When moving to the cloud, many organizations concentrate their focus on the change in technology, and overlook an area just as complex: cultural change. 

At Google, we’ve spent years nurturing our culture and workforce to best operate in the cloud, and the Google Cloud Professional Services team leverages the lessons we’ve learned for the benefit of enterprise customers embarking on their own cloud journeys. 

While it can be tempting to believe in a universally ‘correct’ strategy for change management, there is no one-size-fits-all answer. Every organization will have its own unique considerations. But with that said, there are some core strategies we’ve found to be relevant and useful across a broad range of businesses. 

1. Define your purpose for moving to Cloud
While pockets of cloud use and experimentation can evolve independently and in parallel across an organization, it’s important to make some deliberate decisions before starting a larger migration. At this stage, we recommend having a detailed answer to two key questions to ensure a successful cloud migration:

• Where do you want to go? (Or “What’s your cloud vision?”) 
• How do you plan to get there?

Start by having a conversation with leaders and those who will be key to the journey about how far you want to push your cloud vision. This alignment ensures everyone is on the same page—and will provide greater direction, allowing more deliberate action. 

2. Find the change path which is right for you 
Whether a ‘lift and shift’ approach to the cloud is right for you, or a more transformative approach with a lot of re-architecting—the most important thing is to find the flavor of change which is appropriate to your context and level of ambition.This will both shape your key migration activities, but also the level of impact to be managed within your organization.  

There are many ways to embark on a change journey for cloud migration (which one can find in the chart below). It is important to deeply understand the needs of your business and its people and determine what strategy makes the most sense.

3. Learn from best practices
Based on the lessons we’ve learned along our own journey, and the work we’ve done with customers, there are a number of recommendations we can share that can make a cloud migration more successful. We go into these in more detail in our new whitepaper, but below you can find the ones we think are most relevant: 

• Share the vision—and measure, measure, measure. Once you’ve crystallised your cloud vision with leadership and key stakeholders, share that vision widely. Set success goals and communicate them to hold yourself accountable.  
• Be clear about the capabilities you will need in the future—and where you’ll get them. For example, if your vision is to become a cloud-first, data and AI-led organization, ensuring you have the right data science skills and machine learning capabilities in your organization to achieve that vision becomes a critical step—be they home-grown or bought-in.
• Find the right balance between capabilities that should be under central control, and capabilities that should be decentralized, or agile. For example, should machine learning be something that sits centrally, or should it be spread across your organization? For every business, the solution will be a little different, and there’s no “one true answer.” There’ll be lots of different opinions about this, so the sooner the conversation starts, the better.  
• Start thinking about the needed tech and non-tech skills now, and how you’ll fill the gaps. Building the tech skills will take time, and not everyone will feel comfortable with the future picture of collaboration, innovation, and agility. 

To help businesses navigate their own cloud journeys, Google Cloud Professional Services has released a new whitepaper that can help guide organizations. “Managing Change in the Cloud” is closely aligned with the Google Cloud Adoption Framework and is a practical guide for organizations looking to maintain momentum in their cloud adoption. You can download the whitepaper here.

While some traditional financial services companies have more slowly transitioned to the cloud, capital markets firms have embraced cloud computing across their entire value chains — front-, middle-, and back-office. We wanted to understand the dynamics behind this rapid adoption, the most common use cases, and the types of technology most in use, particularly as it relates to market data. Google Cloud commissioned Coalition Greenwich to survey 102 institutional capital markets professionals — at exchanges, trading systems, data aggregators, data producers, asset managers, hedge funds, and investment banks — in the United States, Canada, France, Germany, Italy, the Netherlands, Switzerland, and the United Kingdom. 

Our research found that while there are many drivers, demand for easier accessibility is fueling widespread adoption of cloud-based market data services, and associated trading infrastructures, across the buy side and sell side. In fact, 68% of sell-side and buy-side users find it critical for market data providers to offer public cloud-based data services. At the same time, exchanges, market data providers, aggregators, and trading systems are embracing the cloud as a delivery model by offering access to data directly via their own cloud services, APIs or partners.

Here were five noteworthy takeaways from the study: 

1. Cloud services are becoming ubiquitous for data delivery. Today, the cloud is pervasive, with 93% of exchanges, trading systems and data providers offering cloud-based data and services, according to surveyed executives. Moreover, 100% of those surveyed intend to offer new cloud-based services, such as derived data, in the next 12 months.

2. Commercial and investment banks are offering additional connectivity, real-time data feeds, and trading applications delivered via the cloud,demonstrating that it’s not only exchanges, trading systems, and data providers that are moving rapidly to the cloud. Internal use cases abound as well, with 67% of those surveyed consuming cloud-deployed market data, primarily for data analytics. 88% of surveyed sell-side firms intend to consume cloud-based market data services, with digital transformation, data science and quant research as the top use cases.

3. Buy side firms will consume even more cloud-deployed data. Today, 90% of surveyed buy-side firms are consuming cloud-deployed market data, mostly for portfolio management. 70% of buy-side firms intend to consume more public cloud-based market data services in the next 12 months, adding services such as compliance and regulatory reporting.

4. AI/ML, powered by cloud, is moving out of the pilot phase and into mainstream use. Today, 50% of exchanges, trading systems, and data providers are offering data products or services powered by AI/ML, and of those, 42% intend to offer AI-powered trade execution and trading analytics services in the next 12 months. Within commercial and investment banks, 55% said they are currently using AI/ML in the cloud, and while that was true for only 14% of overall buy-side respondents, 44% of large buy-side respondents are using it.

