Industry cloud platforms, characterized by their open architecture and collaborative partnerships, offer a multitude of competitive advantages
Today, the cloud’s impact is undeniable, whether it is in improving the retail experience, unifying healthcare data, or identifying instances of financial malfeasance in a timely manner. The opportunity it presents for businesses is massive, being a “trillion-dollar market in the making.”
As the cloud market continues to grow and mature, it is also driving a fundamental shift in technology management. The accelerated adoption of traditional horizontal cloud solutions is driven by factors such as faster time-to-market, flexibility, scalability, and shifting end-user behavior.
Headwinds and Optimal Solutions
Although the likelihood of horizontal cloud offerings driving disruption remains strong, the emergence of certain headwinds, such as the following, must be considered-
• Cloud gridlock: The inability to establish the necessary automation or reference architectures hinders business agility.
• Limited agility and ROI: Constraints in extending the cloud platform, sub-optimal resource allocation, and cost management are impeding effective cloud optimization, thereby preventing a proper return on investment.
• Cloud chaos: The creation of varied cloud services due to the lack of a unified approach poses significant risks in terms of security, resiliency, and compliance.
In the pursuit of breaking through barriers, optimizing processes, driving growth, and exceeding expectations, industry cloud platforms led by Cloud-native architectures are being introduced, thereby enabling a shift from generic solutions to industry-specific platforms.
Industry cloud platforms are a game-changer, offering superior functionality, efficiency, and the power necessary to meet the unique needs of specific sectors.
Unlike one-size-fits-all horizontal solutions, these platforms focus on customization, performance, and scalability, unlocking the unrivalled potential for businesses. This is acquired through innovative techniques and methodologies, including:
• Packaged business functions
• Industry-aware data structures
• Compassable tools
Strengthening Cloud Strategies
Leading players in the cloud industry like AWS, Oracle, Google, and IBM are already strengthening vertical cloud strategies through acquisitions and partnerships. Recently, IBM launched the FS cloud for BFSI customers. AWS and Oracle are strengthening healthcare with vertical cloud strategies through acquisitions like One Medical and Cerner.
Meanwhile, Google collaborated with manufacturers for innovative solutions, showcasing the rising trend of industry-specific cloud applications that offer incremental modernization and increased adaptability rather than a multi-year, risky and expensive architecture.
The industry cloud revolution is evident across sectors, with offerings such as Healthcare Cloud (compliance with regulations like HIPAA), Financial Services Cloud (real-time trade, risk and fraud analysis), Manufacturing Cloud (predictive maintenance, quality control), Retail Cloud (personalized marketing), and Education Cloud (virtual classrooms, online assessments) being fostered to cater to specific industry needs.
The benefits of industry cloud platforms are substantial. They offer best practices, regulatory compliance guidelines, tailored training resources, and drive innovation by providing industry-specific data, analytics, and tools.
Embracing Co-creation and Competitive Differentiation
With the advancement of the industry cloud landscape, a growing trend is emerging where enterprises, cloud service providers (CSPs), and others are increasingly collaborating to co-create industry-specific cloud services.
For instance, financial institutions are forming strategic partnerships with CSPs to enhance customer service, optimize connectivity, and leverage valuable insights through innovative solutions such as online banking and advanced fraud detection mechanisms.
In healthcare, organizations are collaborating to optimize the end-user experience pertaining to electronic health records and patient monitoring applications.
Industry cloud platforms, characterized by their open architecture and collaborative partnerships, offer a multitude of competitive advantages. From harnessing cutting-edge technologies and delivering tailored experiences to enabling seamless strategic industry integration and compliance, the platforms empower businesses in an unprecedented manner.
By embracing industry cloud solutions or even collaborating to create new ones, businesses can focus on their unique strengths. This presents the ecosystem with a transformative opportunity to revolutionize businesses across sectors and provides aligned businesses with a winning edge in a rapidly evolving world.
(This article is authored by Anuj Bhalla, President & Global Head – Integrated Cloud and Delivery Excellence, Tech Mahindra)
