Once a fleeting thought for investment funds, cloud computing has become a must-do for some basic functions, according to a survey just released by private cloud service provider and alternative fund IT integration firm Eze Castle Integration.
The adoption of cloud computing -- a process in which data or software is stored outside a computer but can be easily accessed from anywhere at anytime -- has historically been hampered by security concerns. But ECI says that its findings show that it may still top of the list of concerns among investment funds, but not enough to prevent its adoption.
"These survey findings go a long way in disproving the myth that cloud computing is simply a passing trend in the investment industry," says the study. "While most firms are not yet using the cloud to outsource their entire infrastructure, most are using it for basic office functionality or financial application hosting."
About seventy one percent of the 125 senior level executives responding to ECI's survey they are using the cloud while the remainder say they plan to use it. The most popular use: for emails, file services, storage and mobility with a 65 percent rating. The second most popular use was application hosting with a 50 percent response rate. Application hosting appears to be more popular among mid to large size firms. Complete IT outsourcing came third with a 22 percent return.
Among the key reasons to use the cloud across all sizes of investment funds were its ability to reduce IT infrastructure costs -- an 86 percent rating. Next up with an 83 percent rating was to increase speed to deploy technology and simplify IT management. Of the three models available: private, public and hybrid, private cloud computing was the most popular with a 71 percent approval rating.
Written by Chris Kentouris, Editor-in-chief (Chris can be contacted through Chris.Kentouris@hotmail.com)