The public cloud has become a viable option for many firms today. It's affordable, secure, and more flexible than on-premise deployments. It makes sense, cloud reduces the burden on technology by scaling infrastructure and freeing up valuable resources to focus on business problems.
A recent ipushpull study agreed, 68% of respondents stated they already used public cloud providers or planned to.
But why should cloud be the default option when you think about your real-time data delivery needs? There are three areas to consider, let’s look at each in turn.
I) Reusability. We’ve seen huge growth in data storage in the last decade and a corresponding rise in analytics and AI companies offering solutions to crunch through and make sense of the volume of data. This has brought other advantages too. It used to be with traditional on-premise solutions, the idea that datasets could be re-used for different use cases was costly and problematic. Solutions were ‘hard wired’ to support specific applications. With the cloud, software can decouple the data from the use case, effectively supporting multiple use cases at the same time.
II) Discoverability. Offering Data-as-a-Service means one can move to the ‘Netflix model’ where the data is made available as and when needed plus it's easy for users to subscribe to different data services to fuel their business applications and workflows. This shifts away from traditional delivery methods which were based on what could be delivered rather than what was demanded from the business.
III) Interoperability. The days of needing to invest vast sums in manipulating data to be compatible with other datasets is over. These days, data can be massaged and manipulated using ETL tools widely available on the market. Thus, with low overhead one can merge complimentary datasets.
“The value is not so much on collecting the data and normalizing anymore. It’s more about the additional data points you can layer over the top of your market data which make it useful. For example, using sentiment (social media) data to help give indications of which direction the market is likely to move in.”
Luke Ryan, Senior Product Manager, Morningstar
Possibly the biggest change determining cloud adoption is the demand from the business who are more ‘tech savvy’ than ever before. The younger generation of traders are now part coder so they expect to be able to do more themselves, while the cloud accelerates the capability of IT to meet the needs that the business are now demanding.
Lastly, the cloud has seen an explosion of innovation, an ecosystem of software developers such as ipushpull, who are looking to leverage every ounce of value from the massive R&D budgets from the likes of Google Cloud, Amazon Web Services and Microsoft Azure. Extending the value all the way through to the recipients of your real-time data.
WEBINAR & REPORT
Data-as-a-Service: Delivered live and seamlessly into your client workflows
For brokers, banks, and providers of data-driven services, effectively integrating your offering into your clients’ ever-evolving workflow environment remains one of the greatest challenges but also one of the biggest opportunities. We will explore the burden of the last mile of delivery and what can be done to greatly improve the client experience.