5 Top Benefits of Cloud Storage

Cloud storage has become absolutely essential in almost every industry. The benefits of cloud storage can’t be overstated—banks use it to keep private customer information more secure, while manufacturers use it to track orders around the country. Almost every aspect of your business can be improved with a reliable cloud storage system.

There are five major benefits of cloud storage: 

  1. Reduced operational costs
  2. Better data security
  3. More convenient data access
  4. Improved data analysis accuracy 
  5. Greater scalability  

By looking at these benefits in more detail, you can decide whether you should make the transition to cloud storage this year.

1. The Cost Benefits of Cloud Storage

Transitioning from physical data storage systems, like tape, to cloud storage can save you money over time. There are a few reasons for this:

  1. Cloud storage requires less maintenance. You have to keep magnetic tape reels in a dust-free environment. This requires frequent cleaning and maintenance. You also have to hire staff to organize and retrieve data from storage. Storing your data in the cloud eliminates these additional costs. 
  2. You’ll use fewer resources. Maintaining a physical data storage warehouse means leasing or buying space in a building, which increases costs. You have to supply power to the space to keep it at the ideal temperature, and ensure that it is well-lit. Cloud storage doesn’t require any of these physical resources. 
  3. You won’t lose data to natural disasters or poor organization. Physical data storage is risky because you can lose your data to fire, floods and earthquakes. Even small environmental problems, such as too much humidity in the warehouse, can destroy your records. It’s also easy to lose tape reels if they’re not put back in the right spot. When disaster strikes, you’ll lose money due to downtime, and may have to pay more to have your data salvaged or restored. None of these environmental factors affect data that’s stored in the cloud. 

Some business owners hesitate to make the transition to cloud storage because they believe it costs too much to move their data over to the cloud. This is a myth. While it’s true that you will need to hire an experienced cloud data storage firm to help you make the initial transition, this is a one-time cost that will save you money in the long run. Moreover, it usually costs much less to hire an IT firm to maintain your data in the cloud than it does to maintain your own physical data storage office or warehouse.

2. The Security Benefits of Cloud Storage 

Today’s cloud storage options are more secure than ever. In fact, storing your data in the cloud is often even more secure than maintaining physical copies of the data on magnetic tape. Here’s why: 

  • You have control over who can access the data. Individual logins and security keys allow authorized users to access the data they need without giving them access to data they shouldn’t see. You can offer or revoke access at any time. This also prevents data leaks and helps you meet your industry’s compliance standards.
  • Cloud storage automatically creates backups. Most cloud storage systems include backup and disaster recovery plans. One of the greatest benefits of cloud storage is that it takes almost no effort to make copies of important files and keep them in a secure remote location. In an emergency, authorized personnel can request access to the backup files and start the data recovery process immediately. 
  • Server redundancy prevents total system failure. If a server goes down, it doesn’t mean you lose access to your data. The best cloud storage systems use multiple servers as a failsafe. This is especially important for the manufacturing industry because you need access to time-sensitive information such as equipment maintenance reports and data collected from the field. 

Because of these security benefits, the banking, insurance and healthcare industries are all starting to make the transition to cloud storage. These industries must [LINK TO BANK SECURITY POST WHEN LIVE keep their data secure at all times] in order to protect their customers’ privacy and meet strict compliance standards. With modern security advances in cloud storage technology, these industries can better protect this sensitive data.

3. The Convenience of Cloud Storage

One of the main benefits of cloud storage is how easy it is to use. Even if you have very little experience with internet technology, today’s cloud platforms are so simple that anyone can learn how to use them. With just the touch of a button, you can:

  • Upload data to the cloud; 
  • Access data from any device and from any location;
  • Share data and collaborate with others directly in the cloud through a secure connection; 
  • Automatically backup important data—you can choose when this happens and even select which types of data you want to backup; 
  • Ensure that everyone has access to the same data at all times; 
  • Generate reports and visualizations; and 
  • Search for the data you need without having to sort through tape reels, hard drives, or flash drives. 

This level of convenience is especially beneficial if you have a large staff or your employees aren’t very tech-savvy. You won’t have to spend time training your employees on how to use the cloud storage system because modern systems are designed to be intuitive. When your employees login, they can see every option from the homescreen and find exactly what they need. 

4. The Analytic Benefits of Cloud Storage 

Another benefit of cloud storage is that it makes your data more actionable. For example, if you need to compare sales data from March 2018 to sales from March 2019, you don’t have to dig through the archives to find this information. You can compare these figures within minutes in the cloud. All of the data has already been uploaded, making it easy to crunch numbers on the fly. 

You can also store more data in the cloud than you can in a physical storage space. In a building or office, you’re limited by the room’s dimensions. You can only store so many hard drives in a cabinet or so many tape reels in a warehouse. In the cloud, there’s practically no limit to the amount of data that you can store. All firms charge more for storing data beyond a certain amount, but this is usually very affordable. You can store massive amounts of data before you hit this limit. 

This means that you can perform more thorough data analysis, as you can work from a larger pool of data. The more data you have, the more accurate your predictive analysis and business analysis reports will be.

