7 Key Benefits of Cloud Computing for Your Business
Cloud computing has gradually become the go-to solution for countless businesses across the globe — and with good reason.
Multiple good reasons, in fact.
Join us as we explore 7 key benefits of cloud computing for your business, whether you’re a new startup or an established company hungry for growth.
Improved security for sensitive data
Cybersecurity is a major concern for businesses in Canada, with almost one in five coming under attack from hackers within the past couple of years. Close to 40 percent of those suffering a data breach estimate the attack’s cost at more than $100,000. And 20 percent have no idea how much they lost.
Hackers continue to employ increasingly sophisticated technologies and techniques when targeting companies of all sizes. But small- to medium-sized businesses may have less-effective cybersecurity measures in place to defend their data. This places them at greater risk.
With cloud computing, though, cutting-edge security features safeguard data stored online. Close monitoring and proactive security minimize the risk of your data falling into the wrong hands.
Save money on hardware and software
Global cloud computing spending will exceed $623bn by 2023. And one of the main reasons for this consistent rise in the market’s value is businesses’ drive to cut costs.
Cloud computing enables SMBs to save money on hardware and other core elements of a self-managed, traditional IT infrastructure. As everything you need is supplied online and managed by your cloud-computing provider, you don’t need to invest big money into your own in-house computers, data storage, etc.
You can also cut costs associated with in-house IT staff or emergency callouts whenever you face technical issues. The provider’s team will take care of you as part of your package instead.
Enhanced flexibility with tailored services
Managing and maintaining your own IT solutions can be incredibly time-consuming, especially if you’re stuck with outdated technologies. And your IT staff might lack the expertise to solve complex problems or the resources to keep your entire team operating at the right level.
Switching to cloud computing liberates you and your team from the burden of maintaining your own IT infrastructure. You can take advantage of the time and energy you save to focus on developing your business in various ways.
For example, you may be able to provide a higher quality of service to your clients, improve employee training, and offer more dedicated customer support.
The best providers create customized cloud computing packages to suit diverse businesses and requirements. By undertaking a comprehensive review of your company, goals, processes, etc., your provider will be able to tailor your cloud computing to suit your exact needs. And you’ll only pay for what you need to control costs (see the above benefit).
Constant backup for effective disaster recovery
You cannot afford to lose critical data.
Why? Because the average cost associated with data breaches in Canada has grown by almost 7 percent since 2019, amounting to $6.35m.
Data breaches can lead to other damaging consequences, including:
- reputational damage: potentially leading existing and prospective customers to look elsewhere
- Forced downtime: causing delays, straining client relationships, and reducing income
- loss of personal and business data: potentially putting employees, clients, & suppliers at risk
But your data loss may not even be the result of a cyber attack. Hard drives, flash drives, laptops, etc. could all be destroyed in a disaster at your office. Fires, floods, structural collapses, theft — there are (sadly) many possibilities.
With cloud computing, constant backup provides you with fast disaster recovery so you can be up and running with minimal delay. You’ll be able to access your apps, tools, data, and anything else you need from any computer with an internet connection.
Better collaboration for remote teams
Collaborating on tasks of any size can achieve better results, thanks to pooling ideas, resources, experience, and soft skills. But if you rely on a traditional IT infrastructure, team collaboration can be harder to achieve.
Employees may be required to leave their desks, print hard copies of documents to show colleagues, or go searching for them across your entire site. All of this can waste time and resources.
And with businesses in Canada expecting at least 10 percent of their employees to keep working remotely after the pandemic crisis ends, collaboration will continue to be harder without the right setup.
But cloud computing enables employees to:
- view files at the same time
- add comments to documents to share ideas in real-time
- edit simultaneously for real-time collaboration
- share documents with specific colleagues for secure privacy
This saves time otherwise wasted on emailing files back and forth, discussing ideas by phone, etc.
Scalability to align with growth
If your business is actively growing, or you’re aiming to expand within the next few years, your IT requirements will change. You’ll need different platforms, more bandwidth, and recommendations for new solutions to accommodate changing processes.
Cloud computing is scalable to match your business’s growth, with controlled costs. This reduces the frustration, hassle, and expense of trying to upgrade your infrastructure yourself.
You won’t invest in expensive equipment and software that remains unused most of the time. You’ll only have exactly what you need for your business requirements and goals.
Reduced risk of downtime
Last but not least, let’s talk downtime.
We’ve already touched on this above, but downtime may be caused by a number of issues. A data breach, a disaster at the office, technical foul-ups — any of these and other problems can prevent your team working as they need to.
More than 35 percent of SMBs blame downtime for losing clients, and 17 percent have lost revenue. And almost 20 percent feel their companies are unprepared to prevent and manage unexpected downtime.
Cloud computing reduces the risk of downtime significantly. Providers rely on offering clients total availability for all services 24/7, so you should always have access to the solutions you need.
These 7 key benefits of cloud computing for business show why so many SMBs try it — and why you should too.