Companies that take advantage of cloud computing software have the potential to enjoy significant increases in revenue and profits, according to recent research from IBM.
In compiling its ‘Under cloud cover: How leaders are accelerating competitive differentiation’ report, the tech giants surveyed more than 800 cloud decision makers and users around the world, in order to gain insight into how organisations were leveraging cloud solutions such as business strategy software.
One of the key takeaways from the report, which was released on October 24, was that businesses that take proactive steps in adopting the cloud saw almost double the revenue growth of those that were more cautious in their approach. In addition, those organisations that saw the cloud’s potential for competitive advantage reported up to 2.5 times higher gross profit than those that didn’t.
The survey reported that the benefits of adopting the cloud were manifold, extending beyond the traditional advantages of cost savings and efficiency associated with the technology. Businesses are now recognising the cloud’s ability to use analytics to “derive insights for better business decisions”.
IBM found that a significant number of businesses are using the cloud to differentiate themselves from the competition from a marketing perspective – the world’s leading organisations were 136 per cent more likely to use cloud applications to “reinvent customer relationships”, it found.
However, the cloud also provides ample opportunity to gain a competitive advantage through other avenues; for example, by facilitating better strategic planning.
Strategy mapping software such as StrategyBlocks runs on a cloud platform to optimise the strategic planning process. By allowing transparency across the organisation and bringing the key individuals together, staff are better informed on strategic progress and goals are more easily communicated.
There’s no doubt that the leading businesses around the world will take up cloud computing to stay in front of the competition, using it for everything from marketing to collaboration and strategic planning.