5. The Scalability of Cloud Storage

Scalability is a frequently-overlooked benefit of cloud storage. It’s difficult to know exactly what your data storage needs will be in five or ten years. By transitioning to cloud storage now, you can account for future changes at your company without having to make significant renovations to your infrastructure. 

For example, if your company merges with another and you suddenly need to store twice as much data, cloud storage makes it simple. You can hire a cloud storage and computing firm to upload the other company’s data into your system. Since your data is already stored in the cloud, it may only take a few weeks to integrate the two sets and create a new platform to access the combined data. This process would be much more complicated if you had to store physical data—you’d need to find a new, larger storage warehouse, transport the data, and reorganize it. 

Cloud storage also makes it easy to scale down. If sales slow or you want to refocus your business strategy, you can pick a smaller data storage plan with fewer analytics options. The plan is tailored to fit your needs as they change. 

How to Make the Transition to the Cloud

If you want to experience the many benefits of cloud storage, then you’ll need to hire a firm that has experience helping organizations make the transition. The best firms will create a custom plan based on your cloud storage needs. These services include uploading physical data to the cloud for the first time, designing systems for uploading future data directly to the cloud, and providing a platform to access this data. Additionally, trustworthy firms will offer maintenance and IT troubleshooting services that you can use whenever you have questions or need assistance. With a team of experts helping you every step of the way, you can successfully make the transition to cloud storage.

If you’re ready to make the transition to cloud storage, contact Tek Leaders today. Our team of experts can help you identify the best way to store your data in the cloud, even more importantly, make this data actionable. If you have more questions about the benefits of cloud storage, you can reach us by email directly.

Author: Devender (Dev) Aerrabolu

Devender (Dev) Reddy Aerrabolu is the CEO of Tek Leaders. His goal is to help SMBs bring value from their data. Dev helped Tek Leaders grow from scratch into a $25 million enterprise by focusing on clients’ data needs.

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Data Governance vs Data Management: Which Does Your Business Need?

Are you making the most out of your data? For many businesses, there’s plenty of room for improvement. That’s where data governance and data management come in: These processes ensure that businesses collect the highest-quality data possible and manage it effectively.

But which process is most important: Data governance vs. data management? There are pros and cons to each. However, if you carefully consider your options and understand how to use both processes effectively, you’ll improve the quality of your data and set your business up for success.

The Difference Between Data Governance vs. Data Management

Before you decide between data governance vs. data management, you’ll need to consider what each can do for your business.

Data governance is the process of ensuring that your business data is high-quality.

What does it mean for data to be high in quality? It means the data is:

  • Accurate 
  • Consistent 
  • Easy to read 
  • Easy to use 
  • Accessible 
  • Secure

To determine whether data ticks off all of these boxes, enterprises usually create a special data governance council, including:

  • IT experts
  • Data analysts
  • Upper management
  • Other important stakeholders

These council members work together to come up with an effective data governance strategy for the business.

Compared to data governance, data management is much simpler.

Data management is the process of collecting, storing and maintaining data.

It doesn’t account for how high in quality the data is—it’s only concerned with logistics, like how the data is organized. 

The differences between data governance vs. data management are significant. One process looks at data from a philosophical standpoint while the other looks at data from a logistical standpoint. 

Despite their differences, these two data processes can be especially powerful when used together. Businesses must consider not only how reliable their data is, but they also need to organize it properly. Here’s how to use both of these processes to your advantage:

Why Your Business Needs Data Governance

Data quality matters. You might have thousands of spreadsheets filled with tens of thousands of numbers, but if this data is flawed, it’s essentially worthless. Data governance is the first line of defense against bad data. When you go through this process, you look at your data from every angle and perspective. 

Insurance companies rely on demographics, statistical data, and claim history to determine risk. However, if the company’s method for collecting this data is flawed, the company could lose money. Or, if the company is collecting all of the correct data but isn’t making it available to important members of the team, this leads to communication breakdowns. 

This is why every business should look at their data from a bird’s-eye view. But how? 

One challenge that business owners face is that the data governance process is complicated and time-consuming. You have to:

  • Invite members of your team to join the data governance council; 
  • Set up frequent council meetings; 
  • Identify weaknesses in your data; 
  • Come up with specific solutions to address these problems; 
  • Ensure that you have all of the tools you need; 
  • Train staff on the new data protocol; and 
  • Revisit your data strategy to see if your solutions worked.

This is especially difficult if you have little experience with data quality analysis. You and your team may fail to notice flaws in your system. 

The best way to use data governance to your advantage is to hire an IT firm to help with the process. IT firms can design a data strategy that is comprehensive, reliable, and scalable. They will:

IT firms work closely with your data governance council to find workable solutions. You’ll get feedback from your staff on exactly what they need in order to be successful, and you’ll have a knowledgeable IT team ready to implement the changes immediately.  

Combined with an effective data management strategy, this makes your business more efficient—and likely more profitable.

