Finance
HYPERCONVERGED INFRASTRUCTURE (HCI) – DRIVING DIGITAL TRANSFORMATION ACROSS THE FINANCIAL SERVICES SECTOR (PART 1)
Published
3 years agoon
By
admin
By: Alan Conboy, Office of the CTO, Scale Computing
There is a technology gaining rapid interest across the financial services industry: Hyperconverged Infrastructure (HCI). This is a software-defined solution that enables seamless connection of systems, bulletproof protection of data, and significant increases in agility, as well as an overall reduction of all associated costs. With all that to offer, it is no surprise that the financial services industry, and building societies in particular, are looking at HCI as a key part of their digital transformation strategies.
As billions of smart devices spread across the planet, each with the ability to connect, communicate, share, and analyse data, it is no surprise that, along with virtually every other sector, IoT offers the financial services sector a truly unique opportunity to transform IT and business processes, and deliver greater value and experiences to customers (CX).

Alan Conboy
With IoT, not only can customers access their finances, as well as financial information and applications in real-time, from anywhere at anytime, but banks can better view, manage, control and protect all of their customers’ data. Moreover, that customer data can then be analysed and leveraged to create and deliver solutions and services specifically tailored to meet current and emerging customer wants and needs, which in turn drives increases in customer loyalty, revenues, profits and the bottom-line, as well as shareholder value.
Similarly, edge computing is spurring otherwise unattainable advances, enabling financial services organisations to decentralise the workload, and to collect and process data at the edge or nearest to where the work is actually occurring, which can overcome the “last mile” latency issues. In addition to reducing complexity and enabling easier collection and initial analysing of data in real time.
Along with other financial institutions, building societies can deploy edge data centers that can also be leveraged to offload processing work near end users, acting as an intermediary between the IoT edge devices and larger enterprises hosting the high-end compute resources, for a more in-depth processing and analytics. However, many financial organisations have faced a number of challenges as they have endeavored to deploy, manage and reap the benefits of IoT and edge computing. And, that’s where hyperconvergence can make all of the difference.
However, the common misuse and misunderstanding of the term hyperconvergence has led to confusion and continues to serve as a barrier for those that could otherwise benefit immensely from an IT, business agility, and profitability standpoint. Let’s try to clear up that confusion here.
Say goodbye to the inverted pyramid of doom
Before hyperconverged infrastructure, there was the inverted pyramid of doom. This refers to a 3-2-1 model of system architecture. And, while it can get the job done in a few key areas, it is the polar opposite of what a businesses truly want or need today.
The 3-2-1 model is a scenario where there are virtualisation servers or virtual machines (VMs) running three or more clustered host servers, connected by two network switches, backed by a single storage device – most often, a storage area network (SAN). The issue here is that the virtualisation host relies totally on the network, which in turn relies totally on the single SAN. To say it another way, everything rests upon a single point of failure – the SAN.
Welcome to hyperconverged
Reduction in cost is only one of the benefits of hyperconverged infrastructure. By utilising a native hypervisor, the storage can be architected and embedded directly with the hypervisor, eliminating inefficient storage protocols, file systems, and VSAs. The most efficient data paths allow direct access between the VM and the storage; this has only been achieved when the hypervisor vendor is the same as the storage vendor. When the vendor owns the components, it can design the hypervisor and storage to directly interact, resulting in a huge increase in efficiency and performance.
On top of storage efficiency, having the hypervisor included natively in the solution eliminates another vendor which increases management efficiency. A single vendor that provides the servers, storage, and hypervisor makes the overall solution much easier to support, update, patch, and manage without the traditional compatibility issues and vendor finger-pointing. Ease of management represents a significant savings in both time and training from the IT budget.
HCI: the silver lining to every cloud
The cloud and its benefits are well established, and most financial organisations have already leveraged it, whether from an on-premises, remote or public cloud platform, or more commonly a combination of each (i.e. hybrid-cloud).
Hyperconverged infrastructure, as a fully functional virtualisation platform, can nearly always be implemented alongside other infrastructure solutions, as well as integrated with cloud computing. For example, with nested virtualisation in cloud platforms, a hyperconverged infrastructure solution can be extended into the cloud for a unified management experience.
Like cloud computing, a hyperconverged infrastructure is so easy to manage that it enables IT administrators to focus on apps and workloads, rather than be tied down managing infrastructure all day as is common in 3-2-1. A hyperconverged infrastructure is not only fast and easy to implement, but it can be scaled out rapidly when needed. A hyperconverged infrastructure should absolutely be considered along with cloud computing for any data center modernisation.
