Cloud Economics, Specialized Offerings and Objection Management

Many leading technology firms reported stellar Q1 2021 revenue results with equally bright forecasts for Q2- all in anticipation of cloud adoption. Initially driven by pandemic-induced lifestyle trends such as work-from-home, home schooling and online conferences, this strong momentum continued thanks to consumption-based billing models and subtle push towards ‘OpEx’ (operating expense) over ‘CapEx’ (capital expense) model.

Currently most cloud providers (IaaS, PaaS or SaaS) are focused on capturing greater market share. So much so, that Alphabet is still registering operating loss as it expects it’s investment in Google Cloud to pay off over time. Besides mindset shift (why migrate certain functions from private cloud to a public cloud, when it’s not broken), one of the biggest impediments to cloud adoption has been due to perceived technology integration costs, security and absence of a precise pay-per-use financial model. In recent months, almost all BigTech have dedicated a few roles, if not departments to outlining cost-economics for enterprise cloud.

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Digital Transformation Tool Kit: CAGR 2021 – Beyond & Identifying Strategic Inflection Points

Most organizations should be much further ahead in digitization and automation undertakings but unfortunately are falling into same strategic boobie traps, effectively stalling progress or even worse, turning supposedly cost-saving, efficient exercises into sunk costs. At the same time, new automation concepts, business models are blitzkrieging through technology landscape, overwhelming small-mid sized businesses.

Key to success lies in striking a balance between identifying relevant automation undertakings and executing them with ‘two-steps ahead of the competitor’ mindset.

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2021 Enterprise Solutions Stats, 2025 Projections & Digital Transformation Cost-Benefit Model

2021 might as well be referred to as the year of ‘Great Expectations’. From finding immunity against COVID-19, to re-starting global economy, to taking stock of all that has been lost in prior year to doing a temperature check of businesses – 2021 is expected to be a year of great resets and overhauls.

Enterprises are going through their own renaissance period, now commonly referred to as ‘digital transformation’. According to us, ‘digital transformation’ refers to systems, processes and organizational change management that can upend existing technology status-quo with an operationally superior product that is technologically advanced. However, one of the biggest impediments to realizing successful digital transformation is sunk costs incurred due to unplanned, strategically tone-deaf technology replacements. Financial-first approach, backed by corporate strategy fundamentals is still the most efficient way to realizing successful digital transformation.

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BaaS, IaaS, Open Banking: Ground Reality for Actualization of Optimal Financial Products

Just as leading financial executives were beginning to warm up to digital first strategy, Application Platform Interface (API) and Open Banking, IT service and solution providers have moved the needle further ahead to ‘Banking-as-a-Service (BaaS)’, ‘Platform-as-a-Service (PaaS)’ and  ‘Infrastructure-as-a-Service (IaaS)’. Touting these as must haves to truly modernize legacy banking infrastructure since anything less than this is just blase.

For long, executives have been told that every company is a tech company, including those within Financial Services industry. Now this concept has been further expanded such that according to experts, every company is in the business of hardware, computing, storage, cybersecurity and AI, who just so happen to offer financial products.

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Not BigTech; Infrastructure, Strategic Collaborations, Innovation Iterations to Transform Financial Services

Much has been touted of BigTech’s (Google, Amazon, Facebook and Apple (GAFA)) grand entry into financial services, specifically in consumer banking and how that will upend entire banking model, will be a monstrous threat to traditional banks and steal most market share. Overtime, this has proven to be an overhyped and inaccurate assessment of reasons behind GAFA’s investment activity and partnerships.

Yes, they (GAFA) are interested in consumer behavior that guides financial decision making but is GAFA truly interested in uprooting large banks such as Wells Fargo, Citigroup, Deutsche Bank, JP Morgan, HSBC and the likes? Highly unlikely. Traditional banks don’t just offer checking and savings accounts or issue debit /credit cards ( – top areas where GAFA appears to concentrate it’s efforts), they offer several varied consumer and commercial banking products, carefully curated after decades of experience, highly extensive network of middlemen, companies, local governing bodies, etc. It is neither so easy nor cost efficient to crack this nexus.

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Generation Z: Service Transformation Compliments Digital Transformation; Banking Becomes Utilitarian

NeoBanks, FinTechs and Financial Institutions have an excellent opportunity to undo some mistakes of prior years and be proactive in their approach to the youngest cohort, Generation Z (16-24 years of age) that is now joining the workforce. Banking to address needs of Millennials and Generation X, still comes across as an afterthought; a paradigm shift in banking in the wake of advancement in technological landscape, rather than a change in banking due to altered tastes and preferences of the demographics.

Consequently, both, Millennials and Generation X have been only somewhat responsive to digital banking and overall reception and acceptance has dragged on, since at least 2009, if not even before.

However, as technology pervades just about every aspect of life and is increasingly being viewed as an extension of real life; youngest cohort, Generation Z, is offering important insights into their relationship with technology, their opinions on societal changes and most pressing economic and cultural aspects.

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Digital Transformation ++: Two Steps Ahead Technologies, Processes & Ecosystem

DigitalTransfomation

Pandemic imposed restrictions have highlighted technical gaps between organizations which have made technology, part and parcel of their daily operations versus those which have not. Consequently, need to transform the organization through digital tools (i.e. software, device and hardware) has become imperative. If we earnestly evaluate, then so called ‘digital transformation’ has been around since 2000s, even though, prior to the pandemic, it was moving at a glacial speed. Start of 2000 was witness to ‘catastrophic’ Y2K, massive dilemma of what would happen when all ledgers which made entries based on last two digits of the fiscal year would reflect ’00?

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