Why Your Business Needs Data Management

Many business owners find that they need a more effective data management system after they improve their data governance. Improving the quality of your data is like buying a brand new car. At first, everything will operate exactly as it should. But eventually, you will need to do some maintenance work to keep it running smoothly. 

This is especially true if your data governance strategy requires you to collect more data than you were before. Additional data dramatically improves the accuracy of your predictions, including risk analysis and marketing strategies. However, you need a place to store all of this new data and process it. 
Managed IT providers can help you make this important transition. Experienced firms will look carefully at your new data governance strategy and ensure that you have the infrastructure required to support it. Offshore IT departments and cloud storage solutions are especially useful in this case because you won’t have to store the data on-premise or maintain expensive servers. Moreover, IT firms offer 24-hour technical support services if your team runs into any problems or needs help finding a certain data set.

The IT firm takes care of every single management detail for you, including:

  • Data architecture; 
  • Warehousing and storage; 
  • Analytics software;
  • Software patches; 
  • Technical support; 
  • Security management; and 
  • Data recovery. 

With these services, you can focus on collecting the highest quality data knowing that it will be stored and maintained properly

How to Use Both Data Governance and Data Management

With help from an IT firm, you’ll get all of the benefits of new data governance and data management systems without making any significant effort or using additional resources. This, in turn, takes pressure off of your existing IT department and staff. You won’t have to decide between data governance vs. data management or compromise due to a lack of time and resources. Experienced IT firms know how to maximize both processes to get the best results.

Now that you understand the differences between data governance vs. data management, it’s time to take action. If you’re ready to make the most out of your data, contact Tek Leaders today. We’ll help you build the best data management and governance strategy based on your unique needs. Or, if you have more questions about this process, you can reach us by email directly. 

Author: Shashank Reddy Tummala.

Shashank is the COO of Tek Leaders inc.He helps SMB’s to achieve their goals in their journey of Digital Transformation.

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Using Data Analytics for Insurance Fraud Prevention

About $80 billion in fraudulent insurance claims are made every year in the United States, and this is just a conservative estimate. Many more cases of fraud go undetected because insurance companies don’t have reliable tools to identify them.

However, there’s a solution to this widespread problem. Using comprehensive data analysis for insurance fraud prevention, insurance providers can stop fraudsters in their tracks. This guide will show you how to use the latest data analytics tools to protect your staff, customers, and bottom line.

Insurance Fraud Prevention is Vital

The importance of insurance fraud prevention can’t be overstated. Even if just a few fraudulent claims go undetected every year, it can have a ripple effect on the entire company. 

Below is an example of the impact that fraudulent claims have on your company, your customers, and the insurance industry as a whole:

  1. You lose money on the initial claim. Even if the payout is just a few hundred dollars, this adds up over time when other fraudsters use the same scheme in the future. 
  2. Your staff wastes time processing fraudulent claims. That time would be better spent helping honest customers with legitimate claims. 
  3. Your customers pay more for their premiums. To offset the added costs of paying for fraudulent claims, you’ll have to charge all of your customers higher premiums. The FBI estimates that US families pay from $400-$700 more per year due to insurance fraud. 
  4. Your customers may have fewer options. If fraudsters take advantage of certain services, you might be forced to drop these services entirely in order to mitigate future risk. Your honest customers suffer due to the actions of a few dishonest policyholders or agents. 
  5. Fraudsters will continue to take advantage of the loophole or vulnerability. If you don’t implement an effective insurance fraud prevention system, your problems will only compound over time. You’ll be seen as an easy target for people looking to game the system.

The only way to stop this ripple effect is to create a more effective insurance fraud prevention system based on the latest data analytics technology. Data analysis allows you to identify more fraudulent claims than ever before. In some cases, it may even enable you to prevent fraud before it happens. Here’s how:

Protect Your Company and Customers with Data Analysis

Which data analytics tools are most effective for insurance fraud prevention? It depends on the line of insurance that you offer and which business intelligence strategies you already use. Every insurance company has slightly different needs. However, most insurance companies in all lines of insurance should follow the steps below to improve their insurance fraud prevention strategies:

Step 1: Govern your data. Collect quality data from a variety of reliable sources and organize it effectively. You should obtain as much data as possible. This may include demographic databases, past insurance claims, user data (social media accounts, cell phone records, and ATM use), the policyholder’s financial records, and data from nonconventional sources. Data analytics experts can help you identify which are most important for your industry, store it effectively, and normalize it. 

Step 2: Set up a descriptive analytics model. A descriptive analytics model shows you basic trends and patterns in your data, including cause and effect. This is the first layer of fraud prevention—it helps you identify when and why past incidents of fraud occurred. 

Step 3: Set up a predictive analytics model. A predictive analytics model takes what you’ve learned from your past data and makes accurate projections about the future. The best predictive models use machine learning algorithms to improve the accuracy of these predictions. These algorithms constantly evolve and learn based on each new data set or pattern. You’ll get a specific rating for every new customer you sign or agent you hire, which determines how likely they are to commit fraud. This helps you identify potential vulnerabilities in the system before any fraudulent claims are filed. 

