The way businesses run has altered as a result of cloud computing. Cloud computing helps businesses to develop and adapt fast and efficiently, with cheaper costs and easier operations than on-site infrastructure. Services are delivered over the internet as needed.
But when it comes to making the transition to the cloud, many business executives are unsure of where to start. By 2025, more than 85% of businesses will embrace a cloud-first policy, and without cloud-native architectures and technologies, they won’t be able to execute their digital goals, according to Gartner analysts.
Capital One has introduced Capital One Software, an enterprise B2B software company that specialises in offering cloud and data management solutions, to help businesses adapt to this shift.
“For a while now, we’ve been referring to Capital One as a technology firm. With the implementation of contemporary data and cloud capabilities as well as our internal product development methodology, “the president of Capital One Software, worldwide, and business cards & payments, Ravi Raghu, remarked. “The easiest way to demonstrate that is to start a technology business that sells software.
The way Capital One Software interacts with its business clients, according to Raghu, has been influenced by the data transformation journey that Capital One had with the help of its 12,000-member IT team when it decided to “go all-in” on using the public cloud.
According to Raghu, “Our clients are currently in the same situation that we were in years ago.” There is a lot of room for these markets to expand as they organise their data on the cloud to speed up innovation, increase efficiency and productivity, and pursue initiatives like machine learning. They will be assisted in overcoming problems with cloud and data management by Capital One Software.
Raghu discussed with Protocol how Capital One’s own technological experience inspired the company to create business-to-business software and how Capital One Software is currently assisting other companies with their data-driven digital transformation.
Why did you decide to start this new company, Capital One Software, and what is it?
Simply defined, Capital One Software is a B2B enterprise software company devoted to assisting companies in scaling up their cloud and data management initiatives.
This new venture was a logical continuation of the technological adventure we’ve been on over the previous ten years, and in reality, it was a continuation of the work we’ve been doing since we received our first credit card and client in 1994. Capital One has long understood how data and technology can help even big businesses be creative and individualised. Our transition to the cloud has only made it possible for us to employ technology in innovative ways that offer our clients excellent value.
Of course, there were obstacles along the way, and it wasn’t always easy sailing. To function in the cloud at scale, especially in the areas of data management, we had to develop solutions that didn’t already exist in the market. Since we know that many other companies are accelerating their cloud and data journeys and have comparable data management needs, it only makes sense to market some of the tools we’ve built and scaled as enterprise B2B software solutions.
How did you get here, exactly?
This year saw the introduction of Capital One Software, but its success is largely due to the investments we’ve made in creating a top-tier engineering staff, utilising contemporary software development techniques, and constructing cloud and data management capabilities. For years, we’ve been creating and perfecting our own software. We concentrated on taking our internal tools and developing the software-as-a-service version we could market as Capital One Software after realising other businesses would benefit from what we produced.
For many reasons, starting a business is challenging, thus we approach this with much humility. The venture capital playbook, which details what occurs in each round, how long it takes, and what success looks like, served as our model. We understand that it’s not simply about the inspiration or vigour you provide. To succeed in this field and make these concepts a reality, one needs flawless execution and laser focus. This entails putting your idea to the test in the marketplace, obtaining some first client feedback, and then becoming fixated on customer satisfaction.
What distinguishes Capital One Software?
From application programming interface and open-source solutions to artificial intelligence and machine learning apps, Capital One is continually developing new products to address difficulties facing businesses. To be able to fully utilise the power of data and run large-scale cloud operations, we created technologies that weren’t already available on the market. These are tried-and-true solutions that Capital One is now bringing to market and using for our own company. Since we are Capital One Software’s largest customer, you could say that Capital One Software is special.
What are a few business issues that Capital One Software hopes to address for users?
For any business using the cloud, we are committed to offering cloud and data management solutions. We’ve developed tools to address the various needs that companies have as they attempt to accelerate their cloud and data journeys at scale — things like data publishing, data consumption, data governance, and infrastructure management — and we’ll continue to investigate where we can bring our solutions to market to assist other companies with addressing these needs in the future.
Can you tell us more about your software offerings?
Companies like Capital One are able to gain access to their data with ease thanks to the adaptability of the data cloud platform Snowflake. However, this could also present a special problem for businesses and customers who are not skilled in cloud optimization. It can result in unanticipated expenses and inefficiencies when lines of business handle their own compute requests and settings.
To simplify our Snowflake provisioning procedures, we created our own tools, and we are now releasing Capital One Slingshot. Customers of Snowflake’s data cloud platform can use Slingshot, a data management tool, to automate crucial governance procedures, control cloud costs, and speed up Snowflake adoption. Slingshot assists organisations in streamlining their Snowflake provisioning procedures, upholding governance standards, gaining in-depth visibility into cost factors, and maximising future spending.
How are these goods related to the larger objective of Capital One?
Capital One’s trademark has always been ground-breaking innovation. Our business approach and the way we provide our clients with unique value both depend heavily on technology. The goods, services, and experiences we create, like Slingshot and Capital One Software, reflect this.
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