How would the world have fared when the COVID-19 pandemic appeared if we didn’t have access to cloud computing technology? Server workers had to go into isolation, and the other employees had no means of communicating while at work. Most businesses would have gone bankrupt. Luckily, we avoided such a catastrophe, given that most companies were already undergoing a digital transformation.
Other advantages of digital transformation come in various shapes and forms. For example, those of you that are into games, can now deposit £5 slots and enjoy yourself without having to drive a few hours. While the pandemic has undoubtedly challenged all aspects of our day-to-day lives, it also aptly pointed out the economic advantages of cloud computing. Without further ado, let’s take a closer look at the six economic benefits of the cloud that can save your business money.
What Are The Economic Advantages Of The Cloud Computing
1. Flexibility
The larger your business becomes, the scarcer the following resource becomes. And that resource is focused – it will become harder and harder to divide it between all departments and tasks. Your current IT setup might demand an increased focus on your computer and data issues resulting in harder-to-achieve business goals and unsatisfied clients. If you rely on outside organizations for your IT infrastructure, you could better involve yourself directly in all the tasks to increase your revenue.
Cloud computing platforms are far more flexible when compared to local servers. For example, if you have a sudden spike in bandwidth requirement, that can be allocated immediately through the cloud. The same cannot be said for local IT infrastructure that requires vast monetary and labor resources to upgrade.
2. Security
It’s no secret that cloud computing services have various security concerns attached to them. If your data and software aren’t secured onsite, you can not be sure that they are protected. If you and your team can access the information remotely, why couldn’t a cybercriminal do the same thing? Surprisingly, there’s a myriad of factors that render the above statement false. In a cloud-based environment, the host can prioritize security much better than your in-house teams ever could. Your IT department divides its resources towards many concerns, and security often becomes less of a priority. Unfortunately, while companies might want to brush this off, a large percentage of data theft comes from within, done by their employees. Sure, maybe in your company’s specific case, the chances of employee data theft are low, but it could be zero with cloud computing security.
3. Teamwork and Communication
For your business to succeed, a collaboration between employees is paramount. Because of the COVID-19 pandemic, it’s becoming increasingly common that employees are working from home. Cloud computing services significantly improve the collaboration between employees, customers, consultants, and any other third-party contractors resulting in decreased costs.
4. Continuity
Any modern business should fear the repercussions of downtime. There are so many factors that can cause your IT infrastructure to stop working, from power outages to natural disasters. Therefore, businesses must secure the proper arrangements to provide continuity even in the most unfortunate of events. That’s where cloud computing comes into play, and the only requirement to access your data will be an internet connection.
5. Better Mobility
The age of the home office and working from exotic destinations is upon us. The COVID-19 pandemic has made it so that businesses must show flexibility and understanding towards the employee’s needs. Without cloud computing, the current work atmosphere could have never been reached. Employees have access to any file they may need, regardless of where they are located. Similar to the continuity advantage, the only actual requirement is a stable internet connection to receive cloud computing benefits.
6. Better Understanding of Capacity
Assessing capacity and making infrastructural decisions while keeping the load in mind are challenging tasks. However, auto-scaling cloud groups remove the guesswork from the equation. Once you have adopted cloud computing, you’ll be able to estimate the peak-traffic hours better, the performance required during a burst, and when the business demands are at their lowest.
Without cloud computing, any capacity decision that affects the unpredictable future of your business might result in idle resources, like server equipment. And that’s the best-case scenario; you could end up with no capacity due to faulty forecasting. That could translate into painful expenses that won’t happen on the cloud because you can pay while you scale vertically or horizontally.
7. Cost Savings
Using the cloud can save businesses and individuals money on hardware and software costs, as well as maintenance and upgrade expenses. Cloud providers often offer subscription-based pricing models that allow businesses to pay only for the resources they use.
8. Scalability
The cloud allows businesses to scale their resources up or down based on their needs. This means that businesses can quickly and easily adjust their resources to match their workload, without having to invest in additional hardware or software.
9. Accessibility
The cloud allows users to access their data and applications from anywhere, as long as they have an internet connection. This can increase productivity and allow businesses to be more agile and responsive to their customers’ needs.
10. Improved Collaboration
The cloud allows teams to collaborate on projects in real time, regardless of their location. This can improve efficiency and reduce the need for travel and face-to-face meetings.
11. Disaster Recovery
The cloud offers built-in disaster recovery and backup solutions, which can protect businesses from data loss and downtime. This can be a cost-effective way for businesses to ensure business continuity and minimize the impact of disruptions.
Conclusion
Each of the six financial incentives listed above is an incredibly valid reason for companies to start working with the cloud computing industry if they haven’t already. Cloud computing, once adopted, will allow businesses to focus on offering the best solutions to their clients instead of signing contracts with data centers or closing access connectivity tickets.
The realization that we need to decentralize and shift our businesses to the cloud might just be the only benefit that came with the COVID-19 pandemic. Don’t let the initial cloud computing cost deter you from making a move. And if you already made that move and you want to share some cloud computing trends with our readers, feel free to jump on the comments section and share your experience. It’s free and you could help lots of people with your input.
Author’s Bio
Christine J. Shepard is a freelance writer specializing in technology with more than five years of experience. She is an entrepreneur herself, with a highly profitable tech business, and wants to share her findings with our readers.
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