What should my credit union pay attention to when using the Cloud and what should I be aware of before going to the Cloud?
When credit unions come to Ongoing Operations, many have questions about the Cloud and what they should be aware of when looking for a Cloud service provider. When discussing the Cloud, the need should be based upon what the credit union wants to prioritize and what they want to be their competitive differentiator. Moving to the Cloud is an extremely similar process to running your own hardware and having the dedicated support resources on your own. However, it is necessary to be cautious and aware when exploring Cloud options. This is for any CTO looking for information on Cloud systems for their credit union.
From the customers that Ongoing Operations have seen moving to Amazon, AWS, or Azure for cloud storage, we’ve noticed quite a few trends; the first of which is pricing. With pricing comes a double edged sword. You can scale instantly but that also means you don’t have contracts and your costs can fluctuate dramatically depending on how many resources your development team is taking advantage of. In the world of credit unions, scalability can entail switching to a new collection software, reporting server, etc. Generally, it is not time sensitive, meaning the scaling requirement doesn’t necessarily sit there until met.
Pricing fluctuations are the most important focus when looking into Cloud services. Azure, for example, has a pricing tool that can take in all the information from a VMware or Hyper-V Cloud environment and come up with a sample bill. Scaling with the Cloud is extremely flexible, however, that flexibility comes at a cost. Both AWS and Azure have their own support models that you can pay to gain access to different levels of support. To get the enterprise level of support that most credit unions would need, the cost can end up being multiple thousands of dollars a month. Pricing is the most important piece of information to keep in mind when exploring Cloud service options.
If you’re transitioning over to the cloud, it is necessary to be cautious and aware of the services you are receiving, especially their prices. For more information on Cloud Solutions with Ongoing Operations, click here.