Make no mistake about it: the growth of public, private, and hybrid clouds is changing corporate and IT landscapes forever, According to Grand View Research, in 2020, the size of the global cloud computing market was estimated at approximately $275B and is projected to grow by nearly 20% for the next 7 years. And as IoT (internet of things) grows along with the big data processing it requires, Artificial Intelligence (AI), and Machine Learning (ML) become the norm for leveraging data as an asset, so too emerge the challenges of transitioning investments in infrastructure and costs of digital transformation into the laps of CFOs and CIOs into every industry sector. The potential impact of impaired IT assets in light of these global trends can be huge and may even slow down digital transformation, further hampering strategic growth.
But some sectors are stepping up and taking the plunge, betting that their ability to compete and thrive will be driven by this huge technological shift. Some early adopters in cloud computing have been government, education, small and medium-sized businesses, and start-ups in general. However, recently, financial sector giants Wells Fargo, Morgan Stanley, and Capital One have been placing their bets that in the not-too-distant future, their entire computing capabilities will come from public cloud offerings such as Amazon, Microsoft, and Google. As this happens, those impaired assets stand in the way of taking the charge up the Industry 4.0 hill.
In my next post, I'll discuss strategies for mitigating the impact of this transition and gaining a competitive advantage without losing on impaired assets.
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