Cloud Computing Trends: Where is the Cloud Headed Next?

Cloud adoption has been quick and painless at the consumer level. For instance, everyone’s on Gmail, YouTube, Facebook and Twitter on a daily basis yet most think nothing of the fact that they’re already using cloud-based services. Small businesses have also discovered how cloud solutions have raised efficiency in the workplace up a notch or two, while also bringing about significant cost savings. Cloud applications, particularly those for communication, file sharing, office software, backup and storage, and customer management, have rapidly grown in usage among SMBs.

In the same manner, large corporations are starting to see the potential of moving some of their IT department, whether its infrastructure or network management, to the cloud. By all indications it would seem that whether we are ready for it or not, cloud computing technology is here for the long haul.

So where is the cloud headed to next? In this post we examine the trends in the world of cloud computing and what likely lies in store in the near future for cloud users.

Focus on Security

Security has always been a key concern in the cloud computing industry and this will not go away anytime soon. If anything, data security in the cloud will only get to be in the limelight even more as cloud adopters grow in number. That’s why we expect professional cloud services providers to start implementing measures that will help slowly build up confidence in cloud security.

We should soon see more advanced security techniques and protocols that would increase the overall level of privacy and protection for cloud-stored information. Tighter security for login encryptions and prevention of unauthorized access are priority although there are a lot more issues that may need to be addressed. Now it remains to be seen whether these moves are enough for corporate clients to put their full trust in the cloud. But then again, they can always find ways to stay secure while making use of cloud computing where they can, which brings us to the next cloud trend.

Hybrid Approach

Large businesses are taking a longer time to get used to and actually use cloud services, and understandably so. After all, these companies have more at stake when it comes to dealing with such valid issues as security, compliance, outages, legacy systems, and more. However, they also cannot ignore the very appealing characteristics of the cloud. For big companies that have substantial IT needs, scalability, business agility, and faster deployment are listed as the biggest draws of the cloud.

This is why analysts predict that as as these businesses look toward leveraging the benefits of the cloud while at the same time maintaining control over mission critical data and systems, the use of a hybrid approach, i.e. putting some services in a public and at the same time opting to utilize a private cloud for other applications, will see enormous growth.

Mobile Cloud Computing

The BYOD or Bring Your Own Device business policy is another emerging trend that would not have been possible if not for cloud technology. This practice involves having employees bring their mobile devices to work, allowing them to access company files, data, and applications from their personally-owned gadgets in and out of the workplace.

As with any new business practice, the concept of BYOD can be both advantageous and disadvantageous. On the one hand, some believe it helps increase employee productivity and lifts their morale, while reducing overall IT costs. On the other hand, BYOD also opens up a whole new set of problems that are quite consistent with what many businesses take issue with with cloud technology: security. Do the pros outweigh the cons or vice versa? This much isn’t clear yet but what is evident is that more cloud apps are going mobile.

Efficiency, Innovation

While cost savings has always been one benefit that cloud proponents are quick to point out, its capability to improve and streamline business processes, thereby increasing efficiency and agility within the organization, is another key opportunity that the cloud offers. This is evident when you take a look at the most commonly used cloud services: backup and archiving, business continuity, collaboration tools, and big data processing.

Moreover, the cloud is making it easier for individuals to create new products and produce new lines of business. With access to higher IT capacity at lesser cost and at faster deployment rates, businesses can scale into more innovation without having to worry about the availability of computing resources.

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How to Reduce Costs when Complying with SOX 404

Section 404 contains the most onerous and most costly requirements you’ll ever encounter in the Sarbanes-Oxley Act (SOX). In this article, we?ll take a closer look at the salient points of this contentious piece of legislation as it relates to IT. We?ll also explain why companies are encountering difficulties in complying with it.

Then as soon as we’ve tackled the main issues of this section and identify the pitfalls of compliance, we can then proceed with a discussion of what successful CIOs have done to eliminate those difficulties and consequently bring down their organisation’s IT compliance costs. From this post, you can glean insights that can help you plan a cost-effective way of achieving IT compliance with SOX.

