Johannesburg, 13 Feb 2024
Cloud migration is a necessary step for large enterprises that want to stay competitive and harness the power of technology. However, it brings a few challenges – most notable for fintechs and telcos that need to balance compliance and security with innovation and ever-increasing customer demands.
These enterprises have become known for their reliance on the cloud and the early adoption of game-changing technologies. From mobile money services and user-friendly apps to AI chatbots and advanced data analytics, fintechs and telcos are synonymous with robust technologies that improve the future of service delivery.
The cloud lies at the heart of these digital services, so those companies still looking at cloud transformation need to ensure they do it properly or risk falling behind. If budgetary constraints or skills shortages hamper your company’s cloud migration efforts, it is worth considering working with a reputable managed services provider that can ensure it’s done efficiently.
Cloud migration by numbers
According to the 2022 Flexera State of the Cloud Report, cloud migration was the number one initiative for financial services providers, with 78% of these businesses stating that they are already running workloads through cloud service providers like AWS and Azure. This shows that the security tools and compliance processes offered by cloud service providers are advanced.
Similarly, ITWeb conducted a CIO Survey in its Brainstorm publication, which found that 62% of respondents in South Africa trust hyperscale public cloud service providers and are already making use of their offerings. This is almost double the number of CIOs who moved to the cloud in 2022.
These statistics reveal that concerns over security and data privacy are dwindling. Fintechs and other enterprises are starting to appreciate the economies of scale offered by hyperscalers and cloud providers when it comes to cyber security and privacy. The continued surge in cyber attacks makes these considerations ever-important when embarking on a cloud migration journey.
How to approach cloud migration
There are several steps to take during your cloud migration journey to ensure the move is successful and beneficial to your business.
1) Create a clear cloud migration strategy – This first step is crucial; the strategy should outline your business objectives, the migration timeline, expected outcomes and budget. It also needs to include a thorough assessment of your IT assets and data. Don’t forget to add a business continuity plan to your strategy too, just in case something goes wrong during the migration. This document will be your IT team’s guiding light throughout the project.
2) Choose the best cloud environment for your needs – The next step is to choose your preferred cloud service provider. Look at what each company offers and how their environments differ. Decide on the best environment for your company’s needs, especially when it comes to security, data privacy and other factors, such as costs, performance and compliance. The provider’s experience and expertise will play a big role in this decision.
3) Prioritise your workloads – Cloud migration is a journey, which means that your workloads will need to be moved in stages. Assess these workloads and prioritise those that are more suitable for cloud migration to be completed first. Consider complexity, interdependencies and business impact when deciding the order of priority.
4) Implement robust security and compliance measures – Once your workloads have been migrated, they need to remain protected. While cloud service providers offer advanced cyber security measures, your company still needs to take responsibility for the data and information now stored in cloud environments. Consider encryption, access controls and monitoring tools to ensure compliance with industry standards and local laws.
5) Test, monitor and manage – It’s important to continuously test and monitor your workloads on the cloud platform. This will let you see if your applications and digital tools are working as expected. If any performance issues occur, it’s important to manage and fix these problems as soon as possible. This step is an ongoing process and will ensure business efficiency and optimal performance if done correctly.
Adopting a hybrid approach to cloud migration
Some enterprises may find that a full cloud migration is not entirely effective for their needs. This is where a hybrid approach may be the best solution. It entails using a combination of cloud and on-site infrastructure to leverage the advantages of both environments. It can offer greater flexibility for the business while ensuring scalability if the company is still growing.
A hybrid approach may also be more cost-effective as it allows IT teams to optimise their costs and allocate resources more appropriately. In addition, a hybrid approach can have some security benefits, such as keeping sensitive data secure in a private IT environment while using public cloud environments for less critical data.
Lastly, a hybrid approach offers certain performance benefits. Enterprises can improve their application performance and reduce latency by strategically placing workloads in the most appropriate environment. This also improves the user experience for IT teams and customers.
Cloud migration is a vital part of digital transformation and it requires extensive planning and careful execution. The steps above will help enterprises to approach the task with consideration, but working with an experienced database services provider can be a cost-effective way to ensure that it’s done properly.
4C has a team of skilled professionals with expertise in providing high quality African fintech solutions, database support, enterprise solutions and cyber security. African fintechs, telcos and enterprises can rely on our support for their data needs. If you’d like to find out more about these offerings, please contact us today.
At 4C Group of Companies, we strive to effect operational changes and cost savings for customers through our iNSight product and associated services. This product’s main function is to re-purpose and deliver business-critical information to a variety of systems and stakeholders.
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