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Business
Accounting Automation in the Future
Published
18 hours agoon
January 26, 2023By
editorial
Accounting automation is the process of streamlining repetitive tasks in financial processes. For example, some processes like invoicing are time-consuming and repetitive. Automation can reduce manual labor and save businesses both time and money. Also, it helps improve accuracy, reduces errors, and provides more accurate financial reporting.
Accounting automation in the future will be increasingly important for businesses to stay competitive. But every new change comes with both advantages and challenges. Let’s dive in to get ready for this future trend.
Potential Future Benefits of Accounting Automation
Increased Efficiency and Cost Savings
Accounting automation is a great way to increase efficiency and cost savings. For example, AI bookkeeping uses advanced algorithms to automate many accounting tasks. So, companies can track expenses, prepare financial reports, and more using AI.
It reduces the time needed for manual entry. So, businesses can spend fewer labor hours on tedious processes. They can increase efficiency by freeing up resources for more strategic work. It also helps reduce errors and inconsistencies associated with manual processes. So, the cost of compliance is lower because of greater accuracy.
Improved Accuracy and Reliability
Accounting automation can improve accuracy and reliability in accounting processes. For example, Automating bank reconciliation is less prone to errors from human mistakes or miscalculations. You can automate the process to identify discrepancies between the bank statement and accounting records. It helps to ensure that financial reports remain accurate and reliable. So businesses can take corrective action faster than processing data manually.
Streamlined Business Processes
Streamlined business processes involve eliminating unnecessary steps, reducing paperwork, and automating repetitive tasks. This allows businesses to focus on higher-value activities, such as developing new products, improving customer service, and developing strategic plans for the future.
Making a Better Decision
Accounting automation can enhance decision-making in 3 ways.
1. It enables businesses to access real-time information from multiple systems. So they can identify trends for better decision-making.
2. Automated accounting also helps with forecasting, budgeting, and auditing tasks. It enables businesses to be more proactive in their decision-making processes.
3. Also, automated accounting tools can integrate with enterprise resource planning (ERP) systems. They can manage data across the enterprise and make concise decisions that are favorable to the company as a whole.
Increase Customer Satisfaction
Accounting automation can help businesses increase customer satisfaction by streamlining their processes and providing a more efficient customer experience. For example:
4. Automated accounting systems can automate tedious manual tasks such as invoicing, data entry, and payroll processing. This allows businesses to focus on other aspects of their operations that are more important for customer service.
5. Automated accounting systems can also provide customers with more accurate and timely financial information. The information can help them make better decisions about their finances.
6. Also, accounting automation enables businesses to respond quickly to customer inquiries. It helps reduce wait times and improve the overall customer experience. So, you can build better relationships with their customers.
Improved Accessibility
Accounting automation takes place online or comes with cloud-based solutions. So, you can access your information and do your job from anywhere instead of being confined to one spot.
Challenges to Implementing Accounting Automation in the Future
Cost of Technology Infrastructure Upgrades
Automating an accounting system often requires businesses to invest in new hardware and software, such as servers and other associated equipment. These upgrades come with a hefty price tag that may be difficult for small businesses to afford.
There are also extra costs, such as installation fees, setup charges, software licensing fees, cloud storage costs, and maintenance fees.
Training Requirements for Staff Members
Accounting automation involves using advanced technology to automate certain processes. So, it creates a need for trained staff members who can handle the new technology. Training requirements vary depending on the type of software used.
Some common training includes record-keeping procedures, software applications, and troubleshooting skills.
Regulatory Compliance Issues
Accounting automation can be a time-saver, but it also requires firms to be aware of the applicable rules and regulations. Companies must ensure that their automated systems are compliant with relevant laws and regulations such as Generally Accepted Accounting Principles (GAAP), International Financial Reporting Standards (IFRS), and other applicable accounting standards.
Besides, they must also comply with legal requirements related to taxes, financial statements, and other reporting obligations.
So, businesses must consider the complexities of regulatory compliance when automating accounting.
Security and Data Protection Concerns
As businesses move their accounting processes to the cloud, they are exposed to a wide range of potential security risks. Data breaches can cause significant damage to the business’s financial and reputational integrity. Besides, the complexity of automated accounting systems can make it difficult to identify and detect suspicious activities or errors in the system.