SOX 404 in a nutshell

Section 404 of the Sarbanes-Oxley Act, entitled Management Assessment of Internal Controls, requires public companies covered by the Act to submit an annual report featuring an assessment of their company?s internal controls.

This ?internal control report? should state management’s responsibility in establishing/maintaining an adequate structure and a set of procedures for internal control over your company?s financial reporting processes. It should also contain an assessment of the effectiveness of those controls as of the end of your most recent fiscal year.

Because SOX also requires the public accounting firm that conducts your audit reports to attest to and report on your assessments, you can’t just make baseless claims regarding the effectiveness of your internal controls. As a matter of fact, you are mandated by both SEC and PCAOB to follow widely accepted control frameworks like COSO and COBIT. This framework will serve as a uniform guide for the internal controls you set up, the assessments you arrive at, and the attestation your external auditor reports on.

Why compliance of Section 404 is costly

Regardless which of the widely acceptable control frameworks you end up using, you will always be asked to document and test your controls. These activities can consume a considerable amount of man-hours and bring about additional expenses. Even the mere act of studying the control framework and figuring out how to align your current practices with it can be very tricky and can consume precious time; time that can be used for more productive endeavours.

Of course, there are exceptions. An organisation with highly centralised operations can experience relative ease and low costs while implementing SOX 404. But if your organisation follows a largely decentralised operation model, e.g. if you still make extensive use of spreadsheets in all your offices, then you’ll surely encounter many obstacles.

According to one survey conducted by FEI (Financial Executives International), an organisation that carried out a series of SOX-compliance-related surveys since the first year of SOX adoption, respondents with centralised operations enjoyed lower costs of compliance compared to those with decentralised operations. For example, in 2007, those with decentralised operations spent 30.1 % more for compliance than those with centralised operations.

The main reason for this disparity lies in the disorganised and complicated nature of spreadsheet systems.

Read why spreadsheets post a burden when complying with SOX and other regulations.

Unfortunately, a large number of companies still rely heavily on spreadsheets. Even those with expensive BI (Business Intelligence) systems still use spreadsheets as an ad-hoc tool for data processing and reporting.

Because compliance with Section 404 involves a significant amount of fixed costs, smaller companies tend to feel the impact more. This has been highlighted in the ?Final Report of the Advisory Committee on Smaller Public Companies? published on April 23, 2006. In that report, which can be downloaded from the official website of the US Securities and Exchange Commission, it was shown that:

  • Companies with over $5 Billion revenues spent only about 0.06% of revenues on Section 404 implementation
  • Companies with revenues between $1B – $4.9B spent about 0.16%
  • Companies with revenues between $500M – $999M spent about 0.27%
  • Companies with revenues between $100M – $499M spent about 0.53%
  • Companies with revenues less than $100M spent a whopping 2.55% on Section 404

Therefore, not only can you discern a relationship between the size of a company and the amount that the company ends up spending for SOX 404 relative to its revenues, but you can also clearly see that the unfavourable impact of Section 404 spending is considerably more pronounced in the smallest companies. Hence, the smaller the company is, the more crucial it is for that company to find ways that can bring down the costs of Section 404 implementation.

How to alleviate costs of section 404

If you recall the FEI survey mentioned earlier, it was shown that organisations with decentralised operations usually ended up spending more for SOX 404 implementation than those that had a more centralized model. Then in the ?Final Report of the Advisory Committee on Smaller Public Companies?, it was also shown that public companies with the smallest revenues suffered a similar fate.

Can we draw a line connecting those two? Does it simply mean that large spending on SOX affects two sets of companies, i.e., those that have decentralised operations and those that are small? Or can there be an even deeper implication? Might it not be possible that these two sets are actually one and the same?

