As the global pandemic forced companies to transition to digital operations to stay afloat, cloud computing systems played a key role in enabling rapid digital transformation for enterprises, schools and government organizations. As cloud-computing technology develops, it captures more of the market share and its worth is anticipated to expand to nearly $500bn by 2022. Amazon Web Services (AWS) alone, for example, is experiencing incredible growth at 33% each year, representing 75% of the company’s operating income in the last fiscal year.
This technology is enabling cutting-edge trends and new possibilities in industries like healthcare, dentistry and finance. In healthcare, on-premise systems that are often employed can limit scalability and storage. Upgrading to cloud-based systems can address such issues and enable providers to future-proof their operations. Intermountain Medical Center in Utah is a case in point, as they modernized their aging in-house EHR system and improved patient outcomes while cutting costs. Cloud-based solutions can also lead to less attrition rates and additional revenue in dental practices, while in finance, banks can leverage cloud-based tools to better track fraud activity, expedite loan applications, automate risk analyses and develop online banking services.
Bank of America is an example of such a company, as the organisation completely revamped their existing system and achieved substantial savings in the process. The pandemic revealed the importance of migrating onto cloud-based software and the inherent benefits, such as reduced costs, improved services and the flexibility to handle unexpected challenges. However, the traditionally slow-moving, regulated industries have been slower than others to convert to cloud technology.
Arpit Shrivastava, CTO of ConnectedFirst and Managing Partner of Ripe India Ventures, is a leading technology strategist based in India. He has spearheaded numerous digital transformation projects for banks and financial institutions around India, helping them to switch to cloud solutions to maximize their cost savings and improve customer experience. He views the future of regulated industries with optimism, as the pandemic has made the transition to the cloud a necessity rather than an option. His experience emphasizes the importance of cloud-based solutions to respond to unexpected circumstances while providing services to customers quickly and efficiently.
