Exponential Data Growth with data volumes exploding.
With inputs from social media providers and company data sources building a digital twin-like view of the customer and their preferences, and all this data needs to be stored somewhere. The Internet of Things (IOT), 5G, Big Data, AI and Cloud have driven data collection to new levels, all impacting business simultaneously, technologies and services in the emerging serverless ecosystem.
Serverless architectures refer to services and applications that significantly depend on third-party services. Essentially, instead of owning, maintaining and running your own infrastructure (hard-and software), everything is provided via online networks, the cloud so to say, enabling great reduction of complexity, CAPEX and OPEX of value chains of businesses.
Often, serverless technologies are broken down into two categories, Backend-as-a-service (BaaS) and Functions-as-a-service (FaaS). FaaS provides a computational muscle to carry out a function designed by the user. FaaS is increasingly used for real-time data processing. It can also be referred to as Infrastructure-as-a-service (IaaS). BaaS has its roots in Mobile BaaS (MBaaS), a set of technologies, such as Facebook’s Parse, that provided backend support for mobile apps. BaaS offers a complete online service eg. Google’s Firebase, fully managed and hosted database.
Why move to a cloud-based architecture?
Disaster recovery – you can have many data clusters all over the world like the USA, the UK, Japan, Australia and if there’s a hurricane somewhere, a flood or a wildfire, you can clone your data from the survived data stores. Distributed networks, WEB3.0 is the next evolution of secure decentralized data storage.
Availability – emerging from the above, web apps and data is always accessible and available, up to 99.99% of the time.
Scalability – let’s imagine we have a big server room, so when the number of our app users, data and requests grow, we can put new CPUs and RAM sticks there but eventually, there won’t be space to put more. Fortunately, with the cloud architecture, it’s no longer a problem because you can rent more resources located anywhere in the world.
Low costs – today cloud provider are relatively affordable. Not much upfront CAPAX is needed to setup a decent database, apps and run services via online access.
Simplicity – cloud offers out-of-the-box services like which require very little technical knowledge to operate.
Automatic updates – don't worry, cloud based service provides usually have the latest upgrades on hardware and updates on software at their disposal. The competitive landscape forces them to stay up to date with the newest technologies.
Working from anywhere – since everything is online eg Google sheets, as long as you have internet access you can use the resources wherever you at.
Increased collaboration – sharing data and tasks is also much easier online eg Google doc via simple permission access.
Security – even if your laptop, tablet or smartphone is broken, all your work can be backup on Drobox, Google Drive or iCloud.
Consumerization is another key market force that is having a tremendous impact on how companies utilize IT. Consumers are becoming used to Uber, Netflix and Spotify with convenient, always accessible, rich user interfaces and easy-to-use services, often with low cost due to shifting monetization strategies by consumer apps. The cloud has fundamentally changed enterprise expectations around IT. Businesses now seek an experience that allows the ability to act with speed, and dynamically compose resources based on business demands.
Worldwide Public Cloud Service Revenue Forecast (Billions of U.S. Dollars)
The most significant challenge for IT is that vendors and providers are increasingly being tasked with enabling customers to bring the cloud experience to their data center while minimizing or eliminating an up-front capital outlay.
Preparing data can consume 80% of an analyst’s time, leaving just 20% for unlocking insights with analytics. 60% of Enterprises will use flexible, lower-cost IT consumption models by 2023.
Given the increasingly competitive business climate, with consistent disruption by new entrants and new technologies, the pressures on IT functions have increased exponentially in the last few years. A result is the need to reduce the deployment timelines for IT projects and improve time to value for any investment. That means, IT departments need to consume infrastructure rather than procure; manage rather than administer; and finally, control rather than support the IT provisioning for their business.
Here, Project: #Latitude42 has a great solution available. A new venture which is being born out of the company WAV Inc., one of the largest distributer of technology that connects customers to the internet, from LTE and wireless broadband to networking and Wi-Fi. The new Hardware-as-a-Service (Haas) model offers server and cloud providers, commercial and public institutions new option to rent, otherwise capital-intensive, hardware to enable broader connectivity across dispersed areas such as industrial or commercial complexes, municipals and villages.
A Wireless Internet Service Provider with an innovative Hardware-as-a-Service Business Model
The ever-growing sharing economy, on-demand, pay-per-use and mobile offerings, exploited various other examples for 'Everything-as-a service':
Identity(access management)-as-a-service (IDaaS)
Pizza-as-a-service (PaaS:) to visualize the application of cloud vs on-premise
Education-as-a-service (SaaS) another real-world example
#IWSFinTech consults on and develops disruptive technologies such as FinTech or Blockchain (project management/product). IWS FinTech focuses on next-generation technologies that will impact lives in the next decade.
Partner with the world’s leading corporates to support start-ups / SMEs through co-development and co-creation. At the same time, our corporate partners are able to inject new technologies and innovations into their existing businesses.
IWS develops proprietary software products; and consults your company or start-up on development through
1) Guidance on corporate structure, equity planning, business model, product-market fit, marketing, branding, finance, legal, pitch deck, valuation, capital raise planning, media training,
2) Mentoring through our network of successful entrepreneurs, industry, finance, and investor relations experts, and
3) Resources such as facilities support, market expansion & landing, business partners, government & academia resources, investor relations, media relations, accounting & legal services, etc.
Sources: Mckinsey, Brainhub, Forbes, Gartner, Deloitte, Futurum, IDC, IWS FinTech