Finance Archives - Tech InShorts https://techinshorts.com/tag/finance/ A scoop of Technology Mon, 28 Sep 2020 10:14:15 +0000 en-GB hourly 1 https://wordpress.org/?v=6.1.1 https://techinshorts.com/wp-content/uploads/2020/07/cropped-techinshorts-32x32.jpg Finance Archives - Tech InShorts https://techinshorts.com/tag/finance/ 32 32 Cloud And Digital Transformation: How Cloud Uplifts Digital Transformation In SMBs https://techinshorts.com/cloud-and-digital-transformation-how-cloud-uplifts-digital-transformation-in-smbs/ https://techinshorts.com/cloud-and-digital-transformation-how-cloud-uplifts-digital-transformation-in-smbs/#respond Mon, 28 Sep 2020 09:31:55 +0000 http://techinshorts.com/?p=1280 The Cloud Industry forum states that 72% of the organizations are expected to increase their digital transformation strategies by next year.  IDC confirms $1.3 trillion [...]

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The Cloud Industry forum states that 72% of the organizations are expected to increase their digital transformation strategies by next year. 

IDC confirms $1.3 trillion on digital transformation technology, including hardware, software, and services in 2017. It is also expected to expand the expense two-fold by 2021, which indicates the importance of digital transformation in today’s world.

Cloud And Digital Transformation

And what digital transformation is? It is using digital technology such as cloud computing to improve and remake a process more efficiently. 

How Cloud Uplifts Digital Transformation In SMBs

Here are some of the major stats from the Cloud Industry Forum depicting the importance of cloud in digital transformation 

  1. 38% of the cloud users with digital transformation strategy say that their organization has a competitive advantage over others since they started using the cloud.
  2. 59% of organizations currently rely on digital transformation say they will be deploying cloud computing by the next decade or even before that.
  3. Cost savings for Cloud users also increase if the organization has implemented a Digital Transformation strategy (average savings of 26 percent) compared to those without (average savings of 9 percent)
  4. Around 43% of organizations use the cloud to achieve better data usability and data analytics, and about 30% use the cloud in digital transformation for innovative abilities. 

Using the cloud for improved business process

Whether it’s about small businesses or larger enterprises, the process of digital transformation remains the same for each of them. The motive of digital transformation is to use the latest technology for brushing the already inherited service. Still, the purpose is to build a significantly better service using technology and, obviously, the cloud.

However, with the arising benefits of technology and amidst the chaos developing about the easiness of inculcating technology for every task, there are major concerns and majorly myths surrounding the process of advanced tech adaptations. The majority of the businesses believe they could develop the overall existence of their digital strand by adopting trending technology such as big data, Artificial Intelligence, Machine Learning, and the Internet Of Things. Still, it is not true to conclude the whole existence of digital transformation with advanced tech. The digital transformation efforts are gravely shifting into roadblocks and delusions because of the myths and organizational belief of creating larger benefits with technology. 

Instead of always preferring AI and ML into their systems, the organizations can rely on secure cloud hosting. It is much easier to have benefited from cloud computing than advanced tech forms such as AI and ML. With the cloud, the transformation is digital, but the organizations can also quickly improve their IT infrastructure, security, and build better customer relationships. Before going into the AI cluster, it’s’ preferable to hustle for implementing cloud into the organizations. With the cloud, businesses can further think about developing their digitalization game with ease. 

Digital awakening is the very first step

The world today that believes in technological capabilities much more than leveraged platforms or legacy applications has seen a huge digital awakening in the past few years. The SMBs are leaving no stones unturned to collaborate with others and collaborate resources while investing in technology to grow more efficiently and win the digital race.

But as we speak of small firms, some of them still rely on legacy applications. These applications can operationally work daily but fail to perform after a defined lifespan. To become digitally forward, these firms need to trust new applications and platforms that could turn into a long time beneficial deal without lifespan concerns. There’s no point in using legacy platforms as they can’t match the needful demands of the current well-versed consumers. For example,- If an organization uses a desktop application that can’t run on their updated customers’ desktop, the application is of no use.

Cloud helps in better Prototyping

Every business demands digital transformation, and it is achieved after different trials and tests of products, applications, and services. The organizations continuously need to innovate, test, implement, transcribe, and repeat the processes to find the needful solution.

Cloud makes prototyping easy where the business process doesn’t need to go through multiple manual processes. The cloud also provides a platform where the organization can easily create, test, and implement applications without complex infrastructure setup. This helps organizations to build better processes without extra efforts and time spent. 

Cloud provides trusted partners for the organizations

It is no need to repeat the fact that cloud computing is the present and future of organizations. It is expected that the global public cloud computing market is set to exceed $330 billion in 2020. Moreover, the cloud data centers will process around 94% of the workload in 2021.

As the cloud provides a rise in the digital transformation of the organizations, a huge part of the credit goes to the cloud providers as they are the ones handling the much complex work for the organizations. The smaller firms pursue cloud providers that provide a secure platform for them to grow and succeed in their digital presence. When the organizations have a trusted cloud partner, they enjoy more scalability and flexibility for processing their workloads or expanding their contracts. The cloud providers help with everything from providing the required memory to leverage software needs on organizational demand. 

With a reliable hosting partner, the organizations get robust security and regular backup, and maximum uptime. There’s no compulsion for having a larger infrastructure, nor they have to worry about securing the digital platforms. The organizations can further choose a plan they want to go ahead with and pay for the services they need; there’s no extra expense for hiring a cloud provider. 

With time, digital presence is becoming the identity card of the organizations, and this is why most of the SMBs are focusing on digital transformation. While some of them still believe old options are reliable, the others are much ahead of the old runners. And it should be asked what the reason for the organizations moving forward with digital transformation is? The answer is the cloud!

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