With cloud technology, the sky is the limit

With cloud technology, the sky is the limit

The “cloud” once represented a complex evolution in the history of Internet technology, confusing those accustomed to traditional infrastructure and leaving skeptics unsure of its true potential. Today, cloud computing is becoming the next big step in an organization’s drive to increase productivity, agility, and innovation, among other benefits. In fact, perpetuated by the pandemic, it is inevitable that part of almost every organization’s network will be moved to the cloud in order to future-proof its business model.

As the most comprehensive and widely adopted cloud platform in the world, Amazon Web Services (AWS) commissioned global strategic consultancy Public First to report on the impact of AWS on the Canadian economy . Its findings not only provide insight into the impact of the cloud on businesses at the surface level, but also how widespread cloud adoption can dramatically improve the country’s economic health. For example, the report found that in 2021, AWS generated approximately $8.5 billion in economic value for Canada, supporting 380,000 businesses. By 2030, it is estimated that increased use and adoption of cloud computing could help increase GDP by an additional 1.7%, or the equivalent of over $40 billion.

And it’s not something that only a niche of companies exploit. “There is so much evidence of the impact of cloud computing across all types of industries,” said Eric Gales, AWS Country Manager. “The question of Why a company could use the cloud has passed – today companies are asking How? ‘Or’ What and when they can apply it.

As digital native brands grew during the pandemic, AWS supported their resilience in several ways. For companies that were already using the cloud, they were able to scale and meet the demand for e-commerce and remote working. For the Canadian government, AWS has helped customers rapidly develop digital solutions for everything from tracking the spread of COVID-19 to launching cloud-based call centers that can help people apply for the program Emergency Response Benefit (CERB). “It would have been very difficult to do this without the flexibility and utility of the cloud,” adds Gales.

As the benefits of cloud computing become common knowledge, it’s no surprise that many of Canada’s unicorns (startups worth over a billion dollars) are running on AWS. Among them, Neo Financial of Calgary.

Kris Read, Co-Founder and CTO, Neo Financial

Neo Financial
Neo Financial combines digital banking with a network of personalized rewards offers based on individual consumer behavior. Although a relatively new company, founded only in 2019, Neo has quickly grown to become one of the top financial services in Canada. “We have always believed that we can add more value to the lives of our clients and to the Canadian financial landscape through the use of data, machine learning and analytics,” says Kris Read, co-founder and director technique of Neo Financial. The company started using AWS Data Lakes and Analytics from its inception and has been able to help customers budget, make mortgage payments, and plan their finances with this tool.

With over a million customers, Neo has a lot of information to organize. When it comes to storing financial data securely, the company considers the AWS Quantum Ledger database to be the most robust and advanced solution. “Tools like these have given us the flexibility to develop new products and solutions faster,” says Read.

Of the 58% of companies using AWS that said they had grown over the past three years (compared to just 39% of companies that had not invested in any cloud), Neo Financial used AWS cloud computing tools to develop its infrastructure and services alongside the brand. nationwide development. “It was important to us when adopting AWS to know that our technology could scale infinitely as Neo grew,” says Read. “We’ve been able to scale our processing systems to service over one million open Neo accounts and watch every transaction as it’s made in real time.”

Peter Woodman, Head of Software Development and New Products, Mysa

Make yourself comfortable
Beyond the world of fintech, AWS has also had a big impact in the areas of innovation and sustainability. Eco-friendly digital thermostat company Mysa, founded on a clear mission to fight climate change through energy efficiency, joined AWS’s Activate for Startups program when it was founded in 2016. the company is among 74% of Canadian businesses that said using cloud services helps them reduce the environmental impact of their IT. “We’re very invested in our own sustainability, so any technology we adopt has to fit that mold,” says Peter Woodman, head of software development and new products at Mysa. “AWS has allowed us to streamline our digital infrastructure without dedicated servers, which is easily scalable and incredibly energy efficient.”

Peter also says that one of the most appealing parts of AWS early on was its financial support for startups. “Accessibility to free services through their Activate for Startups program and a generous level of free services saved us a lot of money during a very important period of the company’s development.” Like 84% of AWS users who said they save money using the cloud, Mysa has been able to focus on expanding its innovative offerings with new products and services. “Our innovation strategy is always to stay aligned with how we see the future of energy,” says Woodman. “There is, of course, a big technical push into energy to ameliorate the climate crisis – this is where we have pushed our innovation efforts by delivering an energy-efficient and carbon-reducing product that is easy to use for everyone.”

As the phenomenon of cloud computing grows, so to speak, and the technology becomes demystified, Canadian businesses can agree that AWS is a critical part of growing a business. And in areas spanning productivity, innovation, agility and even sustainability, Canada’s seasoned companies and the country’s burgeoning startup ecosystem have the tools to maximize impact.

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