It’s a tense time in the business world right now. Layoffs in Big Tech and bank failures have people spooked. It’s like a scene in a horror movie where everyone is looking around anxiously waiting to see where danger will come from next. Still, cutting through the fear and seeing these phases of uncertainty as opportunities is key to remaining protected from the chaos. After all, it’s in this kind of environment that businesses should turn attention inward to see what vulnerabilities they may have and how they can shore themselves up for whatever lies ahead.
The answer for many is in the cloud. It’s an exciting space right now, with innovation accelerating and new solutions and services emerging at a phenomenal rate, from Artificial Intelligence (AI) to the Internet of Things (IoT). With everything available now — and coming in the future — the cloud has become key to building business resilience.
Google surveyed global tech and business leaders and discovered that 41.4% intended to implement more cloud-based products and services into their company due to the economic environment. About a third of respondents indicated they would shift from legacy software to cloud-based solutions and move on-premises workloads to the cloud. The data show that IT leaders see investment in the cloud as a strategy to help navigate the challenges of inflation, supply chain issues and other strains.
With that in mind, here’s a look at five ways the cloud can help strengthen businesses moving forward.
One of the most obvious strengths of the cloud is its ability to keep information flowing with added layers of backup, recovery and replication. If a tornado hits a data center, businesses can keep chugging along because their data in that regional data center is likely to have a backup in a secondary (or even tertiary) location. Likewise, internal servers without cloud backup can bring operations to a screeching halt. Of course, an extreme scenario like a tornado may not be likely, but data centers and servers do experience downtime due to more common issues, and the cloud’s redundancies can help remediate those challenges.
Use As Much — Or Little — As You Need
Scalability is another truly advantageous feature of the cloud. When demand increases, businesses can scale their cloud resources to match — and vice versa. This concept can be further refined with automated cloud cost optimization, which can save time and ensure money isn’t needlessly spent. According to Forrester, organizations are prioritizing cloud optimization, bringing on new staff or retraining existing workers to get the most value out of their cloud solution. It’s this kind of agility that can be a boon in times of uncertainty, keeping businesses free to move and adjust as needed to their surroundings.
Extract Value of All Kinds
Research by McKinsey shows the benefits of the cloud are not limited to any particular industries or types of businesses. It estimates over $1 trillion in run rate earnings before interest, taxes, depreciation and amortization will be available in 2030 across Fortune 500 companies — and companies that go all in as soon as possible on cloud opportunities are expected to benefit the most. What’s more, the figure could be even higher than estimated because the cloud is enabling the implementation of developing technology, such as Augmented Reality (AR) and blockchain. It’s for these reasons that organizations of all kinds should be looking to tap into that value as a safeguard against uncertainty.
Tailored to Industry Needs
While there are benefits for all in the cloud, this doesn’t necessarily mean cloud services can’t be refined and customized for specific needs. In fact, another way innovation in the cloud is changing the game is with the emergence of industry cloud platforms. In the next four years, more than 50% of enterprises will leverage platforms suited for their specific type of business. A tailored cloud platform can make organizations more agile, which will strengthen their position in a dynamic environment. Another benefit over generic solutions is facilitating faster innovation and time to value. Multi-cloud and hybrid cloud solutions are already incredibly customizable based on individual business needs, but industry clouds take it to the next level by supporting swift adaptations of processes and applications within industries.
Unlock the Power of Artificial Intelligence
As digital transformations gain steam, they have opened up doors once unimaginable. Significant developments in AI and Machine Learning (ML) offer promising opportunities to maximize efficiency, automate tasks and increase productivity. No verticals will go untouched by this technology. They have implications in everything from the customer experience to facility management to manufacturing. Early adoption will put businesses ahead of the curve, but eventually, adoption will not be much of an option as laggards will struggle to compete. Access to a robust cloud solution is the only way to capitalize on everything AI and ML offer. The processing power required is pushing technology leaders to embrace multi-cloud solutions, with 39% identifying AI and ML as top load requirements prompting them to employ a cloud provider in addition to their primary one. The demand for processing power is sure to grow as these technologies advance.
The Way Forward
There are a myriad of ways businesses can use the cloud to build their resilience, and it’s critical to embrace the cloud as soon as possible. The pace of innovation is only increasing, and those that don’t adapt are at danger of falling behind.
At 1623 Farnam, we saw the need for access to a powerful, cloud-rich ecosystem. Our partners, Megaport, Console Connect, PacketFabric, among others, are prime cloud enablers and can deliver direct connections to all the leading clouds. As a carrier-neutral, cloud-empowering data center, we can help you build a unique solution to secure your business’ future.
Click here to learn more about our cloud opportunities.