Unlock cost-efficient data management, accelerate processing speeds, and automate big data analytics with cloud-based solutions
Since the onset of the COVID-19 pandemic, the cloud is no longer a new technology. It has become a necessity to survive in the digital-first world. In Banking and Finance, Cloud Technology helps build cost-efficient data warehouses. These manage the huge amounts of big data generated daily.
Mainly, the speed of digital user interfaces like Banking applications and web portals depends on processing speeds allowed by cloud applications. Secondly, by using a cloud-based storage huge amounts of data processes can be easily automated. Giving rise to quicker big data analytics.
Accordingly, the role of cloud usage for big data is growing. Some challenges, considerations, and strategies are relevant to organizations across various industries that have embarked on their cloud journey. Planning the roles for including cloud-based storage and cloud-based digital applications.
Does Big Data Equal to Big Problems?
Yes, Big data can pose a big problem in cloud migration. Let’s see why.
To understand why, let’s first see what cloud migration means. Cloud migration refers to the transfer of data, applications, and other business elements into a cloud computing environment.
One of the first problems is on-premise infrastructure. For a perfect migration, connectivity between different data sources is essential. Data from on-premise systems can be streamlined for the correct motion of data – otherwise, it could affect business productivity and even cause downtime.
Another problem is the loss of control over data. Especially, when we compare it to an on-premise structure. Big Data of FIs carries extremely sensitive information. The possibility of losing it is high when cloud migrations are underway.
But one always has an ace up the sleeve, right? Whenever it ends up to cloud migration, Data Virtualisation is the ace. It has the power to convert the big data problem into a big data opportunity.
Does Big Data Equal to Big Opportunity?
Moving big data to the cloud unleashes tremendous benefits. The cloud’s scalable environment is far more cost-effective, and secure, and can be used to improve the speed, performance, and productivity of business operations.
Ultimately, its value is acknowledged as a storage solution for higher Return on Investment.
Data virtualization is explored as the key to unleashing these benefits and helping organizations to perform better. Providing one single, logical view like the bird's eye view of all data no matter where it resides, can enable businesses to simplify innovation. It helps manage big data in a cloud environment by creating virtual structures of big data systems. It ensures that teams can manage connectivity, respond to security fears, and fix all compliance requirements, as well as find whatever information they require. Here’s how –
Create intuitive tools for sharing data while identifying correlations and patterns
Build predictive analytics models to securely deploy them in the cloud
Begin and analyze a data query within a minute to create a secure data warehouse
Store and collect big data in the cloud at the lowest cost possible
The different types of cloud migration strategies
Cloud migration is the process of transferring an organization's data, applications, and IT infrastructure from on-premises servers to cloud-based environments. This strategic move allows businesses to leverage the scalability, flexibility, and cost-efficiency offered by cloud computing. However, cloud migration is not a one-size-fits-all approach, as organizations have unique requirements and considerations.
To ensure a successful transition, different types of cloud migration strategies are available, each offering distinct benefits and challenges. These strategies range from a complete migration to a single cloud provider to a hybrid approach that combines on-premises infrastructure with multiple cloud services.
Understanding these strategies is crucial for organizations to make informed decisions and effectively harness the power of cloud computing.
Rehosting – Lift and Shift – Companies that support conservative culture or no long-term strategy to reap advanced cloud capabilities are well suited for rehosting.
It involves lifting the stack and shifting it from on-premises hosting to the cloud. It transports an exact copy of the current environment without making extensive changes for the quickest ROI.
Replatforming – It’s a variation of rehosting as it involves making a few further adjustments to optimize the landscape for the cloud.
But the core remains the same again. This one is a great strategy for conservative organizations that want to build trust and engagement in the cloud while achieving benefits like increased system performance and cost optimization.
Rearchitecting – also known as refactoring – means rebuilding applications from scratch.
This is usually driven by a business's need to leverage cloud capabilities that are not available in existing environments such as cloud auto-scaling or server-less computing.
It is the most expensive among all but also the most compatible with future versions.
D2K Solution Architects specialize in assisting organizations in the banking and financial sectors with their cloud migration, data management, and digital transformation needs.
By partnering with D2K, you can leverage their expertise to enhance operational efficiency, mitigate risks, and stay ahead in the rapidly evolving financial landscape.