9/30/2013 - Cloud technology shown to be major boon for businesses
Real-time communication technology, like the cloud, is proving to be a tremendous resource for business owners that use the service.
According to a new study conducted by market intelligence firm IDC, partners with more than half of their revenue tied up in cloud technology have seen sizable gains in business activity. This includes acquiring more new customers, increasing their earnings, increasing profit margins and expanding by hiring more employees.
Darren Bibby, program vice president of research at IDC, noted that the cloud hasn't been the sole determinant of why companies who use it have done so well, but it appears to play a substantial role.
"We're at the point in the industry's overall cloud transition where partners that don't move some of their business to the cloud likely won't survive," said Bibby. "And some partners that are getting ready to sell their business or retire may be OK with that. Most won't be."
As more company managers and executives get behind cloud computing, certain risks can follow due to greater transparency that results from the sharing of resources. Selective provides the business insurance solutions IT companies and other industries leveraging cloud technology resources need to adapt to the changing times.