The Future of UVW with Cloud Computing - Essay Example

The cost savings are substantial since UVW does not have to bear the costs of hosting its customers’ data. Cloud computing is essential to UVW’s cost savings strategy in view of the ongoing global economic crisis that has dented the bottom lines of many financial services firms and UVW is feeling the pinch as well. Given the close linkages between financial services firms and cutting-edge technology, it makes for eminent business sense to remain on top of the “convergence” that is happening between IT and financial services.

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 with computing power. The use of offshore data centers 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 world. Read More