The Economic Benefits of Cloud Computing

Cloud computing is an essential business tool that any enterprise can leverage. Gaining traction over the past few years, cloud computing makes it easier for businesses to be more productive and efficient. Another major benefit of cloud computing? It saves money.

The economic benefits of cloud computing mean that small to medium-sized businesses can scale their business and adapt to rapid marketplace changes without extensive overhead costs. For businesses navigating the challenges of COVID-19, this can be a lifesaver.

Read on to better understand what cloud computing is and how it can save your business money.

What is cloud computing?

Cloud computing is the process of storing and managing data on remote servers rather than on-site servers or personal computers. A remote server allows you and your employees to securely access important data, files, and information from any location and on any internet-enabled device.

Using the cloud to store your data is safer, easier, and more secure than storing data locally. Many cloud software providers have made - and continue to make - significant security measures to ensure all stored information is encrypted and protected. This means no one can access your data unless they have permission to do so.

Cloud computing benefits

The benefits of cloud computing are endless. From a business perspective, adopting cloud software empowers your employees to work from anywhere, it provides unlimited flexibility and scalability and ensures business continuity. Cloud computing also eliminates the need for expensive IT equipment and reduces the risk of costly IT downtime. Here are some of the biggest business advantages of cloud computing:

1. Competitive advantage

Moving to the cloud gives businesses a competitive advantage. Using an integrated system like the cloud means that your business can better anticipate and prevent disasters, eliminate human error, and make more informed decisions.

A well-managed cloud computing program will also enable managers to keep tabs on employee productivity and improve sales targets, resulting in a more efficient workplace that can better assist key stakeholders and customers.

2. Efficiency

Using the cloud helps to streamline your business processes. For enterprises utilizing cloud software, they are able to make the best possible use of their resources while minimizing costs.

For example, workers can remain productive even when they are not physically at the office. Cloud computing allows for the adoption of a virtualized workplace where key business processes such as administrative tasks can all be done online or via VoIP. This improves communication between staff and customers and encourages greater collaboration between team members.

3. Accessibility

Since cloud computing doesn’t rely on local computers or fixed servers to store data, users can access their data from anywhere at any time. This is incredibly helpful for businesses that have branches nationally or internationally, as remote team members can continue to collaborate with key personnel in real-time no matter their location.

Data is safer, too. Since cloud software stores data on a remote server, if there’s an IT disaster such as a power outage on-site, your data on the cloud is not affected.

4. Cost-effectiveness

Here are some of the many ways cloud computing saves you money:

• Upfront costs: The cost of setting up and using cloud computing is far less than purchasing hardware and software to be set up in-house.
• Space costs: With all business data on the cloud, you won’t need traditional storage methods such as cabinets and filing space.
• Resources: Cloud computing is environmentally friendly. Having all your data on the cloud means eliminating the need for paper-based invoices, bills, and memos.
• Maintenance: Cloud software is managed by the cloud vendor. This means you won’t have to pay for IT maintenance, upgrades, or repairs.
• Energy costs: Internal servers and on-site IT infrastructure require a lot of energy. Cloud computing provides better power efficiency with businesses saving up to 7000kWh on annual electricity.
• Staffing costs: Since cloud computing allows staff to work remotely, you can cut costs by reducing the number of in-house staff including your IT team.

How to reduce costs with cloud software

Businesses can leverage a range of cloud apps to cut costs and streamline their workplace.

Cloud software gives businesses access to enterprise-grade technology and solutions for a monthly fee that is a fraction of the price of buying hardware upfront. With cloud computing, there is no one size fits all software meaning that you can choose the cloud software that best suits your business’s size, budget, and needs.

The scalable nature of cloud computing means you only pay for what you use.

Additionally, one of the best parts about cloud computing is that you don’t need a tech team to implement or manage it. Setting up the cloud can be done entirely on your own and is a straightforward process that can be completed within minutes.

Conclusion

Transitioning to the cloud will increase productivity and efficiency while minimizing maintenance costs. Cloud computing offers businesses easier growth management and can give small enterprises the chance to remain competitive without breaking their budget. With the right cloud computing software, you can invite a more collaborative workplace that invites innovation and improved performance. Because of its reliance on remote servers, cloud computing also keeps your business data safe and secure - eliminating the risk of data theft and improving your overall cybersecurity. What’s more, you can choose where your money goes. Most cloud apps provide a pay-as-you-go pricing model that makes it easier to track where your IT expenditures are going.