You cannot deny the impact of cloud computing. Many organizations have begun to leverage the cloud for a variety of reasons as it offers innovative ways to solve problems, manage risks, optimize costs, and create opportunities. Cloud solutions are only expected to grow in the future as more and more organizations migrate to the cloud.
Even though cloud solutions have become mainstream, many organizations are still slow to adopt the cloud. This blog contains evidence from JPMorgan Chase where they feel that they initially missed the cloud opportunity and how their most recent investment in the cloud expanded their capabilities. After adopting the cloud, CEO of JPMogan Chase admitted that not adopting the cloud was a mistake. Now, JPMorgan Chase empowers their employees through the cloud allowing them to focus on what matters the most—satisfying their customers. If the largest financial institution is willing to bet on the cloud, then you should too!
JPMorgan Chase’s Cloud Story
Many financial institutions have stated that their lack of adoption of AI and cloud technologies is due to the belief that this technology is too new, untested and risky. One institution that was slow to adopt the cloud includes banking and financial giant—JPMorgan Chase. In the JPMorgan Chase 2018 Annual Report, CEO Jamie Dimon revealed his initial thought that leveraging the cloud was unnecessary. Many companies believe they can efficiently run their own data centers, networks and applications. However, like Chase, these companies quickly learn the consequences of trying to outsmart the cloud.
We were a little slow in adopting the cloud, for which I am partially responsible. But here’s the critical point: Cloud capabilities are far more extensive, and we are now full speed ahead.
- Jamie Dimon, CEO of JP Morgan Chase
Jamie Dimon is Confident in the Cloud
Despite his initial skepticism, Dimon states that the key component to the cloud’s legitimacy is that its capabilities are far more extensive and allow you to perform many tasks more efficiently. He commented on the cloud’s potential by stating that the cloud gives Chase the ability to attain exponential power that is beyond their own capacity.
Listed below are few highlights from the JPMorgan Chase 2018 Annual Report on the ways in which Chase is already benefiting from the cloud:
Along with exponential power, Dimon expressed that the adoption of the cloud allowed them to be more agile and flexible, which essentially increases their developers’ effectiveness. Using the cloud also enables developers to learn quickly and deliver work to clients and customers faster.
In addition to increasing efficiency with tasks, utilizing the cloud allows Chase to organize their teams in a different way which brings forth more agile and innovative products and services. Teams can also share information seamlessly in real- time with shared storage.
The cloud can help speed up many processes and allow your team to focus their efforts on satisfying customers. Chase was able to automate tasks such as testing code and provisioning compute power. Instead of writing new code, Chase developers can add new elements into existing programs, decreasing the time it takes to perform simple tasks.
Additional Cloud Benefits:
Are You Making the Most of the Cloud?
The cloud is almost inevitable, and the nature of the cloud has evolved. It is important to keep pace in a cloud-first world to meet the growing needs of your business. Instead of asking “how can we avoid the cloud?” it is time to start asking “what can the cloud do for us?”
At BDO Digital, we are committed to helping you leverage the advantages of the cloud while understanding your business goals, market dynamics and technology assets. Every organization is unique, and it is important to develop a plan that will help you achieve the maximum value of the cloud. Contact us to learn more about our cloud solutions or get started with a Cloud Economic Assessment.