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Saturday, February 4, 2023

Cloud providers become consultancies: This is how AWS, Azure and Google are helping Wall Street firms transform

If you thought Wall Street’s cloud journey was all about technology, give it a spin.

As companies mature their cloud strategies, the questions are less about software and applications and more about strategy and consulting, according to Adam Selipsky, CEO of Amazon Web Services (AWS).

“The biggest thing I’ve seen in the last year and a half is this Most CEOs and CIOs who want to talk to me want to talk about change, not so much about technology.Selipsky recently admitted in an interview silicon angle,

“Digitalization has moved to the cloud, and it’s driving change as many people wonder how they should run their businesses. It’s also a cultural shift on my part: How do I help shape all of this?” ?” He asked. “The ability of the cloud to transform business Faster, riskier and more innovative companies”.

Cloud providers are building teams to serve executives

Financial institutions making the leap to the cloud are thinking beyond their IT division. Some of Wall Street’s biggest companies are now taking this opportunity to rethink what their entire business should look like.

As the battle for cloud market share rages on, all providers are jumping on the bandwagon trend. Build Your Own Consulting Department Leveraging this technology to help our clients’ directors improve and make big changes.

Google Cloud has launched a team with several former CTOs. The team helps you harness technology to solve your big business problems. Most of the people in the department started as engineers and became CTOs, giving them the ability to talk to CEOs, explains John Abel, its chief technical officer.

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Microsoft Azure has a similar team that has been successful in doing deals with Wells Fargo or UBS. It’s a “specialized team for financial institutions” made up of people who come from the field and help them think through what products and services to build for their partners, as in Microsoft for Financial Services. Vice President Bill Borden elaborated in a. last October meeting.

Cloud providers that have built their multibillion-dollar businesses on the backs of developers and engineers at large companies are now learning a new dialect to speak to their executives. They have different preferences and needs.

As an executive of one of these cloud giants privately admitted, “We’ve created a niche for ourselves by selling to the developer community, which is growing.” “He’s changing.” Now the focus is shifting to solving the problems of the top management of its clients.

Wall Street leverages the cloud to hit the reset button

The AWS CEO’s comments are being validated on Wall Street, where cloud migration projects are creating ripple effects across the industry.

For Point72, making the jump to the cloud involved a 2-year process analyzing its entire hedge fund catalog, detailing the interconnection of all its products and the data shared by each of them. business Insider The company’s CTO, Mark Brubaker. The result was a chronological index that organized which of the firm’s technology assets would move to the cloud and when.

“It’s about fundamentally changing what we’re doing and how we do it with our development teams,” Brubaker wrote at the time about the firm’s cloud journey, which included “A Shift in the Build-First Culture” Cloud,

Morgan Stanley, meanwhile, is working on a new Microsoft Azure public cloud research portal that will help transform how financial institutions share data with their institutional clients and wealth managers.

Blackstone is building one of the world’s largest real estate companies Your Own Data Tool in the AWS Cloud To transform the way the company manages its network of properties and its portfolio.

The tool is just one of a number of initiatives Blackstone is undertaking in its migration to the cloud, which is also impacting talent recruitment or its investment portfolio, as John Steicher, the company’s CTO, previously explained to Medium. Is.

Cloud is also changing the corporate culture of many companies. One example is Goldman Sachs, where its CIO, Marco Argento, is helping Convert entity, with 153 years of historyTo make it more like my previous employer, AWS.

World Nation News Desk
World Nation News Deskhttps://worldnationnews.com/
World Nation News is a digital news portal website. Which provides important and latest breaking news updates to our audience in an effective and efficient ways, like world’s top stories, entertainment, sports, technology and much more news.
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