Today, entrepreneurs worldwide rely on cloud computing
for business growth, to stay competitive, and to obtain a distinguished rank in the global market. However, the story was somewhat different a few years back. Earlier, organizations had to build and maintain their own data center for hosting and running their applications. In addition, they struggled to achieve quick results from the complex data sets and had to recruit experts to ensure optimum operational performance.
At present, rapid technological advancements have provided robust and reliable alternatives such as cloud computing technology, which has become one of the key mediums for digital transformation. According to the latest report by Gartner, the cloud computing industry is about to reach a trillion-dollar value in 2022. This article explains how cloud computing helps your business evolve towards a sustainable future.
Importance of Leveraging Cloud Services for Business
Cloud computing technology utilizes virtualization to provide on-demand large-scale data storage, computing processes, scaling platform, running analytics, disaster recovery, and several other cloud services. The cloud service providers manage and maintain these services at remote data centers. As a result, the users do not need to manage everything themselves and can spend their bandwidth enhancing other business aspects. Here is a list of some of the most important reasons supporting the importance of using cloud computing for business growth
Entrepreneurs are inclined to gain an effective ROI with a minimum investment. Therefore, cost-effectiveness is one of the critical reasons for businesses adopting the cloud. You don’t need to spend on infrastructure setup, workforce recruitment, and other related investments. It is duly taken care of by the cloud service providers. Moreover, cloud computing services allow you to pay for the features you use. Therefore, it saves costs by cutting down on unnecessary overheads.
Improved Reliability and Consistency
Major cloud service providers are large enterprises that offer consistent services by employing high security, compliance, and data protection to boost the reliability and consistent performance of the cloud environment. As a result, companies can transfer all their data and business applications into the cloud and ensure efficient operations. According to Salesforce, 91% of businesses say that meeting government compliance is easy with cloud computing. Critical companies from industries that need strict security and compliance protocols such as banking, government, and defense, use cloud computing services.
Big Data and Analytics for Real-time Outcomes
As your business grows, it develops many critical and non-critical organizational data from several verticals. Cloud computing services leverage that data and run analytics to derive compelling insights. From those insights, you can develop action plans to meet organizational goals. In addition, advanced technologies such as artificial intelligence and machine learning
optimally utilize analytics algorithms, so businesses can obtain fast and effective insights in real-time.
Scalable and Flexible
Effective business scaling involving minimal or no cost is one of the significant aspects of cloud computing. Companies that can respond quickly to demand fluctuations hold a competitive advantage in the market. Cloud allows scaling up and down whenever required and offers businesses more flexibility. The cloud services for business improvement instantly accommodate the demand for extra bandwidth without incorporating a complex and expensive update to your IT infrastructure. As per an information week survey, 65% of respondents believed that meeting business demands was one of the most important reasons businesses adopt cloud environments.
Easy Resource Sharing and Agility
Cloud computing allows accessible resource or information sharing between departments by bringing your organizational data onto a single platform. As a result, your business operations become more efficient and quick because of the seamless access to the data. Cloud users can easily fetch or share their data, allowing fast operations and computations, making your business processes more responsive and agile.
Accelerated Digital Transformation
Organizations worldwide are planning their digital transformation journey. Cloud computing is one of the advanced technologies that help to transform businesses and obtain a digital presence. As a result, companies can attract customers' attention in the highly competitive market. Furthermore, digital transformation allows navigation of all your business operations through virtualization and online platform. Therefore, virtualization is the most strategic importance of cloud computing in a business organization.
Data Backup and Recovery
Data is the critical element of any organization, and data loss affects the business ROI. As a result, businesses must have a robust data backup and recovery strategy to handle any potential disaster efficiently. Cloud-based businesses
can quickly recover their data for all kinds of emergency scenarios. According to Salesforce, 20% of cloud-enabled companies claim disaster recovery in four hours or less compared to only 9% of non-cloud users.
Documentation is critical for a successful business model. Before the cloud, employees used to work on single files one at a time. As a result, several duplicate files increased the processing time and overall efficiency. The cloud stores all the documents in a centralized location where the employees can access them. As a result, it reduces the complexity and accelerates the documentation process efficiently.
How the New York Times Controlled Cost and Improved Revenue after Digitalization?
Most renowned media brands are gradually moving towards digital transformation to create their success story with a digital footprint. Likewise, advertisers have shifted their focus to digital platforms in the media industry
. As a result, print media and newspapers are facing numerous challenges.
The famous media house The New York Times decided to embrace digital transformation
. As a part of their plan, they opted for the AWS platform to successfully transform their legacy COBOL-based application into an advanced Java-based application.
Now, NYT stock has been up nearly 60% in the last six months, and their digital subscription revenue amplified by 40% year-over-year.
In today’s competitive world, transformation is the only way to succeed. As a result, businesses are interested in improving their efficiency, productivity, and overall performance. Cloud computing has evolved over the years, and it optimally serves the industries that are willing to leverage it. The importance of cloud computing for business success has motivated companies to opt cloud as their platform. It helped the companies be more agile in running their businesses and improved overall productivity.
“The cloud services companies of all sizes…The cloud is for everyone.
Frequently Asked Questions
What is the Strategic Advantage of Cloud Computing?
The top six strategic benefits of cloud computing are:
Why is Cloud Computing Crucial for an Organization?
Cloud computing is crucial for businesses because it reduces cost, improves speed and accuracy. As a result, it helps companies be competitive on a global stage. In addition, it boosts operational efficiency and productivity. It also helps minimize IT expenses by providing innovative storage, software, and infrastructure.
What are Cloud-Based Business Applications?
A cloud-based business application is a software program that collaborates with cloud and data-center components. This model depends on remote servers for computation accessed through a web browser through a strong internet connection.