Professional Documents
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Presented by: Deepak Kumar Bora, Faculty Member (IT), ICFAI University Meghalaya, Shillong and Akinchan Buddhodev Sinha, Sr. Lecturer, ICFAI University Meghalaya, Shillong
Introduction
Any company or business organization always tries their best to reduce cost and maximize profit. Companies have redefined there basic culture of inside-out communication to outside-in communications, from traditional self-hosted IT to outsourced IT resources & operations (i.e. cloud computing). Cloud computing is an effective strategy in todays economic environment, to reduce the IT operations and management costs and free up critical resources and budget for discretionary innovative projects.
On adopting cloud computing investment in IT changes from being a Capital Expenditure to Operating Expenditure, this leads to a lowering of the financial barrier for the initiation of a new project. Enterprises can become agile and harness the power of Information Technology to drive unprecedented customer value (i.e. outside-in communication).
Classification of Clouds:
Public Cloud: Cloud Computing infrastructure is hosted at the vendors premises, and the customer has no visibility over its location. Private Cloud: Computing architecture is dedicated to the customer and is not shared with other organizations. They are expensive and are considered more secure than Public Clouds. Hybrid Cloud: Organizations host some critical, secure applications in private clouds. The not so critical applications are hosted in the public cloud. The combination is known as Hybrid Cloud. Community Cloud: The cloud infrastructure is shared between the organizations of the same community.
services such as Amazon Web Services (AWS), thats most for simulations, experimentation and safe data. Regulatory and privacy concerns are attracting huge importance. The advent of private cloud technologies- software platforms that converts pools of computing resources into metered, self-service and flexible services are catching steam.
Magic of Cloud
Financial industry has been treading on a rough path post 2008 recession. It underwent a mammoth turmoil, and its on a restructuring phase. One of the foremost industries to embrace information technology is financial sector. In this regard, it is important to have a look at the recent innovation in this space. One of the most successful cloud service has been initiated by wall street for the FX market (Foreign Exchange), which is known as ESN (Electronic Settlement Network) volume growth for FX market continued unabated while financial markets were in doldrums over the credit crunch. The tier 2 and tier 3 banks have less margin in FX market because of the higher cost on per transaction.
software in the future, however the financial services sector, which incurs the highest expenditure on IT, is not so sure of its effectiveness.
Despite the fat promises its make regarding the improved way
of providing technology to business houses, cost reduction and that too without the need for the technology to be installed on a companys computers.
that the survey showed that there is absence of clarity about the definition of cloud computing. Another factor responsible for firms reluctance is that cloud computing is being driven by suppliers and not market demand.
distanced itself from cloud computing technology on the grounds that the concept may not deliver promised savings.
Large banks also fear that their confidential information could be vulnerable on another companys systems.
Out of 33 top banks and financial institutions that had
participated in a cloud computing event organized in the year 2010, not even a single bank or financial institution had embraced cloud computing in the true sense of the term.
Thanks