Step 4: Set up a prescriptive analytics model. A prescriptive analytics model takes everything you learned from the other two models and helps you plot a course of action. This model focuses on the business side of insurance fraud prevention. Now that you know why past incidents of fraud occurred and who is likely to commit fraud in the future, you can structure your business to make it much harder to file a fraudulent claim in the first place. 

Step 5: Revisit your insurance fraud prevention strategy frequently. Fraud prevention is a moving target. When a loophole closes, fraudsters look for others. Using the data analytics models above, you can identify some of these early cases of fraud before they become widespread. 

However, one of the challenges of using data analysis for insurance fraud prevention is that your organization may not have access to all of the most advanced analytics tools. Your staff may also lack the training necessary to use those tools. A data analytics firm can take care of these details for you, so you can start using all latest insurance fraud prevention innovations without delay.

Which Data Analytics System Offers the Best Protection?

There are many different insurance fraud prevention analytics tools available on the market. Choosing the best software and hardware for your needs is time-consuming, and requires an advanced level of data analytics expertise. This is why many insurance companies choose to work with an experienced data analytics firm. 

Knowledgeable firms handle everything from software licensing to data visualizations and user-friendly data portals. You won’t have to create a machine learning algorithm from scratch or train your IT staff on how to use a new, complicated analytics software. You’ll just see results. 

This is especially important if you want to maximize the resources you have. A few years ago, a top 20 life insurance & annuity carrier wanted to improve its insurance fraud prevention strategy. The company was using an inefficient analytics tool for the job. They used spreadsheets to visualize patterns in the data, which was time-consuming and sometimes inaccurate. Moreover, their data sources weren’t normalized, so they couldn’t make very accurate predictions. 

To solve this problem, the insurance carrier hired Tek Leaders to revamp its fraud prevention strategy. We provided the company with a platform that reports, shares, and analyzes data all from one place. We also normalized the data, which made the reports and predictions more accurate. Our changes led to a 30 percent reduction in cost and a 70 percent reduction in annual maintenance for the company. Most importantly, with our help, the company’s fraud detection capabilities were three times more efficient. They were able to identify many more potential cases of fraud. 

By opting for an all-inclusive insurance fraud prevention strategy provided by an experienced analytics firm, you’ll offer your agents, customers, and shareholders the best possible protection. 

Insurance fraud prevention isn’t a one-size-fits-all solution—every insurance company has different needs. To find the perfect fraud prevention system for your company, contact Tek Leaders today. We offer advanced fraud preventative analytics tailored specifically for our clients. Or, if you have more questions about our fraud prevention technology, you can reach us by email directly.

Author: Shashank Reddy Tummala.

Shashank is the COO of Tek Leaders inc.He helps SMB’s to achieve their goals in their journey of Digital Transformation.

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Creating an Efficient Cloud Migration Strategy

Making the transition to cloud computing and storage is an important step that you can take right now to significantly improve efficiency. However, making this transition can be a complicated and costly) process especially if you use an inefficient cloud migration strategy. 

To transition to the cloud smoothly, you need an effective plan based on your organization’s financial situation, existing infrastructure, and staff. Here are the steps you should follow and things to consider before you start the transition.

What is the Best Cloud Migration Strategy?

A cloud migration strategy is a customizable roadmap for adopting new cloud technologies into your existing business state. This migration process looks different for every industry and enterprise. 

For example, some business owners want to use cloud applications or platforms, so they should focus on creating user-friendly systems, moving important data to the cloud, and training staff on how to use the new system. Other business owners might be more interested in using cloud computing to improve data analytics, so they’ll want to focus on choosing the right analytics software. 

Regardless of why you want to transition to the cloud, every business owner needs to follow the same three basic steps: 

  1. Create a budget and analyze the financial implications; 
  2. Build your cloud architecture; and
  3. Train your staff to use and trust the new cloud system.

As you go through these three steps, you’ll also encounter a number of smaller tasks you’ll need to complete as well. These smaller steps vary depending on what you plan on doing with your new cloud system and whether you already have some of the tools required to implement your strategy. Sometimes this process is very simple. Other times it’s incredibly complicated and difficult. 

This is why you should look more closely at each of these three steps to determine exactly what you need to do to successfully transition to the cloud. Like any great roadmap, when you know what’s ahead of you, you’ll make wiser decisions.

Step 1: Consider the Financial Implications

Every effective cloud migration strategy should include a sensible budget and a careful accounting of how the cloud will impact your bottom line. 

One of the challenges of migrating to the cloud is that it completely changes the way you do business. This can cause an increase or decrease in your total cost of operations.

But how do you know what impact the cloud will have on operational costs? It depends on factors like: 

  • Current expenditures (what you typically spend per month on factors like IT staff salaries, equipment maintenance, servers, software licenses, on-premise data storage, etc.); 
  • Projected expenditures (the expected cost of operations after you eliminate any of the factors above that are going to be obsolete when you move to the cloud); and 
  • Funds set aside for the initial transition (hiring a cloud computing firm, loss of profit due to expected downtime, additional staff training, overtime payments, etc.).

