Deloitte Announces the Formation of Olympus with AWS, the 1st Global Industry Cloud Accelerator Fund
NEW YORK, Dec. 5, 2022 -- Deloitte today announced the formation of Olympus with Amazon Web Services (AWS), a global investment fund focused on building industry cloud solutions. This initiative combines the virtually unmatched engineering and industry domain knowledge of Deloitte with the security and scale of AWS to co-innovate and engineer solutions that tackle the toughest challenges in key industries, employing the principles of modern software engineering.
"Our goal is to help our clients more rapidly leverage the power of industry cloud solutions and modern technologies, like AI, machine learning, blockchain, IoT, 5G, AR/VR and quantum computing, all on the cloud, to address their most urgent issues such as food waste, access to financial products, clean energy, geo-political risk, etc., leveraging digital technologies, cyber security and modern architecture and engineering," said Forrest Danson, principal and global chief commercial officer of the Amazon/AWS alliance, Deloitte Consulting LLP. "Industry clouds have the potential to both reshape entire markets and enable our clients to quickly realize future-looking business strategies."
According to Deloitte's research, industry clouds have the potential to reach $640 billion by 2025. This initiative is aimed at delivering the industry cloud solutions to accelerate digital transformation across industries. Deloitte and AWS deliver innovative value in the life sciences, consumer banking and smart manufacturing sectors, among others, with Converge by Deloitte on AWS live in over 30 countries globally.
Deloitte's ConvergePROSPERITY BankingSuite will be a part of the Olympus program. This suite of services helps financial institutions meet the growing demands of consumers and small businesses and to expedite the launch of digital-first banking services. Deloitte and AWS have already co-invested and worked on the engineering, using Deloitte's digital banking platform — which helps banks and non-banks deliver innovative customer experiences, modernize legacy product platforms, drive greater efficiencies and bring products and services to market faster on AWS technology.
"With ConvergePROSPERITY BankingSuite on AWS, we were able to de-risk and drastically accelerate the launch of our digital banking platform in three European markets," said Tom Mazzaferro, chief data and innovation officer, Western Union. "More importantly, our ability to expand the set of products to countries incrementally has been significantly enhanced due to the module components and cloud-based architecture."
"Together, we have already co-developed several groundbreaking industry cloud offerings," said Chris Niederman, general manager, Global Account Sales and Strategic Alliances at AWS. "This new investment fund will help us to scale and expand across all industries globally, as we give our customers access to more powerful solutions that address their increasingly complex and specialized problems. Together with Deloitte, we have committed to translating our technology expertise and their industry experience into new industry solutions that reimagine and reinvent how business is done."
Deloitte is committed to developing industry-focused solutions with AWS while supporting customers with their core offerings, including application migration and modernization, data modernization and artificial intelligence and machine learning (AI/ML), large-scale package migrations to cloud and security and customer engagement on Amazon Connect.
Deloitte provides industry-leading audit, consulting, tax and advisory services to many of the world's most admired brands, including nearly 90% of the Fortune 500 and more than 7,000 private companies. Our people come together for the greater good and work across the industry sectors that drive and shape today's marketplace — delivering measurable and lasting results that help reinforce public trust in our capital markets, inspire clients to see challenges as opportunities to transform and thrive, and help lead the way toward a stronger economy and a healthier society. Deloitte is proud to be part of the largest global professional services network serving our clients in the markets that are most important to them. Building on more than 175 years of service, our network of member firms spans more than 150 countries and territories.