Cloud computing facilitates business innovation

A new study from Oxford Economics has looked at how the cloud is helping enterprises to innovate with fresh business models. It has found that 55 per cent of firms believe they will be able to adopt a different approach to the way they operate within the next three years, according to Forbes.

Over two thirds of the respondents to the study said that their organisations are setting out plans to increase cloud spending between now and 2018, with roughly half of those questioned pointing out that they have already leveraged cloud platforms, to facilitate the launch of new products and services.

Decision-makers believe that, soon, the majority of enterprises will be relying on the cloud to overhaul their supply chains and improve efficiency while reducing costs. And 59 per cent are already benefitting from the analytical power of the cloud, to handle the data that they are harvesting from a range of activities.

The study found that communication and collaboration between colleagues is seen as being one of the biggest advantages of adopting cloud solutions, in addition to the fact that revenues can be increased as a result of migrating IT solutions away from on-site infrastructures.

Of course, there are different levels of cloud adoption the world over and penetration rates are higher in North America than in much of Europe, at least for the time being.

Three quarters of the executives who took part in the survey said that the development of new products and services is at least partly based in the cloud already, with this percentage set to increase in the next 36 months. The transformative power of the cloud is understood by many and seems unlikely to abate until the market has become totally saturated over the course of the next decade.

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