Why do investments fail to deliver? What can we do about it?
“I don’t need a hard disk in my computer if I can get to the server faster… carrying around these non-connected computers is byzantine by comparison.” – Steve Jobs
Cloud Computing is recognized as a critical part of defining and achieving the business goals of the C-suite. It is driving significant transformation in every industry, sector, and domain and will continue to be the talk of the town for years to come. Today, the cloud technology is reinventing the term ‘disruption’ with new advancements, especially the way it has helped business in the last 18 months with its resiliency, scalability, flexibility, and speed.
In 2021, companies increased their IT spending in one of the following areas: cloud computing, networks, security and risk management, and mobility and 94% of businesses have seen improved online security since migrating to the cloud.
We recently hosted The Economic Times Cloud Innovation Summit – Moving Towards Intelligent Edge with Cloud, which was well received by over 200 senior leaders of organisations.The discussions were centred to learn how data analytics can help businesses optimize their performance to drive growth and efficiency. Industry experts from various sectors shared their knowledge and stories to help each other set the tone for the year 2022 and to build the blocks right.
Cloud computing has thus become a rallying point for the C-suite. That’s a positive development – and a necessary one if companies have any hope of accelerating their strategy, but executives aren’t getting the value they’ve been looking for.
To understand this in greater detail, a survey was conducted during the summit and the results found are interesting:
24% organisations believe that Faster innovation and delivery of new digital products and services best determines the cloud value.
56% organisations find cyber-security issues as the biggest barrier to realise the cloud value
57% organisations confirm that cloud has enabled innovation in expanding product and services while improving the ease of use.
What organisations can do to maximize the benefits of their cloud journey
- Building a sustainable funding model to support investments required to reap the benefits of the cloud
- Exploit cloud for speed, agility, and efficient scalability to develop an improved operating model
- Revisit policies to attract and retain the specialised talent to run the new model
Unrealized value like this is significant, but it only starts to scratch the surface of how cloud can propel strategy. When businesses use cloud as a launching pad for real and lasting change in the way they think, behave and do business, they can reap even greater rewards.
[author title=”- Mansi Chaturvedi” image=”http://”][/author]