Though there are lots of disruptive technologies evolving rapidly in this era such as AI, Machine learning, Robotics, Bitcoin, Virtual & Augmented Reality, Blockchain, Internet of Things, etc., my favorite is Cloud computing. The reason is obvious- with the advent of cloud, it has become much easier for companies and individuals to implement and adopt to new technologies which of course are evolving in a rapid way. Without cloud service, it would be a nightmare for companies to adapt to new technologies keeping in view the amount of effort & money it may require adapting to the new technologies. Instead, they can now focus on their core competencies which will then have a direct effect on their ability to better serve their customers, drive new revenue from cross-sell and add-on opportunities, and develop solutions that meet their clients’ future needs.
The point to be noted here is that Internet is the back bone of this technology and data security is the main challenge. With the improved internet speed, this cloud service is here only to grow. And with trusted & reliable companies like Amazon, Google & Microsoft in this business, we really don’t have to worry much about security. And with the growing maturity level of this technology, I am sure, within 5 years almost 90% of the IT work will be in could platform.
As per latest reports from Forbes, IT spending into cloud has increased 4.5 times since 2009 and is expected to grow 6 times by 2020. The total global public cloud market will be $178B in 2018, up from $146B in 2017, and will continue to grow at a 22% compound annual growth rate. It has been also forecasted that more than 50% of the IT spending will be on cloud in the year 2018 which will increase to 60-70% by 2020.
These all figures suggest that the demand of cloud computing is only growing and that it is the future of IT world.
Below are few of the ways how cloud technology is impacting our industry-
1. Increased Productivity
Now since enterprises don’t have to focus much on maintaining their IT infrastructure, they can focus more towards their core competencies and this will obviously lead to increase productivity. Apart from this, due to the cloud platform, companies will get more flexibility on accessing their resources any time and from any part of the world, this will help them not only to make faster decisions but also help them to interact with their customers 24X7 and vice-versa.There are so any other factors that will boost the overall productivity of companies.
2. Reduced Infrastructure & Operational Cost
With the adoption of cloud infrastructure, companies don’t have to undergo into costly contracts for IT infrastructure support and maintenance. They no more have to spend money on upgrading their IT infrastructure with changing technologies, they don’t have to spend money on hiring expensive IT professionals, installing and consulting fees for their applications. They don’t have to spend money on buying new or renewing existing licenses. They don’t have to now worry about maintaining or upgrading to latest technologies but instead can focus on how to use their skills to use the technologies to drive values to their business.
3. BYOD (Bring your own device)
Concept of BYOD have been boosted with increased acceptance of cloud platforms among enterprises. This has not only given flexibility to the employees but also have increased productivity for the employers as it has been proved by many research that employees are more productive when they are provided flexibility to work remotely with their own convenience, at the same time it is saving infrastructure/operational cost for the employers. Many start-ups are going completely remote work with cloud services to lower their operational cost.
4. 24X7 Customer Support
With a centralized & highly available information repository, organizations can now more easily and efficiently provide 24X7 support to customers. Employees in any part of the world can now login via internet and with required credentials, fetch the requisite information and feed to the end customer. With high quality internet infrastructure, even the startups and small organizations can offer their customer a wonderful experience by providing them impressive web contents as well as apps via cloud platform.
5. Storage & Safety
Data storage & it’s safety have always been one of the biggest challenge with all the companies mostly with social media giants like Facebook, Google, Twitter, etc. and with aviation, medical and research companies. Cloud service providers not only provides storage and processing facilities for traditional structured data but also for unstructured data. They are not only providing storage for operational data but also for archived data. This will solve the most challenging issue for the financial, insurance, life science, medical, aviation industries as they often have to deal with humongous data and also have to abide with various rigorous regulations to store/archive older data and have to spend lot of money for it. With cloud services, they can buy resources as per their need and can later release it when not required. This will save them big.