“As we now navigate one of the most severe recessions of the last century, it is worth asking what comes next, post-recession. During this trying time, a revolution is underway in computing. It is a revolution that promises to shake the foundations of how technology is delivered to all organizations. This revolution is cloud computing and it promises to reshape the structure of the knowledge economy.” _CFO insights: Heading for the clouds.
In contemporary business scenario the need for reliable, yet affordable technology is greater than ever; that is where cloud computing comes in to fill this void. Cloud computing has brought a drastic change in IT practices and it is estimated that it will have a significant impact on businesses after 2017. Cloud platform helps businesses regardless of the business size, it administers the business operations in the most proficient way possible.
It is speculated that nearly 90 percent of corporations have moved towards cloud computing by the end of 2017. This suggests that there are certain obvious advantages of cloud computing, which every type of business can take benefit from. Today we will explore the ways in which cloud computing is helping firms in business development.
#1 Could Create New Generation of Products and Services
The economics of cloud computing allows business firms to develop products that were impossible initially or were radically cheaper than the rivals. Previously, the business ideas that used to require an exorbitant scale of computing strength or fundamentally new-fangled business models and could not be undertaken because of on hand IT confines can today be realized. Since every progress in storing and processing strength, technology permits innovations that were not achievable earlier but the cloud has made such opportunities reachable.
#2 Drives Business Innovation and Experimentation
Cloud is an enabler of new business models; it provides a rapid and efficient way to take over business operations changes and seek better ways to interact with the stakeholders. Cloud technology allows business to install innovative apps and services that can lead enterprise towards sustainability and gain an edge over the competition.
Cloud presents a podium for technology experimentation, rapid development, and distribution that used to be the province of the IT department. This means when firms’ budgets are utilized in business activities, the business managers are turning to cloud computing to expand their businesses.
Just like Saul Berman, global strategy consulting leader puts in: “Too many companies are experimenting lightly with cloud computing. They’re using it to tweak existing operations, as opposed to thinking about how it could revise or re-invent the fundamental way they sell their goods and services.”
#3 Cloud Allows Capturing of New Data
Cloud allows businesses to fetch data effortlessly that might have been concealed or overlooked. The advent of Internet-of-things and hyper-connected society lets a business firm go afar its boundaries to watch how customers are using their products and offer extra services at the right time.
There are plenty of rousing examples. ASB Bank carried out “Like a Loan” campaign with the help of cloud. The campaign offered customers zero cost loans for “best liked” story concerning a loan. This campaign gave a depth insight of customers and their needs, the bank used these insights to fine-tune its services.
#4 Links Record Systems Next-Generation Systems of Engagement
Firms always find it important to integrate key business operations e.g. Marketing, Human Resource, Supply Chain Management etc to the systems i.e. electronic mail, instant networking and/or collaborating hubs, in order to facilitate connectivity with works and other stakeholders. With the aid of the cloud, collaboration can improve significantly. The cloud allows individuals to meet virtually and share information instantly in real time.
Such a capability can minimize time-to-market and foster the product development efficiently. The aim is to use the business data in a most industrious and creative way. In this regard, the cloud is helping impel this trend.
#5 Allows Service Automation in a Hybrid Cloud Environment
When corporations are on a cloud, they are able to observe and control how products are used in order to preserve the security/privacy of the corporation by automating services over the cloud. Could allow companies to create apps, develop business models and/or work with collaborative parties.
That’s a new way of thinking from past approaches in cloud computing where organizations thought they were losing control over their resources that were housed in large centralized data centers. Now it is much easier for organizations to be nimble.
Cloud computing can serve significant strategic pros for businesses. It serves numerous key advantages which result in business sustainability and operations agility. However, in spite of these, the cloud may not necessarily be the great option for every business. Often times it can be the complexity or the expense of such a system that could prevail over the pros in some businesses.
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