How Does Cloud Help The Economy Growth
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How Does Cloud Help The Economy

Cloud computing for business has been a savior of sorts in these unprecedented times. When the entire world was threatened by a shut down because people couldn’t go out, the fact that the Cloud was developed enough to let people share resources and shift entire systems online was the reason why the world continued moving forward.

Naturally, the Cloud has started to impact the economy now. In the past few years, we have seen how businesses have used Cloud technology to shift their systems online, and they have benefited from it. There is still some apprehension regarding moving systems online, but the ever-evolving nature of Cloud technology will indeed deal with these concerns slowly and surely. Let’s look at how does cloud help the economy:

What Is Cloud Computing?

Cloud Computing refers to the availability of shared computer resources anytime the demand arises, including data storage and computing ability, without necessarily involving the user or manager of the system. Cloud Computing minimizes the need for separated physical devices for every task.

When referring to the “Cloud,” we really mean the internet. So when you can upload everything to the internet and access it from any device, pretty much anywhere in the world, you are Cloud Computing. Of course, this is an oversimplification. There is much more to Cloud Computing for business than just sharing resources, which is why businesses have benefited immensely from it.

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How Have Businesses Integrated Cloud Technology?

There are three primary Cloud services that businesses can use. These include:

  • Infrastructure as a service (IaaS) eliminates the constant need for physical resources and replaces them with online resources. It includes virtual machines and virtual servers.
  • Platform as a service (PaaS) – This Cloud service gives businesses a Platform with tools such as APIs and web portals.
  • Software as a service (SaaS) – SaaS services enables businesses to access software online through any device. It is an ideal service for collaborative work, which forms the core of many business projects.

When we think about cloud technology, the Public Cloud usually comes to mind. However, the security of data available online has been a point of consideration for quite some time now, and there are more secure ways of storing data online.

There are three ways cloud services can store data online, and they consist of:

  • Public Cloud – It is provided by an external Cloud company and has most of the organization’s resources. Still, since the external provider has access to the latest technology and state-of-the-art resources, the company benefits from everything the cloud company offers.
  • Private Cloud – A Private cloud is built by the IT department and restricts access to resources to any third party.
  • Hybrid Cloud – Companies with a hybrid cloud system have their own Cloud combined with that of an external provider. It is perfect for businesses that want to protect sensitive data yet allow access to public resources to other parties.
service disabled veteran owned small business

SERVICE DISABLED VETERAN OWNED SMALL BUSINESS (SDVOSB)

How Does It Benefit The Economy?

Here are some of the most common ways Cloud Computing for business has benefited the economy:

Cost-Effectiveness

Undoubtedly, businesses have benefited the most from cloud computing because it is cost-effective. Companies have to worry much less about infrastructure and operating costs. Storage equipment costs are also cut down immensely since most of the storage is online.

Other than that, most cloud computing services only charge for however much space a business uses. Therefore small and medium-sized businesses can benefit immensely.

Growth In Revenue

The Boston Consulting Group has published research showing that small and medium businesses can see at least 15% growth in revenue after adopting cloud technology for their systems.

Flexibility

With the help of cloud computing, work is no longer limited to a single physical space and device. Therefore employees can complete their daily tasks at any time of the day, work at times that are suitable for them instead of being confined to a 9-5, and have all sorts of data and information available to them at all times.

Scalability

One of the features of Cloud computing that businesses have benefited the most from since the Pandemic has been scalability. This refers to increasing and decreasing the space and resources online as quickly as possible when needed.

Mobility

It has never been easier to work while you are on the go. Work is available on employees’ laptops, smartphones, and any other device that the organization has authorized. Therefore employees can attend meetings and stay updated with the day’s work without being confined to a single working space.

Security

Data security systems are developing every day to prevent security breaches on Cloud systems. New systems such as the Zero-Trust policy enable businesses to securely put their resources on the Cloud without fear of security breaches.

Automated Maintenance And Updates

Cloud applications are programmed to update and refresh throughout the day automatically. This way, the applications can keep up, and the employees face fewer crashes.

Cloud systems also automatically deal with system maintenance. Any bugs in the system are fixed as soon as possible, and the company’s productivity does not suffer.

Collaborative Work

Collaborative projects are the bread and butter of many organizations. Without a cloud system in place, collaborative projects will only be limited to a single physical space, and the work would never be as optimized as it is now. People can also hold discussions and meet with people who are not present physically, and work on projects from different corners of the world.

Evolution Of Small Businesses

Cloud computing has also made it possible to lift small businesses. Businesses no longer need hefty initial costs just to set things up and can be started with a single laptop as well. Many small businesses have evolved with the help of cloud computing over the years and are now helping boost the economy.

Research from the Boston Consulting Group also highlighted that small businesses created nearly twice as many job opportunities after adopting Cloud-based tech.

Small Disadvantaged Business

Small Disadvantaged Business

Small Disadvantaged Business (SDB) provides access to specialized skills and capabilities contributing to improved competitiveness and efficiency.

Conclusion to How Does Cloud Help The Economy

Cloud-based tech has revolutionized businesses in the last few years. The optimal functioning of these businesses has boosted economic growth and will continue to do so in the long run.

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