From our experience, small companies are less inclined to spend on server based solutions compared to the big ones. As a result, it is within this group of small companies where you can find a proliferation of spreadsheet systems. In other words, small companies are more likely to follow a decentralised model. Spreadsheets were not designed to implement strict control features, so if you want to apply a control framework on a spreadsheet-based system, it won’t be easy.

For example, how are you going to conduct testing on every single spreadsheet cell that plays a role in financial reporting when the spreadsheets involved in the financial reporting process are distributed across different workstations in different offices in an organisation with a countrywide operation?

It’s really not a trivial problem.

Based on the FEI survey however, the big companies have already found a solution – employing a server-based system.

Typical server based systems, which of course espouse a centralised model, already come with built-in controls. If you need to modify or add more controls, then you can do so with relative ease because practically everything you need to do can be carried out in just one place.

For instance, if you need to implement high availability or perform backups, you can easily apply redundancy in a cost-effective way – e.g. through virtualisation – if you already have a server-based system. Aside from cost-savings in SOX 404 implementation, server-based systems also offer a host of other benefits. Click that link to learn more.

Not sure how to get started on a cost-effective IT compliance initiative for SOX? You might want to read our post How To Get Started With Your IT Compliance Efforts for SOX.?

Operational Efficiency Initiatives

When was the last time you checked your technology spending against your IT infrastructure’s contribution to the bottom line?

Chances are, what’s happening underneath all those automated processes, expensive hardware, and fancy graphical user interfaces is not doing your bottom line any good.

If you don’t keep a watchful eye, your IT operations can easily nurture a lot of wastage and unnecessary costs. Underutilised servers, duplicate processes, poorly managed bandwidths, and too much complexity are among the common culprits.

For minor problems, we can eliminate wastage by setting up some technology enhancements, instilling best practices, and performing a few tweaks. However, if you’re not adequately trained on how to go about with it, your band-aid solutions can add more complexity to the mix.

Of course, there will always come a time when you will have to spend on new technologies to maintain the overall efficiency of your IT infrastructure. Whether you intend to purchase new hardware or software applications or build an entirely new infrastructure, the sheer cost of such undertakings warrants seeking expert advice.

Failure to do so can result in fragmented resources lacking in cohesiveness, which don’t contribute to efficiency at all.

Our solutions for improving operational efficiencies cover the entire spectrum: from planning what to buy, optimising what you’ve already bought, to making your team comfortable with them all. Please find time to view our solutions below and uncover ways to drive those profits up even as you work within your budget.

 

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How AI Helps Improve Field Service

Its seems that with the current rate of technological innovation that these is something new every single day.  Therefore, you’re always looking forward to a new technological innovation that’s going to help you make your business operations more efficient and automated.

One of the most fascinating milestones in the field of technology is the integration of Artificial Intelligence (AI) in business. In one way or the other, AI gives a glimpse of machine supremacy that allows computers to perform tasks that were initially performed by humans. 

Are machines going to completely replace people in the workplace?

Of course, not.  Technologies like AI and Machine Learning are designed and meant to support employees in doing their tasks too boost their productivity.

AI is predominantly used to eliminate jobs and tasks that humans find boring, demotivating or monotonous. In some cases AI is also used to do jobs that are considered dangerous for humans to preform.

Previously the most common implementations for AI were all about gaming, entertainment, and advanced science,  now it’s spreading into a number of industries including the field service industry.

FieldElite – Field Service Software , can help you optimise the day-to-day operations of your business.

AI in field service management will enhance you business capabilities with:

  • Information Sharing
  • Real Time Updates
  • Automated Workflows
  • Digital Form Data Collection
  • Data Analysis

Improved Customer Service

For Service Based companies, customer retention is vital. Primarily because It can be 5-25 times more costly to acquire a new customer than it is to retain an existing ones.

Therefore customer retention should be a primary focus.? The good news is that by making use of AI you can implement services It can be 5-25 times more costly to acquire a new customer than it is to retain an existing one.