To come up with an accurate budget for your cloud migration strategy, have your company’s CIO and CFO share a thorough accounting of every current operational cost. 

Next, you should determine which expenses you will eliminate when you make the transition. For example, most companies eliminate the need for on-premise servers when they switch to offshore cloud computing. This means that they will save money on server maintenance, IT staff, and the rental space used to store the servers. 

Finally, you can create your migration budget based on projected cost savings. Any money that you save due to fewer operational expenditures or the sale of outdated hardware and other equipment can be put toward the migration process. 

The upfront costs of cloud migration are often quite high, so it’s important to save as much as you can before you make the transition. Long-term, you’ll likely see significant cost savings from efficiency.

Step 2: Prepare Your Infrastructure for the Transition

Even if you plan on moving all of your business operations to the cloud, you’ll still need a plan for your company’s future infrastructure. Cloud infrastructure is just as important as physical infrastructure. It needs to be strong and scalable. 

One of the biggest mistakes that business owners make when they create their cloud migration strategies is to rely on outdated best practices that don’t apply to modern cloud-based systems. 
For example, if you’ve always stored sensitive data on magnetic tape in a room protected by keys or access codes, then you might apply a similar security strategy to your cloud-based infrastructure. However, [LINK TO CLOUD SECURITY POST WHEN LIVE today’s cloud security is more complex]—you need more than just an access code or password to keep sensitive data safe. Instead, you’ll have to structure your system around additional cloud security measures like encryption, two-factor authentication, and frequent software patches.

To smoothly transition to the cloud, you need to look into the latest technology architecture best practices. Some of these best practices are: 

  • Data backups, especially for critical data 
  • Intentional data storage (never storing more data than you absolutely need) 
  • Adaptable tools (avoiding cloud supplier lock-in) 
  • [LINK TO AGILE BI POST WHEN LIVE Agile business intelligence] 
  • Actionable data 
  • User-friendly, intuitive platforms 

This is a lot to handle, especially if you have a small IT team or very little experience designing a cloud-based infrastructure from scratch. This is why many business owners hire offshore IT firms to develop this infrastructure for them.

Step 3: Get Your Staff On Board

Once you have a reasonable migration budget and you have designed the ideal infrastructure for your cloud-based system, you’ll need to ready your staff for the final transition. This isn’t as easy as it sounds. Employees are often used to working on tasks in a certain way and may be resistant to sudden change. 

To make this transition as smooth as possible, you should use a cloud-based system that doesn’t require any extensive training or technical knowledge. If the system has a steep learning curve, then your staff are more likely to make costly mistakes while using it. It will also take much longer to complete the transition and get back to a normal operating schedule. 

Simplifying your cloud system is one way to make the transition easier. The problem is that it isn’t always possible. For example, if you need to perform complex data analysis, you can’t cut corners to make the system simpler. If you do, the quality of your data analysis will suffer. 

To overcome this challenge, you can hire an IT expert to build your company a customized, advanced software system from scratch. This is very expensive and time-consuming. Alternatively, you can license an existing analytics tool and train your staff on how to use it properly. This is also time-consuming. It also leads to discontent, since employees might feel like they’re putting in more effort than usual or may ask for a higher salary to compensate for the added workload. 

This is why one of the best cloud migration strategies is to hire a third-party IT firm. An offshore IT team can handle the complicated or tedious tasks that your onsite staff doesn’t have the time or expertise to deal with themselves. You’ll get a team of IT experts who already understand how to use the latest data analytics software, no matter how complex it is. Meanwhile, your onsite IT team won’t waste time learning how to install and troubleshoot the new system. You’ll have the best of both worlds: a complex, efficient cloud system and a happy, productive IT staff. 

Should You Use Your Own Cloud Migration Strategy?

As you can see, designing a cloud migration strategy is a complicated process. You have to understand modern cloud best practices and consider how to implement them based on your budget, infrastructure, and staffing limitations. 

In most cases, it’s easier, cheaper and less time-consuming to hire a third-party cloud migration specialist to create a plan for you. Experts who have experience helping businesses transition to the cloud already know how to work within a budget, build an efficient cloud architecture, and train staff to use the new system. 

Moreover, this option gives you more freedom to monitor the transition carefully and embrace your role as a leader. You’ll spend less time crunching numbers, negotiating workloads with your IT team, and researching software features. Instead, you can have meaningful, high-level discussions with your team to ensure everyone is supported as your company makes this exciting change. 

To create the most effective cloud migration strategy for your business, contact Tek Leaders today. Our team of experts will handle every aspect of the cloud migration process for you, ensuring that you make this transition smoothly. Or, if you have more questions about the services we provide, you can reach us by email directly.

Author: Devender (Dev) Aerrabolu

Devender (Dev) Reddy Aerrabolu is the CEO of Tek Leaders. His goal is to help SMBs bring value from their data. Dev helped Tek Leaders grow from scratch into a $25 million enterprise by focusing on clients’ data needs.

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Business Intelligence Helps Agile Organizations Make the Most of Their Resources

All business owners want their organizations to be as efficient as possible. They want to make sure that their time and resources are being put to good use.

