Data migration to the cloud must be business driven, based on strategy, and include an understanding of data relationships, access paths and potential performance. The benefits of getting it right can be significant to the business and help firms move away from legacy systems. The penalties of getting it wrong, particularly as a result of a lift-and-shift approach, are recreating the same data problems and generating wrong answers more quickly.
“Cost, control and a business perspective are key to successful cloud migration,” says Naomi Clarke, chief data officer at HUB, and moderator of a panel on how to capitalise on data migration to the cloud at next week’s A-Team Group Data Management Summit London. Clarke also notes the importance of going back to basics such as establishing the purposes of migration, including what data problems could be resolved, and what greater gains could be made from a change in data structures.
Winning business buy-in for migration needs to be based on proof of value, perhaps through a pilot project or proof of concept, and should also consider the value of future architectures. “The need is to articulate a business strategy best satisfied by cloud strategy, not a cloud strategy,” says Clarke. She also cautions that while cloud allows firms to scale compute up and down and rationalise costs, data transfers from on-premise to cloud, and to a lesser extent from cloud to cloud, can be very costly.
To find out more about entry points to cloud migration, how financial institutions can use cloud to rethink data and analytics strategies, and the common success factors and limitations of migrationg applications such as data warehouses to cloud, join Naomi Clark and the Data Management Summit session speakers:
- Lynn Watts, Head of Data Governance, Royal London Asset Management
- Hugh Davidson, Head of Data Management, Man Group
- Ravi Gandhi, Senior Content and Technology Specialist, FactSet
- Chris Brook, Head of Platform Development and Co-Founder, FINBOURNE Technology
- Antonio Martinez, Field CTO for Snowflake Financial Services, Snowflake
You can see the full agenda of A-Team Group’s Data Management Summit here, and book a place at the event, which is free of charge for representatives of financial institutions, here. We look forward to meeting you next week.
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