The coronavirus outbreak has turned a health emergency into what can be described as a global crisis, transforming our business environment, as millions adapt to working from home. In order to continue operating whilst maintaining a competitive edge, companies have had to turn to cloud technology, searching for solutions that can be delivered remotely, quickly, efficiently and within budget.
According to a 2020 study by Gartner, cloud spending is estimated to reach 14.2% of the global enterprise IT spend by 2024. In 2020, it totaled 9.1 percent. The same study also highlighted that 70% of companies currently using cloud, are planning to increase their cloud budget even after the COVID 19 has passed.
The increase in popularity of cloud based CTRM solutions is also an indication of how commodity companies are evolving, and how many are re-evaluating their cloud strategies. Technology projects that would normally take years to be approved and implemented, are now being condensed into weeks and months.
As organizations around the globe increase spend to capitalize on the advantages of cloud, most of the conventional CTRM vendors, to stay relevant, have adopted a “cloud-enabled” approach as a way to deliver their on-premise software via the cloud. This means that legacy systems using technology that was not originally created or designed for the cloud are now making their way into this deployment approach, and this could mislead buyers. If you look closely under the hood, some are simply lifting and migrating onto cloud based servers making them accessible via a web browser.
Is being cloud enabled enough to meet the demands of the future?
The ability for users to get to the software or data they require when working remotely, is one of the major advantages of having a cloud-enabled CTRM solution. It also limits having to depend on resource heavy and expensive on-premise infrastructure.
However, the original restrictions remain. Whilst you now have a system which has been migrated to the cloud, it does not mean that it conforms to the more modern approaches clients wanted to take advantage of from a true cloud solution. Also, and often the case, cloud-enabled solutions will need long and expensive internal improvement work to be done, including retrofitting functionality from the legacy solution. This can be met with critical issues such as difficult system updates due to lack of flexibility of older solutions, as well as compatibility and integration issues with more modern solutions.
The benefits of a modern cloud native CTRM solution
C/ETRM solutions that are cloud native go further then simply hosting and storing, and are at the leading edge of new technology advances.
The broad capabilities offered by cloud-native CTRM solutions over cloud-enabled, underline the shortcomings of the latter, as issues leak in from older legacy systems that are not built for purpose.
Cloud-Native software has been specifically designed, developed and deployed to utilize the benefits of the cloud, which include:
Continuous development - Updates to the system are done quickly and easily, allowing for improvements to be addressed early on and with the input of the user.
Instant Deployment - updates can be rolled out almost instantly with no downtime for the users. No need to wait for new upgrades or releases
Multi-tenancy - Shared global data drastically reduces implementation times and operating costs. Shared resources enable the ability to instantly scale up or scale down as the business requires it.
Scalable/elastic - A multi-tenant solution gives user the ability to easily scale up and down as their business needs require it. A single tenant deployment typically includes some fixed resources and cannot easily (let alone, automatically) scale.
Secure by design - Multi-tenant systems are designed from the ground up to ensure complete segregation and security of client data. Solutions that are built for single-tenant deployment tend to ignore security at the software architecture/design level with the assumption being that security can be achieved by a closed physical infrastructure (not the case in the cloud).
Modularity –Cloud native solutions are built on a micro-services based architecture, enabling customers to use only the modules they need.
Quicker and easier integrations - RESTful APIs and various data connectivity tools help customers integrate cloud native software with a host of other applications and software systems
CTRM Cloud offers commodity business users and consumers of commodities with the key to unlock the power of cloud native technology and revolutionize the way software can meet business goals quickly and efficiently in the current unprecedented market conditions.