Use Cloud (Opens in a new tab) Computing to increase revenue is perhaps the greatest opportunity companies have had, as the cloud has established itself as the most important technological transformation in the history of computing. Initially adopted, organizations are now looking to make a strategic shift to get the most out of what the cloud has to offer.
According to SG Analytics, 94 percent of organizations already use some type of cloud service. In fact, this is only set to grow, as Gartner predicted that as of last year, end-user spending on public cloud services will increase by more than 20 percent, reaching $482 billion by the end of 2022.
To take advantage of this, it is imperative that organizations approach the journey of cloud adoption (and the investment associated with it) with a long-term vision in mind. Only then can organizations rest assured that their cloud investments will propel them toward achieving their business goals. When done right, the cloud will not only be a cost-saving opportunity, but also a key driver of innovation and increased return on investment (ROI).
Generate Revenue Using the Cloud
By enabling digital innovation and providing actionable insights that help keep costs down, the cloud has become an almost guaranteed saver. However, problems exist which prevent organizations from maximizing their savings. For example, vendor lockout can prevent companies from achieving the best possible price-performance ratio. While there is no control over data (Opens in a new tab) Or infrastructure means that organizations must invest more to meet their specific architectural requirements. Another major issue is waste – many organizations end up investing a lot in cloud packages and only using a small portion of services.
Even after addressing these issues, organizations that focus solely on cutting costs will eventually reach a point of no return. They will simply reach a point where it is almost impossible to make more savings, and the returns will dwindle.
To ensure efficiency and profits, companies must embrace a change of perspective. They should view the cloud as a source of money, rather than as a way to save money. For example, by ensuring that all plans are informed by operational insights, new services can be developed that generate additional revenue and advance operational efficiencies.
Whether it’s major improvements in the end user experience or increased innovation, it will be companies that change their perspective that will see the benefits. For example, by using a 360-degree view of Client (Opens in a new tab)It will become possible for organizations to improve business models and develop new crossing points for omnichannel services.
Get the ball rolling
The first step that organizations should take is to define their revenue goals and examine how best to facilitate these goals by means of technology. Then it’s time to get creative. The resilience that the cloud provides means anything is possible, with nearly endless opportunities for continuous innovation and service delivery. For example, the cloud can be used to provide easier access to products via a digital marketplace, allowing end users to choose them easily Request (Opens in a new tab). Or, by using the cloud, product development can be accelerated, reducing the time to market.
By reframing the cloud as an engine of innovation, the world is suddenly opening up. This mindset will prove useful in business success and can be taken even further by studying how the cloud interacts with emerging applications such as edge computing, opening up a whole host of new possibilities.
Harness the potential
With McKinsey estimating that there will be $1 trillion in cloud profits to grab by 2030, companies that have embraced this new approach will be in the best possible place to reap the benefits.
For example, telecom company BT has leveraged the capabilities of the cloud to cut back on its time to market new products, meet performance requirements, and transform its interactions with customers. This accelerated the BT sales cycle, with more content and services being delivered faster to more customers, which in turn resulted in much better savings. customer experience (Opens in a new tab). The cloud also ensured low latency and high throughput so that peak periods of viewer demand could be supported at all times. Additional benefits offered thanks to the cloud include the ability of the BT system to handle an increasing number of transactions, ensuring personalized service and cross-device streaming.
The future is in the cloud
The popularity of the cloud will only continue to grow, and if used in the right way, it will lead businesses towards digital and commercial success. Companies can unlock new innovations and revenue streams by making the cloud a central focus and treating it as a money-making opportunity. With this strategic mindset, organizations can gain a competitive advantage, with greater flexibility and a positive future on the cloud.