How to Select the Right Industry Cloud for Your Business – How to Select the Right Industry Cloud for Your Business – InformationWeek

Industry cloud platforms are designed to meet the unique needs of vertical industry customers inadequately served by generic solutions. Yet finding a service that covers all the bases at reasonable terms can be a challenging task.

The main thing to consider when selecting a cloud provider is identifying candidates that fit your companys requirements, advises James Meade, digital solution architecture director with NTT Data Services in an email interview.

Look inward when considering industry cloud providers, suggests Brian Campbell, a principal in Deloitte Consultings strategy practice. An industry cloud should be closely tied to your business strategy, he says via email.

Find the fastest path to value, Campbell says. Many generic cloud players also offer specific industry cloud solutions. Pre-existing vendor relationships may make some platforms easier to integrate than others. Strive to preserve flexibility and the ability to innovate, he advises. The market is rapidly evolving, and monolithic implementations are giving way to user-friendly building blocks that are continuously improved. These are proving to provide the greatest advantage, Campbell observes.

Begin with your organizations current business strategy and work backwards, Campbell suggests. Consider the most important capabilities, then scan for solutions that can be leveraged in those particular areas. However, ensure that you take a wider view as well, so you dont lock yourself into your current ecosystem, he adds.

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An industry cloud package should also be evaluated on the basis of how well it meshes with existing applications and storage requirements. Re-educating the support staff to work with the new cloud environment can be costly and complex without the right guidance and precautions in place, Meade cautions.

Dont overlook your due diligence when searching for the right industry cloud for your organization. In a recent email interview, Bernie Hoecker, a partner and enterprise cloud transformation lead with technology research and advisory firm ISG, suggests breaking the industry cloud selection process into eight basic steps.

1. Define your requirements. Outline your organizations technical and business requirements and establish defined business goals and outcomes. The goals should be approved by senior management and coupled with strong management and governance practices.

2. Consider your overall cloud strategy. In many cases, a firm has already established a hybrid/multi-cloud strategy for internal and external workloads. Its critical to have the industry cloud aligned with the overall enterprise cloud strategy and to ensure that the firms data, security, and cost are integrated into an enterprise-wide IT and business strategy.

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3. Perform a needs assessment. Conduct a review of the existing IT environment to identify gaps that should be addressed during the industry cloud journey.

4. Examine the clouds support attributes. The platform should offer strong data management and analytics functions to inform decision-making.

5. Understand the pricing structure. Consider the total cost of ownership, including any possible hidden costs.

6. Budget wisely. Establish a multi-year budget for deploying and running the industry cloud. The budget should focus on ROI and the value the cloud will bring to the enterprise and end-user clients.

7. Research. Meet with multiple cloud service providers, consultants, and services firms specializing in your specific industry. Also explore industry forums, associations, user groups, publications, and case studies to learn from others about their industry cloud experiences and models.

8. Ensure regulatory compliance. Be certain that the cloud selected complies with industry-specific regulations and standards.

Related:Getting Aggressive with Cloud Cybersecurity

One of the biggest mistakes IT leaders make when shopping for an industry cloud is searching for a solution without first constructing a holistic strategy, Campbell says. He recommends focusing on areas that will maximize the overall investment value, including data management and security operations, while ensuring both business and IT buy-in.

Due to multiple factors, including, compliance, business continuity, customer trust, and financial health, cybersecurity should be a central consideration when assessing industry clouds, says Nigel Gibbons, a director and partner with cyber threat consultancy NCC Group. Businesses store sensitive data in the cloud, such as customer details, financial records, and intellectual property, making cybersecurity essential to safeguard against unauthorized access and breaches, he notes. Gibbons adds that its also important to be aware of data sovereignty requirements and the impact of laws on where and how data is stored, particularly for businesses operating internationally.

To ensure tight alignment with both present and future business goals its important to choose a forward-looking provider, Gibbons says. Its essential to future-proof investments by choosing a provider that regularly innovates and updates its offerings.

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How to Select the Right Industry Cloud for Your Business - How to Select the Right Industry Cloud for Your Business - InformationWeek