Cloud

Cloud agility to shake up financial IT

Cloud computing and nimble competitors are putting pressure on the existing market for IT in financial services. 

02 December 2009

IT and finance have had a close relationship for almost as long as computers have existed. But that relationship has always been a difficult one. Organisations can’t afford to be too bleeding-edge in their use of technology when cashflow or salaries are at stake. But neither can they afford to ignore progress. Just as the personal computer yanked control away from the mainframe and gave SMEs and individuals power to manipulate their own finances, so now another set of fundamental changes looms – and seemingly all at once.

Cloud computing, Software as a Service (SaaS), web-based access and advanced hosted services can, at least in theory, put even the smallest organisation on the same level as the largest bank. Vendors of financial software are trying their best to adapt as quickly as possible. According to Jeremy Waterman, MD of Softline Accpac, opportunities for both web- and non-web-based solutions continue to abound in South Africa for the SME market.

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