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Cloud Computing: Increase Profitability and business Growth
You’ve put a lot of effort into growing your company. That’s why you should use appropriate technology for corporate management. Cost reductions, profitability, and scalability pushed the adoption of cloud computing and modern technologies within companies around the globe. Meanwhile, businesses have also realized that the cloud holds various other advantages: it enables innovation and the development of new products. As a result, it provides competitive advantages, resulting in increased growth and higher profitability. The COVID-19 epidemic and the related changes in the business environment have accelerated cloud adoption worldwide.
Before implementing new cloud services, businesses must conduct thorough preparation, including extensive cloud readiness assessments and a well-defined onboarding plan. In order to identify a proper combination of public, private, and hybrid cloud systems, the company’s workload requirements as well as its strategic orientation must be considered. Regulations on data protection and storage, such as the GDPR requirements of the European Union and the DSGVO, also add to the complexity of the entire project.
Organizations must maintain the appropriate balance when orchestrating workloads if they really want to achieve optimal performance and take full advantage of significant cloud opportunities. Companies can swiftly migrate workloads and obtain exceptional performance on the cloud platforms thanks to the interconnection between multiple clouds, resulting in improved innovation.
Cloud-native development goes beyond technology and extends to operating models and organizational behaviors. To support cloud-ready transformation, businesses must realign their organizational structures and embrace a culture of lifelong learning, experimentation, and improvement. This is how they will realize and maximize the benefits of technology to their business.
When companies integrate the cloud with artificial intelligence (AI), they are capable to enhance their overall performance through more intelligence, data-driven processes, and a tailored user experience with measurable benefits- this applies to every industry. Organizations can develop data platforms that integrate and unlock company data and deliver deep AI capabilities using on-demand computing capacity in the cloud, allowing them to expand their business with agility and make educated decisions. Organizations will rely significantly on the cloud to unleash new possibilities rather than spending time improving existing processes.
Furthermore, the global COVID-19 pandemic has tremendously increased cloud adoption. Likewise, it has been proven that the cloud – and its implementation in IT systems and business processes – has become synonymous with company resilience. According to the Infosys study Cloud Radar 2021, with over 2,500 respondents from companies across the U.S., U.K., France, Germany, Australia, and New Zealand, companies with 80% or more of their business functions in the cloud reported a stronger ability to unlock value from data and AI using the cloud. By 2022, more than 40 percent of enterprises surveyed plan to shift over 60 percent of systems into the cloud, from 17 percent today. Whether in manufacturing, retail, healthcare, or financial services, cloud technologies have provided firms resiliency and enabled them to respond rapidly in the wake of lockdowns and social distancing.
Businesses of all sizes can benefit from the cloud, regardless of their industry. Profitability, on the other hand, does not appear until firms have migrated a large amount of their IT activities to the cloud and made well-informed decisions about cloud model/arrangement and cloud system management. When a corporation switches at least 60% of its systems to the cloud, it gains significant speed and capacity advantages. Anything below this criterion helps with defensive priorities, but it doesn’t help much more with getting a competitive advantage.
Cloud adoption is happening at different speeds and scales in different markets. Compared to other markets, European companies reported lower amounts of IT in the clouds. Companies predict they will heavily rely on the cloud to unlock new potential by 2022. Progressive and offensive cloud objectives, such as,- enabling remote access, cost management, resilience, and security, improved digital capabilities, accelerating deployment, and achieving scale seamlessly will be the dominant reasons for companies to adopt the cloud.
Sources:
Cloud Radar 2021: Boosting profits and enabling competitive edge through cloud