In this day and age, cloud technology has become a must, and organizations that don’t utilize it are missing out on the many benefits it can provide such as security and scalability, according to a data expert from the country’s digital trailblazer and leading bank of innovation.
Union Bank of the Philippines (UnionBank) Vice President, Head of Artificial Intelligence & Data Policy, and Data Protection Officer Sasa Montes talked about this, and other topics related to cloud technology at the recently concluded DX Leaders Strategy Forum Philippines 2021, where she joined as panel moderator in the session titled “Active Data-Driven Intelligence – A Customer-Centric Strategy to Accelerate Business Value.”
“Regulators are now realizing that it’s the powerful way to open up the markets into more competition, so new companies or new migrants to cloud are able to launch services into the market in a quicker manner,” Montes said. “Regulators also recognize that cloud technology can provide a very secure environment right now.”
Montes cited how cloud computing can make a lot of processes and workflows more efficient for organizations, as it can optimize the use of available resources and can even eliminate the need for on-site assets.
“Cloud frees you from operational nightmare. It refocuses your attention from IT operations like making sure it’s up and running, to more important things in your business, like strategy or analytics, insights, and so on.”
Montes used the cost of running a data center as an example of operational expenses that organizations can do away with by moving to the cloud. With a data center, organizations will need to worry about updating to the latest software and hardware to ensure efficiency and up-to-date security, as well as allocating for manpower and utilities, just to name a few. These are typically expensive especially for organizations that process massive amounts of data on a daily basis.
“How much would a data center cost? You’ll have to pay for air conditioning, electricity bill, people manning the center. But for cloud, it’s subscription-based. Also, traditional data centers would be tagged as capital expenditure, but for cloud, you can tag it as operational expense which is actually deductible for taxes.”
Coupled with application programming interfaces or APIs, the use of cloud can result not only in improved operational efficiency for organizations, but also better output and faster delivery of products and services to customers, especially during a time when they expect more from the companies they patronize, Montes said.
“For the banking sector, many banks are now looking to the cloud for application development and deployment of new banking solutions. For the customers, you’ll be able to deliver innovative digital solutions to customers who expect instant transactions anytime, anywhere.”