Business intelligence helps agile organizations achieve that goal. An effective BI strategy can speed product development improve the quality of the services you offer. By picking the right agile BI strategy for your needs, your organization will become more flexible and competitive well into the future.

Agile business intelligence is a strategy that focuses on flexibility and efficiency. When an organization is “agile” it means that it can pivot to new business strategies or technologies quickly. These organizations can easily adapt to changes, which offers them many advantages over less agile organizations. 

But how can you make your organization more agile? There are many different methodologies you can choose, however, the most effective methodologies revolve around business intelligence. The BI process involves gathering large amounts of data about your business operations and customer behavior. From here, you can analyze this data and identify areas that need improvement. Agile BI breaks this information into smaller manageable chunks and makes the data actionable. In this way, business intelligence helps agile organizations become more streamlined and flexible.

How Business Intelligence Helps Agile Organizations Succeed

The primary way that business intelligence helps agile organizations is by speeding product delivery, increasing the total return on investment (ROI) and improving quality. Here’s how these three benefits can help you stay more competitive:

  • BI helps you deliver your product more quickly. By analyzing large amounts of data and breaking it into clear, actionable reports, you can introduce new products or services faster. Agile BI shortens your organization’s development cycles by eliminating the need for time-consuming manual data analysis. You also won’t waste time on inefficient, months-long business strategies that delay the delivery date for your new product or service. 
  • Your ROI will increase. Business intelligence helps agile organizations maximize their resources to make the greatest ROI. Not only will you get your product or service on the market faster, but you will also use fewer IT resources in the process. Your IT staff will spend less time finding solutions to an inefficient business strategy. Moreover, you may even eliminate the need for an on-premise IT team entirely if you hire an offshore IT firm to develop and implement your agile business intelligence strategy. 
  • The quality of your product and services will improve. You can use business intelligence and data analytics to determine exactly what users want from your products or services. Demographic information and surveys offer you valuable insight into the needs of your customers. You can also track which services your customers use most often or whether there’s a pain point you haven’t addressed yet. BI helps you engage with your customers in novel ways and makes it easy to see which changes you should make to best meet their needs. 

Another advantage of agile BI is that it evolves alongside emerging technologies and industry innovations. If a new technology is introduced in your industry, you can adopt it without making expensive or time-consuming changes to your existing infrastructure. When you use agile BI, your infrastructure is naturally very flexible and designed to adapt quickly.

The Most Effective Agile Business Intelligence Strategies

Every agile organization uses a slightly different BI strategy to succeed. You may use one or more of the following strategies to make your organization more flexible:

  1. Improve the data entry and report generation process using BI portals
  2. Consolidate your data in the cloud and encourage your team to collaborate on it. 
  3. Use cloud computing technology to get the most value from the data you collect. 
  4. Keep backups and archives of historical data that can be used for later comparisons. 
  5. Use advanced data analytics software and visualizations to build your business strategy. 
  6. Seek out data analytics firms that offers customized BI services based on your current needs—this allows you to scale up or down in the future.

When you hire an experienced offshore IT firm that can handle your organization’s BI requirements, you can make use of all of the strategies above. IT firms take care of every step in the process, from developing the best method for your needs to implementing the new strategy. 

The IT firm will start by looking at your existing infrastructure and analyzing some of your organization’s most recent data. The firm will then develop a method to shorten your development cycle—they create a step-by-step strategy in stages and will have clear performance goals at every stage. The team will also use advanced data analytics to determine whether the new strategy is successful at each stage and make necessary adjustments immediately. Moreover, after you’ve successfully implemented your new agile BI strategy, the team can also help you maintain it and scale it in the future. By placing your trust in an experienced team of experts, you will make the most of your resources.

To learn more about how business intelligence helps agile organizations, contact Tek Leaders today. We customize our business intelligence services to fit the needs of your organization and create the perfect business strategy to maximize your resources. Or, if you have more questions about the tools and services we offer, you can reach us by email directly. 

Author: Shashank Reddy Tummala.

Shashank is the COO of Tek Leaders inc.He helps SMB’s to achieve their goals in their journey of Digital Transformation.

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Alleviating Security Concerns Around Cloud Computing in the Banking Industry NEW TITLE: Cloud Computing in Banking: Security Myths and Reality

More banks are making the switch from traditional on-premise data storage systems to [LINK TO CLOUD/STORAGE POST WHEN LIVE cloud computing and storage]. Part of the reason why cloud computing in banking is becoming so popular is because cloud-based systems are more secure than ever.

However, some financial administrators are still wary of cloud computing. They worry about data breaches, poor encryption and compliance issues.

While these security risks are important, the reality is that cloud computing in banking is quite safe—especially if you hire experienced security experts to help you make the transition.

