BUSINESS TRANSFORMATION
The role of cloud computing in digital transformation
“It is not the strongest of the species that survives, nor the most intelligent, but the one most responsive to change.” — Leon C. Megginson
This quote rings truer than any other in the current competitive world where enterprises, old and new, are trying to leverage the latest digital technologies to elevate their businesses. Those that have done so successfully credit their prosperity to digital transformation.
The term “digital transformation” has become a common buzzword in businesses these days. But what is digital transformation? Simply put, it is the use of technology to improve business processes that enable enterprises to be more productive, more efficient, more profitable and more effective.
Consider Amazon. It has revolutionised the shopping experience. It was ably supported throughout its transformation by revolutionary technology — warehouse automation, robotics, big data analytics, artificial intelligence (AI), internet of things (IoT) and such.
However, the technology that is gaining in popularity today for its role in digital transformation is cloud computing. The market, which was worth USD 445.3 billion in 2021, is projected to grow to USD 947.3 billion by 2026.
How cloud computing is aiding digital transformation
Why are businesses investing so much in cloud computing? The reason is that this technology is making them more profitable by aiding their digital transformation. Listed below are five ways cloud computing is enabling this:
Support for agile business models
At the end of the day, if businesses do not innovate, they can not even survive, forget growing. And, innovation needs the backing of relevant digital solutions. On-premise digital solutions take up a lot of resources in the long run. A significant amount of time and money goes into adapting to each business change with an on-premise solution. On the other hand, cloud computing has the necessary infrastructure, platforms and computing resources in place that companies can start to use immediately. This allows for a lot of flexibility in workflow.
Economical IT spend
Perhaps one of the biggest advantages of cloud computing is its payment model. The as-a-service model that cloud computing offers is not only scalable (use as much as is necessary when needed), but is also economical as charges are levied only for the resources that are used. This is a huge saving on big IT-related expenditures for companies.
Increased data security with backups
With in-house data storage and management, you face a constant fear of losing critical data. There is always going to be anxiety about possible data breaches, unexpected system failures, or occurrence of natural disasters, any of which could threaten information loss. You are saved this worry with cloud hosting since it is easy to create multiple backups of data. This is especially beneficial when dealing with big data analytics, as the chances of system failures could result in significant loss of time, money, effort and of course, data.
Speedy application designing
Slow and steady no longer wins the race in today’s world. It is all about speed and swiftness. The cycle of innovate-test-implement-repeat must be continuous and quick. The cloud offers the ideal platform to achieve this and eliminates the need to set up complex infrastructure. Companies can now experiment with multiple applications on different platforms with great ease.
Better organisational synergy
In today’s work-from-anywhere culture, it is imperative for information to flow unhindered. Cloud computing makes this possible since anyone from anywhere at any time can access files stored on the cloud. But, access can also be controlled to ensure optimal delegation. Overall, it fosters collaboration and teamwork within the organisation, while maintaining data integrity.
Digital transformation has been happening organically since the ‘80s with every new technological discovery. From spreadsheets to ERP software to the new age technologies of augmented reality, virtual reality (AR, VR), and big data, each new technological innovation has added undeniable value to businesses. And, cloud computing, with the distinctive features it offers, has raised the bar considerably.
Technology is much more than just a support function. It is a strategic competency. And, rather than simply applying technology to businesses, digital transformation aids in the creation of entirely new business models.
Every business is faced with two choices: innovation or extinction. The differentiator is digital transformation.
*For organizations on the digital transformation journey, agility is key in responding to a rapidly changing technology and business landscape. Now more than ever, it is crucial to deliver and. Enabling businesses to sense, learn, respond, and evolve like a living organism, will be imperative for business excellence going forward. A comprehensive, yet modular suite of services is doing exactly that. Equipping organizations with intuitive decision-making automatically at scale, actionable insights based on real-time solutions, anytime/anywhere experience, and in-depth data visibility across functions leading to hyper-productivity, Live Enterprise is building connected organizations that are innovating collaboratively for the future.