Staying on top of and ensuring you satisfactorily address and meet you customer demands and expectations can be a daunting task.? It can also be an expensive one,? especially for small field service based businesses like :

  • Heating & Plumbing Engineers
  • Electrical Contractors
  • Fire Safety Inspectors
  • HVAC Engineers
  • Facility Management
  • Building, Construction & Trade

Implementing Artificial Intelligence and Machine Learning to automate mundane and repetitive customer administration tasks will enable your staff to be free to provide additional value added tasks for your customers. Making your customers happier.

?Think about the active Chatbots. You can always get complaints directly from customers and address them right away.??

If at any point the customer is unhappy with your services, they can always raise the issue via the Chatbots. Since the bots contain necessary customer information, you can always get back to them and fix the issue at hand.?

With AI in field service, you can solve problems before they arise, or what is otherwise known as predictive maintenance,? In that way, you’ll have better customer relations because you’ll be able to address your customer concerns before they even become aware of them.

Improved Productivity

Scheduling tasks and managing the workforce isn’t a walk in the park. It goes beyond assigning tasks to your team members in the field and giving them deadlines to meet. Whether it’s a small firm or a big organisation, it’s quite difficult to organise the workforce.?

However, adopting Artificial Intelligence can iron out the difficulties most field organisations face in scheduling and managing tasks. Some years back, most firms relied on human intelligence to dispatch jobs to the right people based on given conditions. This was quite difficult, especially that it wasn’t always successful. But thanks to AI. With field service apps like FieldElite scheduling tasks and managing workforce is only a few clicks away.?

What’s more? There?s no room for error. Therefore, you’ll always match the right people for the job. Again, your team will always get tasks on time. That means, the job completion rate will go up, and hence the workforce becomes more productive.?

Predictive Maintenance

Usually, most business operations are based on ?solve the problem as it occurs?, which is just OK. However, it’s not always safe to wait until a problem occurs so that you solve it. Prevention is better than cure, and that’s why Artificial Intelligence comes handy in Field Service.

Using FieldElite Workforce Management Software , you don’t have to wait until something breaks.? Utilizing AI in field service enables you to proactively address field service needs and prevent unforeseen failures and interruptions.?

The ability to predict field service needs through field service apps like FieldElite enables you to make more accurate forecasts. In this way, resource planning is made easier, and as such, you’ll have smoothly running workflows. Again, by taking care of unforeseen circumstances in advance, you’re flexible enough to take care of the unexpected. And that means the overall productivity of your business will go up.

Job Management

Most field service jobs involve multiple stages that can take several days to complete. In addition to this, more often than not, you have to coordinate lots of equipment and contractors at the same time. All these can’t be achieved solely by human efforts. For more successful outcomes, it’s important to incorporate Artificial Intelligence in your field service operations.?

FieldElite is the field service solution that can help you manage sophisticated tasks. The app is packed with field service management tools that enable you to assign complicated tasks and keep track of your field techs. For long-cycle jobs, FieldElite app enables you to follow up on the activities going on the field to ensure they’re completed.?

With AI, there?s no room for error even when the jobs become more sophisticated.

Data Analysis

?

Field service industry involves lots of data. Some years back, organisations depended on human intelligence to analyse big data. Well, things still worked out, but as a human is to err, the outcome wasn’t always perfect. However, with Artificial Intelligence data analysis, 100% accuracy in data analysis is achievable. Field service solutions like FieldElite provide sophisticated data analytic tools that enable you to crack massive data and offer accurate solutions.?

FieldElite data analytics capabilities give you an insight into what’s not working and what needs to be improved. In that way, you can always address matters arising and take care of the loopholes.?

It’s time to go paperless with field management software like FieldElite if you?d like to make your business more profitable. Apart from improving the productivity of your workforce, incorporating AI in your business increases profitability. If you’re still doing your usual field rounds with a clipboard, it’s time to simplify your task with FieldElite app.?

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