The Main Security Challenges of Cloud Computing in Banking

Although modern cloud computing in banking is very safe, there are still a few security challenges that financial institutions have to address. These include: 

  • Data breaches due to outdated software. In the banking industry, data privacy is paramount. However, if there are vulnerabilities in your security system and if you don’t patch them quickly, sensitive data may be at risk. 
  • Unsecured logins. Banks must require secure logins for every user, including strong passwords, two-factor authentication and sometimes even physical security keys. If there are vulnerabilities in this system, unauthorized users may have access to sensitive data. 
  • Lack of proper encryption. Data security experts can help banks create reliable encryption schemes. However, these encryption schemes must be thoroughly tested and vetted prior to use in order to be effective. 
  • Uncertain data recovery protocols. If a loss of data occurs, banking institutions need to know whether the cloud computing provider can restore the data or not. If they can restore it, then the institution must ensure that the cloud computing provider is using proper data security protocols to keep this backup data safe. 
  • Human error. Simple human error, such as clicking on a malicious email link containing malware, can cause data breaches. Intentional internal leaks are also possible, although these are rare (occurring in fewer than 5 percent of all data breach cases). These internal breaches also impact traditional on-premise banking systems, so they’re not unique to cloud computing in banking. 
  • Compliance concerns. Banking institutions have to follow federal and state regulations. For this reason, they usually vet cloud computing providers thoroughly to ensure that they are also aware of these laws.

Of all of these security challenges, internal data breaches and human error are the most common. IBM’s X-Force Research team found that 58 percent of all data breaches in the financial sector were the direct result of employee actions. In other words, employees would either inadvertently install malware or give unauthorized users access to the system. 

This type of internal data security breach can happen whether or not banks use cloud computing. Human error is a universal problem. In fact, a bank may even be more vulnerable to breaches if its security systems haven’t been updated in a while. Making the transition to cloud computing forces financial providers to look more carefully at their security protocols and close any existing security loopholes. 

In this sense, it’s a myth that cloud computing is inherently less secure than traditional banking systems. The security of your system depends on the type of service you invest in and who you trust with your data.

Dispelling Common Security Myths

When it comes to cloud computing in banking, there’s a disproportionate sense of the risks involved. Cloud computing is safer than you might think, especially when you take the necessary steps to ensure that your financial institution is protected. 

The problem is that there are many myths around cloud security. To decide whether cloud computing is the right choice for your business, you need to take an honest look at the potential security risks and debunk any persistent myths and misinformation.

Myth #1: Every cloud computing system is equally secure (and equally vulnerable).

While it’s true that no system is 100 percent breach-proof, some systems are certainly much more secure than others. Amazon Web Services (AWS) is arguably the most secure cloud computing system in the world. They have a massive team of experts working 24/7 to close potential security loopholes. When you hire a cloud computing firm that uses AWS, your system will likely be much more secure than if you use software made by a smaller, private IT operation.

Myth #2: Cloud computing providers don’t understand compliance requirements.

When you hire an experienced cloud computing firm, compliance is always considered. Large firms may have compliance experts on staff or will conduct research into current compliance laws in your state. Many firms also use existing security software and systems, like AWS, that make an effort to stay up to date with regulatory compliance standards.

Myth #3: Cloud computing is riskier than traditional on-premise banking.

Security is a moving target. The security measures that you use today will almost never remain secure in the next few years. That’s because hackers are constantly looking for ways to gain access to sensitive data. Cloud computing can be even more secure than traditional banking because providers update their systems frequently based on the latest security best practices. These firms provide software patches, new encryption techniques, improved login protocols and real time identification of unauthorized users and suspicious activity. All of these techniques make your security system harder to breach. 

Privacy and security are essential in the financial sector, so it’s important not to downplay any potential vulnerabilities or risks. However, it’s also important to look at these risks pragmatically. There are many steps you can take to improve security while taking advantage of modern technologies like cloud computing.

How to Bolster Cloud Computing Security

The best way to ensure that your system is secure when you make the transition to cloud computing is to hire a provider that takes any and all security risks seriously. The best cloud computing firms will use data management software that is frequently updated and maintained by a trustworthy provider such as AWS. 

They will also offer customized user authentication options and portals. Each employee will only have access to the data they need to perform their tasks. Some providers also make use of security algorithms that detect suspicious activity, such as logins from new locations or devices. The system can respond to these issues in real time, putting a stop to potential breaches immediately. 

Financial institutions can test their security systems with help from white hat hackers—security experts who look for vulnerabilities in a bank’s system. These white hat hackers can even be hired before your cloud computing system is live to help you refine it before you allow your employees and customers to access any data. 

By taking all of the necessary steps to protect your customer’s data, you can make use of cloud computing technology and experience [LINK TO CLOUD STORAGE BENEFITS POST WHEN LIVE] all of its potential benefits. 

If you have more questions about cloud computing in the banking industry, contact Tek Leaders today. Our team can help you create a new business strategy around cloud computing, helping you make this transition smoothly and securely. Or, if you want to learn more about the cloud security, you can reach us by email directly.

Author: Shashank Reddy Tummala.

Shashank is the COO of Tek Leaders inc.He helps SMB’s to achieve their goals in their journey of Digital Transformation.

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Why are Business Strategy Consulting Firms Becoming so Popular?

