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Cloud Innovation Can Lead to Financial Inclusivity

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A new invention of 3G and 4G connections in Pakistan has pushed enterprises to reassess their IT requirements in order to develop and support their commercial activities by introducing more advanced ICT solutions. While the country is at the new level of Cloud-based innovation, and few businesses have taken cloud-based services, most small and medium-sized companies’ owners and managers are keen to use cloud services for their smooth business activities.

Its discussed cloud-based innovation in Pakistan and its future and how the most recent technologies can disrupt the financial inclusion landscape focusing on small and medium-sized companies and other companies. Karandaaz is a non-profit enterprise financed by the British Foreign Commonwealth and Development Office, Bill and Melinda Gate Foundation. By using technology-enabled solutions, Karandaaz promotes financial inclusion for people and companies.

The Chief Digital Officer of Karandaaz Rehan Akhter was chaired by Shumaila Rafaqat, CEO of the Karandaaz Challenge Fund for Innovation. Mrs Rafaqat showed how fast-growing economies use cloud-based innovation to address industrial concerns. She continued to describe how technology forms the market. There has been discussion of Karandaaz’s current programs on financial inclusion, political restrictions, assistance for small and medium-sized companies and women-led companies. Mr. Rehan continued the debate by discussing the contemporary context in which technology-based solutions are rightly adopted. He explained how the relationship between corporations and their consumers evolves with these new technologies of data mining and how young people today are prepared to integrate with this empowered environment of technology. He says that There was a period when just websites were utilized to by corporations, but things changed. He argued that if the technology is effectively embraced 80 percent of Pakistanis that are not supported by the banking industry may offer financial services.

Mr. Majid was also the moderator of the webinar at the next session. The substance of his presentation follows: “Every major technology company (Amazon, Google, etc.) uses cloud computing. There is usually a status quo, which keeps large and small enterprises modest yet there is a potential for further development and growth virtually every decade. This cloud computing may be seen as a chance by new/growing enterprises and economies to leapfrog, to offset them through innovation and disruption. It is a low-cost technology that reduces barriers to entry levels for startups, new companies and economies. Agility is also a crucial advantage of Cloud, known as market speed. Another problem with data security and cloud was how the newest encryption breakthroughs can safeguard the data. It was described. Some firms such as Zoom have employed cloud computing and grown quickly and have catered for thousands of people. There are many kinds of clouds with machinery, analytics, a database, face recognition and artificial information, such as public, private and hybrid cloud. Various models such as Iaas, STaas, Paas, as well as how corporations use them around us, have been discussed.

The next speaker was SVP Northbay Solutions – Khurram Rahat, who outlined the aspects that might help innovation in the landscape of Pakistani SMEs. He discussed how anyone should concentrate on consumer demand disruption together with technological disruption. Because of the rapid market developments, some established companies have had to think like start-ups. Mr. Rajat gave a list of the following innovation challenges: financing, resilience, adaptability, agility, innovation and flexibility, shared his work experience with the start-ups. It was also underlined the need of testing new ideas. Innovation doesn’t mean developing new things, but finding new views on ancient things. The presenter also spoke about young people and their attitude to technology disruptions and strategies of dealing with the difficulties outlined above. Companies must understand and react to the wants of their consumers in order to achieve the entire potential of concepts like machine learn and linked homes. At the end of his discussion, he listed the advantages of Cloud Computing; companies may start with the little business and then scale up as businesses expand, start-ups while they are working with big cloud companies are able to minimize risks, because they may use different security levels. He pushed new companies to consider about cloud as part of their business.

The webinar attendees and presenters in addition to the Karandaaz team answered questions in the concluding session. Mrs. Sana stressed the ability to leverage on the capabilities of cloud computing when addressing a question. She stated we need resources which can adapt to the technologically fast changing situation. Mr Rahat addressed issues relating to security issues and other technical specifics that normally worry about cloud computing. While clarifying the nature of data-related violations in the organization, he stressed the safety of networks by large-scale organizations. They do not have additional resources to pay for the mechanisms of information security, especially in the context of startups, Rahat stated. In closing the webinar, moderated participants were invited to read and investigate cloud.

The economy of a country is steadily leveraged by small and medium-sized firms (SMEs). In this context, the developments in ICT make both cloud (CC) an efficient and cost-effective platform for small and medium-sized enterprises and startups. Various factors have a statistical effect on SMEs’ acceptance of the CC. The aim of this webinar was to identify the most notable elements for adopting the CC by small and medium-sized enterprise and other organizations in Pakistan, as part of the technology, environment and organization framework.