Lesson 5 focused on finding programmers. Babcock reports one financial industry exec complaining that his most promising prospects repeatedly turned down job offers in favor of working for Oracle, Google, Amazon.com Big Fat Finance, Facebook, and Zynga, an online gaming company. C’mon, if you’re a talented 20-something programmer, who would you rather work for?
Lesson 2, as Babcock saw it, is the lack of ROI from cloud computing. Several fund managers noted that they hadn’t yet seen a prospective ROI on an investment in cloud computing, whether public cloud or private. They have little use for public cloud computing, and worries about maintaining the security of their accounts is only part of it. Of course, big financial services firms have suffered numerous costly security breaches even without using the cloud. Good security is a matter of careful diligence and has little to do with cloud computing. wiredFINANCE will address cloud ROI in an upcoming piece.
Nothing surprising here; companies have been making these IT mistakes for decades, long before cloud.
Lesson 3 revolves around the challenges of the changing regulatory climate. As one financial manager reportedly said: “the wildcard in market structure evolution is regulation as coming from the Securities and Exchange Commission, the European Infrastructure Market Regulation, and other agencies. Most likely: known security risks and exposures will have to be reported.” Again, this has nothing to do with cloud computing.
The financial services industry is a huge user of information technology, but it has been much slower to jump on the cloud bandwagon. Most of its cloud interest, rather, has revolved around virtualization and private clouds. wiredFINANCE addressed private clouds some months back here.
Kevin Jackson, writing for Forbes Big Fat Finance, focused on eight cloud mistakes here. Check out what the financial industry folks advise about cloud computing here.
Lesson 1 came from Madge Meyer, chief innovation officer and executive VP at State Street Bank. Her big focus is on virtualization, not cloud. At State St. virtualization was a key step toward establishing a highly automated operation to handle cloud provisioning, orchestration, and management. Automation, she concluded, is where the real cloud computing savings come from.
At a recent gathering of financial services executives in Boston the topic turned to cloud computing. Information Week reporter Charles Babcock was there and captured the mood of the gathering, pulling what he considered five cloud lessons, the problematic word here is lesson.
• Lack of formal planning
• Missing or poor IT governance
• Poor or missing responsibility matrix
• Neglecting the human resource management challenges
• No program management office
• Failure to fully inventory of assets
• Lack of oversight
• Inappropriate or lack of a service level agreement (especially with multiple cloud providers)
Forbes, meanwhile, listed the most important factors that have led to cloud transition failures:
Lesson 4 took up IT products. For those building out a data center optimized for virtualization some financial IT managers reported turning to a Cisco-EMC joint initiative called Virtual Computer Environment (VCE). Intel and VMware have also joined the VCE party. VCE is implemented through vBlocks, which are pre-integrated rack mount servers with converged networking and storage built in. vBlocks essentially are appliances. The IBM Workload Deployer is a cloud middleware appliance and IBM’s CloudBurst on Power Systems is a cloud hardware appliance. The cloud appliance market is hot.
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