The cloud has become a popular option in today’s business world, supporting numerous use cases. According to the International Data Group, about 69 percent of businesses already use the cloud to build workflows and support their businesses. Many businesses move to the cloud based on their unique challenges and may enjoy specific benefits. Generally, here are a few ways cloud computing can benefit your company.

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Decision-Making

A huge part of operational efficiency depends on the resources companies possess and the quality of decisions. For this reason, many businesses invest in a sea of systems to improve work rates and results. This means deploying numerous software applications to perform work faster in the modern business world. But it’s one thing adopting new apps and another leveraging them effectively. Often, this creates independent data silos, which pose several challenges to smaller businesses from efficiency issues to finances. But the cloud’s integration capabilities can be a go-to in such situations.

Cloud integration innovations like Integration Platform as a Service (iPaaS) have increased in adoption, with about 80 percent of business leaders enjoying its benefits. But what is iPaaS, and how can businesses benefit from the technology for decision-making? iPaaS is a cloud-based integration solution that allows for multiple integrations, including data, software, and business processes. It affords businesses a single solution to house multiple systems and data sources. That way, businesses do not have to waste time sifting through disparate data sources. Storing your data in the cloud gives your organization a birds-eye view of your data and significant control to leverage relevant insights for decisions.

Security

Security has become a priority for many organizations as worldwide digital transformation rates increase. Businesses reported over a thousand data breach cases last year. According to IBM, data breach costs rose from 3.86 to 4.24 million dollars, the highest average total cost in 17 years. Several reasons can account for this, but businesses seek more effective security solutions as they migrate to the cloud.

Cloud systems have a lot to offer regarding data security, depending on your cloud host. Host providers are more efficient than internal and traditional security solutions. According to a survey by Rapid Scale, about 94 percent of businesses revealed the cloud improved their data security, making it easier to satisfy data compliance requirements. The cloud makes it easier to encrypt data across different networks in your database. It provides real-time intruder alerts to improve fraud detection and prevention.

Cost Savings

About 20 percent of organizations are concerned about the initial cost involved in migrating to the cloud. But the short to long-term benefits of cloud computing far outweigh the initial cost. Cloud computing affords you a single source of truth. The ease of data access saves you time during project deployment. Using cloud solutions for your operations imply your business can work from anywhere there’s the internet. And your IT department will not need to install any middleware or hardware to get operations going. The cloud reduces your business’s reliance on physical infrastructure and offices, saving you all the capital-intensive installation and maintenance costs.

Another way cloud users can reduce operational IT costs is through scalability. Legacy systems and premise applications demand one-off investments that chain your business to a particular capacity, whether your business grows or reduces in size. The cloud supports a pay-as-you-go model where you only pay for what you need based on your business’s unique storage and bandwidth needs. The cloud’s scalability features can save costs and significantly improve revenue.

Enhanced Collaboration

Collaboration used to be possible without the cloud. But these days, not so much. How teams send files, progress, and updates via the internet is vital to how organizations perform in the long run. For instance, research shows that about 80 percent of data professionals’ time is spent finding the right information. Effective cloud computing solutions can eliminate lags in data access. That way, business users can quickly find the right data and send smaller and larger files via the web without any hassle.

Team members can enjoy the cloud’s live working environment. Different members can work on the same file while reporting progress in real-time. Some platforms come with virtual platforms where employees can share ideas and connect, mirroring a progressive working environment regardless of their location.

All in all, the cloud computing adoption trend doesn’t show any signs of slowing down, especially as the Internet of Things (IoT) technologies gain ground.