5. Exchanges, trading systems, and data providers are prioritizing public cloud for internal insights. 71% of these firms are using the public cloud, mostly for data transmission, processing, analysis, and long-term data storage. Over the next 12 months, 33% of new public cloud workloads will focus on data mining, data insights and advanced analytics, while 28% of new AI/ML tooling and infrastructure investments will focus on faster analytics and risk reviews, and 27% on data quality maintenance.

“We see new, dramatic shifts on the adoption of cloud across market data,” said David Easthope, Senior Analyst for Coalition Greenwich. “And we expect further proliferation of cloud-based services and greater consumption across the trading and investing lifecycle.”

Conclusions and future predictions

Based on the survey results, Coalition Greenwich predicts five following trends over the next 12 months:

1. Exchanges and trading systems will continue to launch a wide array of new cloud-based and possibly cloud exclusive data services across derived data, end of day data, reference data and pricing data.
2. Data providers will launch new data products such as pre-trade analytics powered by AI/ML in the cloud.
3. Commercial and investment banks will offer additional connectivity, real-time data feeds, and trading applications delivered via the cloud.
4. Buy-side firms will consume even more cloud-deployed data, including real-time market data, portfolio management data, and risk analytics.
5. Exchanges, trading systems and data providers will explore proof-of-concepts around core systems on the cloud. Improvements to AI/ML tooling or infrastructure will ramp up as firms seek more rapid responses to risk initiatives.

To learn more about these findings, download our two full reports, The Future of market data: Distribution and consumption through cloud and AI and Exchanges and data providers: Prioritizing the cloud and AI for internal insights or our short infographic.

Research methodology

The survey was conducted online by Coalition Greenwich on behalf of Google Cloud from March 2021 to April 2021 among 102 executives in North America (n=82), EMEA (n=17) and other (n=3) who are employed full-time and who are participants or influencers in decisions around cloud and/or senior management with a role at a company which is an institutional asset manager, hedge fund, alternative investment manager, exchange and/or trading system, information provider, information aggregator, or other asset manager/asset owner. The survey included wide perspectives from a range of firm size and asset class focus, including equity, fixed income, FX, commodities, multi-asset, and other asset classes.

Foot Notes

1.  We defined market data as direct feeds, consolidated feeds, terminal and desktop products, security and reference data, pricing data, historical data, alternative data, and index data.

Editor’s note: This post was originally published in TechPulse Belgium, where Jack Buser, Google Cloud’s Director of Game Industry Solutions, shared his trends for the industry this year.

The year 2022 will hold many surprises (with a few already dropping!), but there’s one near certainty: By this time next year there will be millions more gamers worldwide. It’s thanks to the industry’s little-noted technology growth drivers, which are getting stronger. 

Games are no longer a niche hobby; it’s global, mainstream entertainment. There were 3.1 billion gamers worldwide in 2020. It’s estimated that by 2024 there will be another 500 million. With a global population of 7.7 billion, that’s nearly half the planet. Revenues in 2021 may reach $175 billion—likely more than movies, music, and books combined. 

It’s a strength unique to the games industry, driven by the way its creators deploy new technology. Advances we see in everything from pricing and emerging markets, to backend computing and delivery suggests it will grow from here, on things like artificial intelligence and planet-scale networks.

Games forever, game better

It’s no surprise that videogames have become a huge business. Playing games is one of our deepest human expressions. There is a 4,500 year old board game that people still play, a testimony to the human love of testing cleverness, honing reactions, building trust, or just enlivening a day.

Video games do all that and for decades game makers have taken the most cutting-edge computing tech to make things better. We’ve seen electronic ping pong become shooting asteroids, to simple (yet iconic) 2D sprites evolve into believable, expressive 3D characters, all leading to today’s immersive worlds hosting tens of millions of players worldwide.

There’s more to come. I work at technology’s cutting edge for games, offering the world’s leading game creators access to powerful cloud computing, a low-latency global network, Machine Learning and AI, and much more. As usual, game innovators are taking up all these tools, building new narratives, new ways to play, new markets, and new jaw-dropping moments.

And game creators aren’t just thinking about players; they’re also thinking about viewers. More and more people are watching eSports, and creators are using the games medium to engage their viewers in increasingly immersive ways.

Streaming like never before 

AI and ML are sharpening games and attracting new players in other ways. These technologies increasingly power everything from network performance to global player matching. The delicate but essential work of encouraging newcomers and discouraging bad actors, optimizing monetization, or building and scaling up new player environments.

Another important area we’re seeing cloud tools being put to use is in coordinating the workflows of global teams of developers. It’s not just a question of building faster anymore, but of collaborating and responding more effectively. The distributed work trends that featured so strongly during the pandemic had already featured in much of the game industry, increasingly it’s an industry standard. This will likely mean even faster and more diverse game development, addressing the needs of new markets where we’re seeing double-digit growth.

Tools like cloud streaming, 5G, and edge computing are likely to accelerate the use of Game Streaming, Augmented Reality, and other types of immersive gameplay. If my metaverse doesn’t have games, count me out! We’re looking at some exciting new developments in coming months with some major industry players. Stay tuned.

A big year for the games industry

As a premier provider of solutions, tools and services to games companies, our engineering job is complex and global. Fortunately, our mission is simple: Help game companies transform to meet new global opportunities with planet scale solutions. Technology has brought the gaming industry to astonishing heights, and is the perfect compliment to great storytelling and creative ingenuity. 

As a decades-long industry veteran, I’ve never been more impressed with what technology can do for our industry. Looking past 2022, when we’ll see more compute, more AI, more AR, and more innovation around healthy and exciting game play, there is just one near certainty: More growth.