A major financial institution has attributed its record profit to its investment in innovative new technologies and applications. It invested the last six years in upgrading its core banking facilities and is reaping the rewards now that the project is complete. As part of its modernisation project, it introduced innovative business and consumer applications. Its consumer mobile payments application has had over 1 million downloads and over $9 billion worth of transactions. Its mobile application for its business customers now has over 2000 registered businesses utilising the application.
In today’s technology-driven world, cloud-based technologies are driving innovation and the need to innovate further.

 

Figure above: Cloud based technologies are driving technology innovations. It has never been more important for organisations to invest in technology to remain competitive.

“As cloud based technologies becomes mainstream, organisations are beginning to utilise the almost unlimited power of these technologies,” commented Kareem Tawansi, CEO of software development provider, Solentive Software.

“These technologies are driving innovation in many organisations. The need to innovate has never been more crucial in order to remain competitive. These technologies are providing new avenues of competitive advantage,” continued Tawansi.

The advantages of the cloud were thought to be just the opportunity it provided to reduce IT costs. However, the flexibility that the cloud offers to infrastructure, services and processes is enabling organisations to innovate faster than they have been able to in the past. Organisations are able to scale infrastructure up or down according to their needs during development stages, with minimal delay. As investment in expensive hardware is no longer needed, this reduces the risks of experimenting with new ideas. Through the use of the cloud, organisations are able to enhance existing products and services and enter into new markets at a more rapid pace.

“Organisations that are stuck in the old ways of doing things will struggle to keep up with their competitors and will eventually find themselves becoming irrelevant in the marketplace,” concluded Tawansi.