There are more than 700,000 business strategy consulting firms worldwide, and the number is expected to increase. What has led to this boom in business consulting? Here are three possible reasons: 

  1. More consulting firms are using data analytics to accurately identify industry pain points;
  2. Advanced firms use offshore technology to maximize existing resources and infrastructures; and 
  3. The best consultants focus on sustainable long-term strategies. 

Now is perhaps the best time to hire a business strategy consulting firm to help your business reach its full potential. Whether you need help understanding your pain points or you want expert guidance on how to make the best use of your resources, consulting firms use modern technology to make it possible.

Business Strategy Consulting Firms Understand Your Pain Points

Do you know what your pain points are? Business owners not only need to understand the problems their companies face internally, but they also need to know what issues their customers deal with as well. 

Generally, most business owners already have some idea of what their company and customers’ pain points are. However, some are more difficult to spot than others.

For example, some common issues that modern banks face include: 

  • Implementing user-friendly online banking systems for customers; 
  • Switching from batch processing or mainframe computing to faster, more modern cloud-based technologies; and 
  • Securing customer information in the cloud. 

Additionally, a banking customer’s pain points usually include: 

  • Navigating complicated online banking services or user interfaces; 
  • Receiving financial services that they don’t need; and
  • Wanting additional financial services that the bank doesn’t provide.

Every bank will also have challenges unique to its customer base. 

Business strategy consulting firms help banks and other industries identify these specific pain points using services like advanced data analytics and Business Intelligence (BI) technology. They help you find patterns in data and analyze whether your business is operating at peak efficiency. 

Consultation firms use exploratory data analysis to get an accurate sense of what your customers’ pain points are—even the pain points they may not realize they have. For example, demographic analysis may lead to the discovery of a new banking service that many of your customers need and that no other bank in the area provides. 

Likewise, consulting firms can perform a thorough BI assessment, gathering all of your existing data, analyzing it, and gleaning important insights from it. This may lead to changes in your internal business strategy, improving the efficiency of your daily operations. 

Without advanced data analysis and BI assessments, it’s impossible to accurately identify all of the pain points that your company and your customers face. Modern business strategy consulting firms perform this vital analysis for you, saving you time and money while improving the quality of your services.

Consulting Firms Work with Your Infrastructure and Resources

Another reason why more industries are hiring business strategy consulting firms is because they work with the company’s existing infrastructure and resources. In other words, you won’t necessarily be required to install any new hardware or purchase licenses for expensive software. 

Today’s best business strategy consulting firms usually perform data analysis and BI assessments offshore. This means that the firm licenses all necessary software, maintains the hardware, and hires technology experts to process data properly. This factor is especially important for small or mid-sized business owners who don’t have the space, time, resources, or budget to overhaul existing systems. 

You’ll get a customized business plan that takes into account the staff, technology, and current technological expertise. For example, an experienced consultation firm won’t require your employees to learn how to analyze data by hand or navigate a confusing BI portal. Instead, the best consulting firms will minimize the learning curve and come up with a clear business strategy that is both easy to implement and maintain long-term.

Experienced Firms Focus on Sustainable Long-Term Solutions

One of the greatest challenges that business owners face when they come up with an effective business strategy is that it’s difficult to know which ones will have a lasting impact. You might come up with a strategy that works well now. However, as technology evolves, that strategy could become obsolete. 

In banking, batch processing used to be standard. However, many modern banks are moving to faster transaction technology in order to provide better services to their customers. As these cloud-based transactional technologies become more secure and reliable, more banks will need to make this transition in order to stay competitive. 

Business strategy consulting firms can help businesses identify similarly important advances in technology. They can also help business owners decide which technologies will have a long-term impact on the industry and which will be short-lived. 

Banks are often slow to change because moving to a new business strategy can be expensive and time-consuming. There are many costs associated with implementing a new technology, hiring and training staff who understand it, and creating a new user-friendly interface for customers. It’s important to choose a strategy that is sustainable and forward-thinking. 

Experienced business strategy consulting firms have knowledgeable technology experts on staff. They can help you create a plan to address your current pain points while leaving room for progress. Their experts will make your business more flexible, allowing you to integrate new technologies without compromising your bottom line or core strategy. 

How to Find the Best Business Strategy Consulting Firm

Although business strategy consulting firms can help your business immensely, they’re not all created equal. After all, there are hundreds of thousands of companies worldwide that provide these services, and not all of them will be the right fit for your needs. 

Look for firms that understand your industry’s specific pain points, are willing to work within your infrastructure and that offer effective long-term solutions. Additionally, top-quality consulting firms provide all of the technology and IT staffing for you. They offer you a clear business roadmap based on real data gathered from your customers and operations.

If you’re looking for an experienced, reliable business strategy consulting firm, contact Tek Leaders today. We provide business strategy expertise in a number of industries, including banking and insurance. Or, if you would like to learn more about the services we provide, you can reach us by email directly.

Author: Shashank Reddy Tummala.

Shashank is the COO of Tek Leaders inc.He helps SMB’s to achieve their goals in their journey of Digital Transformation.

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