Boost Your Business Ecosystem with Cloud Technology

Over the past few years, cloud technology was used for
optimizing costs and delivering scalability. However, it is not the same
anymore. Today, cloud technology
can drive enterprise innovation. Leading tech companies are already using the
cloud’s potentiality to enable innovation. Apart from this, cloud technology offers agility,
scalability, and global reach demanded by businesses striving to embrace
innovation. In general, the cloud
business is the ideal medium for enabling innovation, but multiple
efforts fall short as businesses lack transparency and commitment at the
operational level.

Businesses of all sizes have adopted
cloud solutions to reduce capital expenditure requirements, but very few have
advanced the technology to its rightful role as the pioneer of innovation. In
the long run, cloud service will
play a significant part in achieving business transformation through
innovation. Some business leaders feel that they are new to this cloud technology. However, online payroll processing and online banking websites are
the best examples of cloud
business.

Businesses are leveraging cloud
technology
for innovation in the following ways:

  • Starting a new cloud business
  • Performing different roles in the existing cloud businesses
  • Creating new products and experiences

Ways
to Use Cloud Technology for Innovation

#1: Starting a new cloud business

Traditional companies face
predicaments in competing with cloud
business as they are limited in their ability to accelerate at the
same pace. As such, traditional businesses need to start a separate
cloud-native business. Happily, cloud
technology enables businesses to achieve magnificent transformations
through innovation. But, doing so demands strong operational support for the
new technology. Besides, it sometimes demands a complete change in the
strategy. Organizations must change their focus from taking cost out of the
value chain to bringing innovation and agility in their operations. For
becoming a cloud business and
transform the business ecosystem,
you’ll need to consider:

  • Expanding product and service feature set while improving ease-of-use 
  • Capitalizing on the cloud’s capability to support sophisticated customer journeys
  • Leveraging cloud’s agility to anticipate your customers’ needs 
  • Adopting a cloud technology that facilitates your entry into a new industry or market

To capture future-shaping opportunities, firms must also invest in growing their market position quickly. Artificial intelligence and related technologies can support organizations in their quest for new capabilities and enhance organizational agility and flexibility. For instance, automation can transform and accelerate agile development that supports both process innovation and capabilities that cloud business necessitates.

#2:
Establishing a Business Ecosystem

Organizations can employ cloud technology for innovation by establishing a business ecosystem. Some companies aim to start over freshly. But, this is not the right approach. Instead, firms need to re-engineer their operating model to enable innovation.

  • 69% of organizations declare they are cloud-enabled innovators 
  • 74% of organizations state that cloud adoption has significantly increased their customer service and experience
  • 72% of enterprises report that cloud initiative has accelerated expansion into new industries

Some companies strengthen their
existing customer strategies by improving the efficiency of their current
operating models. Innovative businesses leverage cloud technology to create new products and services and
incorporate new channels or payment options into their business models.
Transforming into a cloud business enables
organizations to develop new operating capabilities by rearranging their business ecosystem.

#3: Creating New Products and Experiences

Businesses can use cloud technology to build
state-of-the-art products. By coupling multiple cloud initiatives into a
coordinated program, organizations can drive enterprise agility. It eventually
enables businesses to deliver new products and services and keep ahead of the
competition. Businesses of all sizes can deploy cloud technology or transform into a cloud business to
achieve business outcomes such as:

  • Providing more personalized products and services to market faster
  • Accomplishing tighter business integration with the business ecosystem partners
  • Attaining incremental revenue gain
  • Reducing operating costs
  • Lowering capital investment
  • Developing more efficient tech organization
  • Redefining customer engagement
  • Targeting customers in different industries and geographies
  • Expanding products and services portfolio

Moving beyond innovation, two out of
five respondents state that cloud adoption has helped create and support
new business ecosystems and
models.

Get
Started with Cloud Technology

The cloud is a crucial platform that
drives enterprise innovation. Therefore, transform your company into a
cloud-enabled business. To get started with cloud technology:

  • Set up a cloud governance board for your enterprise’s cloud strategy, installation, and deployment
  • Assess how the cloud might transform your customer relationships and your value chain
  • Evaluate your company’s strategic plans, competitive setting, and current capabilities

Besides, businesses should direct
invest in innovation rather than optimization. Cloud technology adoption is on the rise these days. By
adopting a cloud-based solution, an enterprise can prevent a lot of operational
challenges.

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  • ONPASSIVE
  • ONPASSIVE
  • 10 October, 2020
  • –>

  • 176 Views
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