Cloud Computing Essay Example | Topics and Well Written Essays - 500 words - 2

Cloud Computing - Essay Example Given the close linkages between financial services firms and cutting edge technology, it makes for eminent business sense to remain on top of the â€Å"convergence† that is happening between IT and financial services. Cloud computing is altering the way business is done and the way business services are provided by bringing about a paradigm shift in the way excess computing power and storage space can be used. Cloud Computing works by aggregating the computing power of individual computers and then centralizing the same so as to derive maximum advantage for the users. Since UVW does not have to invest in additional capacity whenever it takes on more users, we stand to gain from the double benefit of efficiencies from economies of scale and cost savings because of outsourcing our requirements to providers of cloud computing services. For UVW to remain competitive in the financial services market, we need to embrace next generation IT services like what other global financial conglomerates like Goldman Sachs are doing by renting out cloud providers to host their data and provide them computing power. The use of offshore datacenters by these financial services firms has helped them to cut their IT costs significantly. In the context of the financial services firms undergoing an era of rapid change in the way they do business, it is necessary for UVW to embrace innovation and be at the forefront of emerging technologies. By embracing cloud computing in its business, UVW can thus remain competitive as well as ride the wave of change that is sweeping the financial services