Cloud technology has completely transformed industries, evolving business computing from a rigid system to something much more scalable. Hand-in-hand with this growth is the demand for companies to become more flexible and adaptable due to global pressures, changing client needs and market volatility.
Increasingly, business leaders are turning to the cloud as a solution. After all, your business cannot be flexible if your computing is not. The cloud service market is estimated to hit $206.2 billion in 2019, a 17% increase from 2018. For companies who adopt this, the transformation and benefits are numerous. Read on to discover how cloud computing can transform your business.
Scaling up and down
Cloud platforms are able to readily respond to customer and market demand. This gives businesses much more freedom when it comes to meeting client demands or downturns in the market. In the past, for example, it was a relatively common sight to see a website crash when it suddenly attracted a lot of visitors. This happens less now because of cloud computing. Website hosting companies use cloud technology to more effectively handle a large number of visitors. For example, Turkish news site Onedio uses Amazon Web Services (a cloud-based system) to reduce downtime and scale its operations for up-to-the minute news.
Businesses are only charged for the amount of cloud technology that they use. This makes cloud computing more cost-effective, as they pay more when more customers are using the technology and vice versa. If the market suddenly goes quiet, you don’t have to worry about your cloud computing costs.
More data and insights
Cloud computing provides a wealth of user data that you can use to understand peoples’ behaviour and habits. Depending on what service you use, you can gather data on how customers interact with your company, business processes, invoicing and employee expenses. Analysing this data gives you a valuable insight into your financial management, helping you develop a leaner finance team and reduce back-office costs.
Better customer service
Through the cloud, employees across the world can access the same company information and support services to help your customers. Cloud technology can be accessed via many internet browsers and deployed on many different devices, from smartphones and tablets to desktop computers – making it easier to share information with customers. Plus, you can provide higher quality (and higher bandwidth) information such as video and animations. All of this gives your customers a much better service experience.
The cloud offers many potential business opportunities for savvy companies. Adobe, for example, switched from its limiting boxed software model to a subscription-based, license management model known as the Adobe Creative Cloud. This gave the company more scalability, flexibility and insights on how people were using its licenses. Similarly, Netflix relies on cloud computing to deliver its video streaming services. Again, this allows it to scale globally with costs that only grow when the business increases.
Through cloud computing, companies have less risk when developing and testing potential products. Because you only pay for the resources that you use, you can create new services without the time and effort of traditional IT procurement. Plus, if that service becomes a hit, hosting it on the cloud makes it easier to scale it to meet demand.
The future looks cloud-y
The cloud is undoubtedly here to stay. It has become an absolute necessity for many businesses, including Netflix, Twitter, Facebook and Airbnb. Every business will eventually adopt cloud computing – and will find themselves transformed into more competitive, flexible and leaner versions as a result.
To avoid painful product upgrades, costly customisations and expensive bills, consider contacting Xledger to find out what we can offer. We are the ERP choice for over 10,000 ambitious organisations who are benefitting hugely by using our integrated cloud financial management system.