Organizations of all industries and sizes have been focusing much of their efforts and resources on a digital transformation. This includes enterprise-wide integration of technology to create a more efficient and streamlined way of doing business. As the digital transformation takes center stage, it’s more apparent than ever that this effort not only requires data, but it relies on it.
One of the key aspects of digitizing an organization is cloud migration. Migrating to the cloud can ease some of the data issues that organizations are facing after a digital transformation, like breaking down silos and making their data more accessible. However; moving your data to a cloud strategy comes with its own set of challenges because the need to keep your data accessible, secure, and well-governed is imperative.
The digital age has placed a premium on data governance. Here’s why:
- Applications that use and generate data has increased exponentially
- Data lakes are now commonly measured in tens to hundreds of terabytes, which includes raw, unstructured data
- Data privacy laws are being developed and enforced on a global scale
A Spotlight on FinTech’s Cloud Migration Experience
While the digital transformation isn’t a movement exclusive to a specific industry, the financial services world has a set of implications that is unique to its category. These firms are picking up the pace when it comes to migrating to the cloud because it presents the opportunity to increase scale and performance while keeping costs down. Thomson Reuters claims that “Financial firms accelerate their move to the cloud, with spend on cloud to increase from 30% of IT budgets in 2017 to 47% by 2019.” According to their survey, over 90% of firms will use public cloud for the majority of their market data needs in less than four years, while 24% expect to do so within one year.
Why are financial firms so eager to move to the cloud? Because these organizations run on data. They use market data to drive insights, automate reporting processes, and manage costs while dealing with the pressure of regulatory demands.
While moving at such a fast pace gives financial firms the ability to stay ahead of the curve, it’s critical that data governance and privacy remain a priority to mitigate the risk that comes with such rapid change.
The Collibra-Amazon Partnership
The partnership with Amazon Web Services (AWS) technologies and AWS financial services competency partner status will provide organizations with better visibility of all of their data while they accelerate their migration to the cloud. The goal is to make it possible for businesses, like financial firms, to continue their fast-paced adoption without compromising the end-user experience or faltering in regulatory compliance. Broad visibility can help organizations leverage trustworthy data quickly, enhancing agility as the work environment transforms.
“There’s huge demand from financial firms to get the kind of business agility the cloud offers. At the same time, they want to ensure security and compliance requirements are fully met,” said Frank Fallon, vice president of financial services, AWS. “By using Collibra in the AWS cloud, organizations benefit from strong data governance principles that help them access trusted data in the cloud and manage its use across the enterprise.”
To learn more about this partnership, download the white paper, Elevating Your Cloud Strategy with AWS and Collibra.