Cloud computing is transforming investment management
The paradigm shift towards cloud computing in the investment management business is exciting. Bleeding edge technologies are accessible to businesses and individuals, at relatively affordable price points. Cool-looking newcomers are frequently entering the market, offering a promise to drive efficiencies and productivity to businesses.
Don’t be fooled. This thriving marketplace with its creatively marketed products and a perceived ease of consumption can be a risky concoction. Managers must be shrewd at selecting cloud solutions, carefully weighing all of the costs and benefits.
If you are a business or technology manager at an investment management firm considering a move into public cloud IT, here are some considerations:
Try before you buy. Cloud services regularly boast benefits such as rapid deployment, self-service, pay as you go and others. Take advantage of this by signing up for free trials (where possible) and advance proof of concepts to wider audiences, absorbing feedback and tracking with key performance indicators (KPIs). Needless to say, approach with caution and be mindful of company policies and procedures for such trials.
Create and evolve KPIs. The term “benefit” is broad. Some benefits can be measured quantitatively, some qualitatively. To instill some structure and add consistency during the selection and evaluation process, KPIs should be firmly considered. It is rare that projects have a clear and straight road — so be nimble, accepting that a KPI may no longer be appropriate. Even better, uncover new KPIs as you evaluate.