unnecessary distress and ensuring that you choose the right cloud solution for your business.
There are many occasions where the cloud is a great answer for businesses and taking the time to predict and prevent issues is really important.
Done right, it leads to either a seamless migration or to better choices being made. Shortcutting this important step can be very costly and can lead to substantial business interruption… it’s a case of taking a breath and getting it right first time.
If you need some help with Cloud Computing transition or want to understand your options better, our team at Tribeca are here to help.
We have been specifically helping businesses within the alternative investment and private equity sector for many years now. Our experienced team have supported many companies in reviewing the opportunities presented by the cloud, and we have empowered them to make better, safer, and more effective decisions as a result. We’d be happy to do the same for you.
Do get in touch to discuss your situation and options:
Tel: +44 (0)203 475 8732