Companies are always looking to jump the curve to drive the next level of growth through technological advancements. And in the age of the pandemic, more and more companies are embracing hybrid multi-cloud as a means to this end. In the latest IBM Institute for Business Value (IBV) global survey, 99% of participating executives in India revealed that they are driving, implementing or integrating the cloud into their operations, compared to 97% of companies globally .
However, as cloud adoption energizes their IT systems to the new normal and enables them to deliver new services and products to their consumers, obtaining measurable business value from the cloud remains a challenge. Around the world, 40% of companies struggle to justify their cloud investments. Given that globally, on average, the cloud itself accounts for only eight percent of the technology’s total potential revenue impact, it is critical to complement cloud adoption with business transformation. organization-wide.
Strategies to Maximize the Cloud’s Impact on Revenue
The previously mentioned IBV study shows that the revenue impact of hybrid multi-cloud investments can be up to sixfold for Indian companies when orchestrated as a complete reinvention. So, boosting hybrid multi-cloud adoption with emerging data and technology capabilities, business enablers and organizational transformation can amplify the cloud’s impact on revenue.
According to the survey, Indian companies leveraging sophisticated data capabilities saw a 56% increase in revenue compared to other advanced cloud users. Thus, companies can increase their revenues by developing data capabilities, including data transfer systems and the implementation of governance and privacy policies. It is essential that they establish a data structure to allow data to flow through a large network “on the fly” where the right data is available for the right application, the right place, and the right time. Cloud and data capabilities are especially important in operations-driven industries such as retail and manufacturing. In addition, across industries, hybrid multi-cloud deployments coupled with the adoption of exponential technologies such as artificial intelligence and robotic process automation and improved operational tools such as skills, robust cybersecurity and an open organizational culture can increase the impact on revenues.
Multiply growth with exponential technologies and operational catalysts
These emerging technologies help automate processes and allow knowledge workers to focus on the greater value of work, improve engagement and customer experience, and bring forward new ways of doing business with more. operational agility. Companies also need to develop business model enablers such as intelligent workflows and cybersecurity capabilities. They need to convert their processes into intelligent workflows by infusing them with data to capitalize on the business potential of digital acceleration.
Most importantly, they should improve their cybersecurity capabilities, as they expand their digital acceleration and engage ecosystem partners to enable collaboration, co-creation and sharing of relevant data and information. Consider this, advanced cloud users in India with strong cyber threat detection capabilities have a seven percent revenue growth rate premium over other cloud users. Above all, a culture of continuous requalification and experimentation must become an integral part of the transformation journey of businesses so that they can achieve the best returns on hybrid cloud investments.
Companies that embrace hybrid multi-cloud also need to open up their organization and expand their digital capabilities outward. They need to invest and actively participate in platforms that will allow them to connect with partners, customers and other stakeholders in new and improved ways. They can leverage ecosystem partners to improve their digital and operational capabilities.
In summary, today, the hybrid multi-cloud model is critical to business growth, which is driving adoption in the sky. Last year, around 26% of the country’s overall IT spending was on the cloud, which is expected to increase further as India’s leaders plan to use 10 separate clouds to operate within their organizations by 2023, up from seven. in 2020. However, hardly Adoption of the cloud is not enough – companies that focus on reinvention must develop the necessary tools and adopt vital technologies in the cloud age to increase their revenue and grow rapidly.
The author is Vice President, Technology, IBM Technology Sales, India / South Asia.