To ensure data is kept secure, businesses must have strong measures in place to protect against unauthorized access, encryption, and regular backups of data.
Furthermore, companies must train their staff on the proper use of the system. It helps staff to know how to protect confidential information from being accessed or misused by unauthorized personnel.
Businesses may also need an experienced IT team to monitor and maintain the system to keep up with any changes or updates for optimal performance.
Final thoughts
Accounting automation has come a long way in the past few decades. It is likely to continue to advance in the future. As technology continues to evolve, more businesses will likely begin taking advantage of automation in their accounting processes. So, businesses should be aware of the potential challenges and prepare to stay competitive.

Nikki Dawson, Head of EMEA Marketing at Highspot
New year, new business challenges. When it comes to creating and converting leads into sales for a business, both the marketing and sales teams are critical. Both functions think differently but are equally important in driving growth and revenue. Now more than ever in the current economic climate alignment between the two to achieve business goals is vital to survival.
Entering 2023 it’s important we look back and pinpoint where there’s room for improvement within our business and between our teams. With this, I predict the majority of businesses will realise it’s now critical to get their teams to communicate, collaborate and align more effectively.
What we learned in 2022
Findings from a recent survey of sales and marketing professionals found that over half (52%) of sales and marketing leaders in the UK agree they don’t understand which marketing assets are driving results with potential prospects. For marketers, this lack of visibility over assets limited the amount of valuable oversight which would allow them to improve content and increase adoption.
As a result, we’re now left with over a quarter (29%) of marketers not feeling confident in their ability to demonstrate the ROI achieved by marketing initiatives. Due to this, 30% of those surveyed this year feel a lack of confidence in creating marketing assets that have demonstrable success at meeting specific business objectives and driving sales growth.
Equipping teams with the right tools and technology they need to achieve business objectives seems obvious, but the latest research reveals that over a third (34%) of marketers aren’t confident they have the tools they need to manage and maximise digital marketing initiatives. Furthermore, 30% of UK marketers believe that a lack of efficient technology and tools and inconsistent use of CRM (31%) are barriers to their company’s sales and marketing collaboration.
These are all crucial learnings for what marketers have identified as key barriers in their role, it’s now down to business leaders to listen and take action.
How was revenue impacted?
The lack of alignment between marketing and sales, and the limited visibility over how digital marketing initiatives performed in 2022 had a negative impact on businesses’ ROI. This, as well as not having a single source of truth for marketers and salespeople led to content chaos and became a pain point for both parties wanting to do their jobs effectively.
For business leaders, during a time when demonstrating and justifying marketing and sales spending is needed now more than ever, the gap between marketing content, salespeople and ROI is of great concern.
The year ahead
Misalignment between sales and marketing means, at best, energy and resources are being wasted. At worst, it leads to strategies directly contradicting each other and not being delivered, while team members get frustrated and potentially leave.
Sales enablement has proven that it can dramatically resolve these pain points and be the foundation for alignment. With 72% of both teams equally agreeing that implementing sales enablement to support sales and marketing is something they believe their company should consider in the near future. It’s safe to say that in 2023 may well be the year we see it come into the mainstream.
By design, sales enablement software bridges the gap to provide a platform for alignment, offering one source of truth for linking sales and marketing activity to revenue. This year, the research found that the vast majority, (71%) of sales and marketing professionals agree that a lack of alignment between their teams has had a negative impact on revenue, and 52% of sales and marketing leaders in the UK agree they don’t understand which assets are driving results with potential prospects.
It’s clear that the need for aligned business functions has never been greater and soon, marketers and salespeople will call for AI-powered sales enablement as an essential tool to do their job effectively.
Now is the time…
If businesses want to optimise their work and maximise profits in the turbulent economic climate, they need to focus on driving change from the front by aligning their sales and marketing teams. Smart investment decisions that adapt processes based on buyer engagement with marketing content, and seller activities will be crucial in the coming months.
Having a sales enablement process in place can provide the necessary framework to begin coherently organising, finding, sharing, customising, and analysing content. Sales enablement platforms can be a one-stop shop for sales processes and marketing insights and it’s no longer something that can be overlooked by businesses.
Final thoughts
The need for optimisation has never been greater. In order to maximise profits sales and marketing functions need to work together seamlessly. This year we can expect to see more businesses utilising sales enablement technology to achieve key milestones. With this, marketers and salespeople alike will recognise sales enablement as a crucial day to day tool that is just as essential as the CRM they’re using today.
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