The Cloud Thing
Clouds come in a variety of choices and are here to stay. Companies will be more selective as to which clouds they will use and for what purpose next year. But GDPR and other regulations will force companies to be more careful about where they put data and more thoughtful about cloud privacy and security.
Unfortunately, cloud providers will not be more transparent about their operations, processes and systems in 2018, which will leave users just as worried about their risk exposures as they are today.
The paradigm shift to a digital economy is not a technology issue – it is a business model transformation. Business executives cannot leave these decisions to IT executives or business/technology consultants.
Executives need to determine what businesses they wish to be in, create the strategies, and then have the processes and applications designed and implemented. This is a multi-year initiative with a lot of moving parts.
Action, or for that matter inaction, creates new risk exposures that organizations will need to address before committing to any new business model and plan. Business executives must determine these exposures, weigh the pros and cons, and act decisively and early in 2018 if they want to achieve an acceptable risk level.
Only after there is buy-in to the new business model, should there be any implementation of the processes, tools and workflows that will enable them to take advantage of the competitive advantages and gains offered by the new digital economy and technologies.
About the author
Mr. Braunstein serves as Chairman/CEO and Executive Director of Research at the Robert Frances Group (RFG). In addition to his corporate role, he helps his clients wrestle with a range of business, management, regulatory, and technology issues.
He has deep and broad experience in business strategy management, business process management, enterprise systems architecture, financing, mission-critical systems, project and portfolio management, procurement, risk management, sustainability, and vendor management. Cal also chaired a Business Operational Risk Council whose membership consisted of a number of top global financial institutions.