It seems even Wall Street is heading to the Cloud. No longer are individuals, small businesses and organizations using cloud storage, but various Wall Street firms are adopting cloud computing practices as well.
Is this another case of the death of the hard drive? As Digital Journal reported last month, more and more businesses, educational institutions and individuals are traveling to the sky for data storage. Not only are there more than 600 million cloud subscribers, the market is projected to become a billion-dollar industry within the next four years.
With hundreds of various Internet and tech firms adapting to the marketplace, there is a tremendous amount of competition, which leads to innovative and unique ideas to safely store large music libraries, huge folders of photographs, sensitive information and any other type of computer data.
The old saying of “an idea whose time has come” can certainly be applied here, especially when numerous Wall Street firms are utilizing cloud computing in their business model. Navatar Group, a New York-based company founded by Deloitte Consulting veterans, including Alok Misra, in 2004, is tapping this market and is offering cloud solutions to the financial district.
Whether it’s debt or equity capital markets, mutual funds, private equity, asset management and banking by leading financial institutions worldwide, Navatar Group has become one of the top ISV partners of salesforce.com because of its cloud computing products where customers don’t pay anything for implementation or support services.
Navatar Group maintains offices in Washington, London and New Delhi, which also has an Offshore Technical Excellence Center. It has worked with many companies in more than 30 countries, including SVG Capital, PNC Bank, MidOcean Partners, Hearst Corporation, Wilmington Trust, Saturna Capital, Centerfield Capital Partners and others.
The wave of cloud computing on Wall Street has already captured the attention of Wall Street & Technology, which published an in-depth look late last month at how firms in the epicentre of the business world are transitioning to cloud services. However, as the article notes, most companies are still concerned over security and are refraining from putting their clientele’s data into such a network.
Despite security worries, many have said that cloud computing, including the services offered by the Navatar Group, has saved them a lot of time and money.
Sunny Vanderback of Satori Capital noted that without the company’s cloud computing it would have had double the amount of people to complete the same amount of work. Meanwhile, Martin Stein of Blackford Capital said cloud services have saved the firm close to $30,000 in Information Technology costs.