Cloud Platforms are Driving Business Innovations, Here’s How!
Cloud platforms help companies bring new innovations to the market more quickly, while seamlessly scaling as businesses grow and evolve. The agility and speed offered by the cloud, serve as a catalyst, to respond quickly to new opportunities and possible disruptions fostered by legacy technologies. More often than not, legacy and on-premise systems are rigid and do not have the ability to keep up with the rapid experimentation needed to stay relevant and competitive in the market. Here is where the cloud plays an important role, by overcoming the shortcomings of traditionally used systems.
The cloud is predicted to comprise 14.2% of the total global enterprise IT spending market in 2024. This article will take you through the reasons why the cloud can be a trigger for fundamental business reinvention, catering to its transformation and growth in this ever-evolving digital world.
The Cloud Concept
In cloud computing platforms, data is not saved on physical devices and is rather saved on the “cloud”. The process of data storage, management, processing, maintenance, and deriving analytics is performed using a network of internet-based servers. Thereby, businesses can easily streamline processes, improve employee productivity, optimize business costs and enhance customer experience.
Since cloud computing services are delivered via the internet, it has the ability to be “omnipresent” and cloud platforms can be used as an on-demand offering, where users can have immediate access to available resources, from any location and whenever required. Due to its nature of “pooled resourcing”, cloud service providers like Google Cloud Platform (GCP) and Amazon Web Services (AWS) can combine computing and infrastructure to support multiple customers, simultaneously. Users can work on cloud-stored data at the same time, without worrying about version issues.
Additionally, the cloud offers fixed costs depending on business requirements. If in the future, your business grows or scales down, you can easily add or reduce storage without any hassle. The capital released in the latter part can then be used for other investments within the business.
Types of Cloud Services
Cloud service providers can provide a range of cloud-computing services, right from data storage to creating cloud-based software programs. These services are of three types: Infrastructure as a Service (IaaS), Platform as a Service (PaaS), and Software as a Service (SaaS).
Infrastructure as a Service
IaaS provides virtual servers or virtual machines, to help businesses handle different workload requirements using a range of configurations. Microsoft Azure and Amazon Web Services are well-known names in this domain.
Platform as a Service
PaaS allows software developers access to cloud-based tools, namely, APIs, gateway software, web portals, and much more. Salesforce’s Lightning, AWS’ Elastic Beanstalk are examples of PaaS.
Software as a Service
SaaS enables users to access various software over the internet. Users can collaborate on projects, download files and work directly on cloud computer programs. Microsoft Office 365 and Google Workspace are examples of SaaS-led applications.
Why is the Cloud a Catalyst to Business Innovations?
#1 Create Innovative Business Offerings
Major cloud service providers offer plenty of native services and marketplaces that provide developers with access to third-party ecosystems. Developers can leverage advanced functionalities such as Artificial intelligence programs, Natural Language Processing mechanisms, quantum computing, and advanced data aggregation. This exposure to native services is the biggest reason why businesses can innovate so rapidly.
#2 Efficient Scalability
Cloud enables businesses to automatically add storage capacity to meet an increase in business demands. This is as opposed to on-premises servers that would take weeks (if not months) to scale up, configure and get up and running! Not to mention the physical space that would have been blocked by these servers.
This capability has proved to be very crucial during the COVID-19 pandemic, where a major shift was seen towards digital channels creating sudden and unexpected demand peaks.#3 Reduced Time to Market
Automated cloud services enable developers to release code into production several times a day, thereby enabling teams to respond to, and keep up with, market demands while quickly testing what doesn’t work. Companies that have adopted cloud platforms affirm that they can release new capabilities to the market about 20 to 40 percent faster!
#4 Accessibility
In today’s era, users are always on the go. Cloud platforms help users to access data wherever they are, and whenever needed. Whether it be via computers, laptops, tablets, or mobile phones- as long as there is a stable internet connection- data can be accessed and worked upon seamlessly.
#5 Cloud Connected Devices
The Internet of Things or “IoT” goes hand in hand with cloud services and can be a huge potential for cloud-based innovation. Devices can be connected to each other- whether it be machinery components, medical devices, household devices, and much more. These devices take user commands as an input, retrieve the action to be performed from data stored in the cloud and perform the requested task. Think of Amazon’s Alexa or Google’s Siri. These Virtual Assistants are nothing but IoT devices connected to the Cloud.
#6 Actionable Insights
By leveraging advanced data science capabilities, the cloud also allows businesses to tap into collected data and view insights to make informed business decisions. Cloud services also offer the flexibility to collect both- structured and unstructured data- and make sense of the same by using AI-led mining software, to derive valuable insights.
#7 Securely Designed Cloud
Cloud platforms can be designed with various cyber security mechanisms and policies to modernize security seamlessly within the cloud. Data mirroring on various servers will ensure that a backup exists even in case of any failure.
Final Thoughts
Cloud platforms enable businesses to build resilience, maneuver uncertainty, overcome legacy software issues, create innovative products, increase employee productivity and speed and reduce overall costs in development and testing.
Businesses can capitalize on opportunities created by the cloud, to enable their teams to rethink various business core processes and add more value to services.
For more information on how our company can help you innovate using the cloud, send us an email at contact@fargowiz.com or request the below quotation form.
