Imagine if your business could dominate the market, foresee customer needs, shift the industry economics to your favor or become more nimble so that you can sharpen your competitive edge. All these can actually be achieved – all thanks to the cloud revolution.
It is every business’ aspiration to reach new markets to create new sources of revenue. Your company can achieve these goals by maintaining good customer care and improving a company’s operational efficiency. The cloud revolution has seen many businesses forge business models that are transforming customer experiences and move into new markets. The IBV (IBM Institute for Business Value) carried out a study using 1000 businesses that have adopted the cloud globally and asked about their experience, 71% of the businesses responded the following:
- They were able to expand into new territories
- They expanded their services and or products portfolio
- They Improved their customer experience
- They were able to create new revenue streams
How The Cloud Has Empowered Enterprises
Five years ago, enterprises only limited the use of the cloud to cut costs and streamline IT infrastructure. Now things have changed and global business leaders have discovered that to stay ahead of the competition they had to utilize the cloud to the maximum to achieve enterprise innovation. New cloud innovations include incorporating payment options and creating new services and products in their business models. The cloud allows business owners to stay ahead of the competition by leveraging new operating capabilities to shift industry economics to their good turn.
The cloud has enabled enterprise innovation to expand their services and goods features while making the process easy. The cloud has also enabled enterprises to develop, deploy and rapidly prototype new services and products. All these have enabled innovators to gain entry into new markets and reach new customers.
How You Can Use The Cloud To Drive Innovation
Unlike five years ago, enterprise innovators have realized that the cloud is the “go to” platform to drive enterprise transformation.
- Disruptors use the cloud attributes to envision previously unmet customer needs and creates new customers by architecting new industry value chains.
- Optimizers use the cloud to enhance operation efficiency to enable them present better customer experience.
- Innovators use the cloud to alter their roles in their business environment and try to penetrate new markets.
Depending on the type of business, a company can choose which archetype they will operate on to help grow their revenues.
How To get Started On The Cloud
You can follow the following steps to launch a cloud-enabled journey in your organization.
- Find a managed IT team and together with a board of senior executives, share the responsibility in your organization’s cloud strategy, deployment and installation.
- Study other cloud based organizations to see how you can use it to transform your value chain and customer relationships.
- Evaluate your current capabilities, competitive context, ecosystem adaptability and strategic plans to determine whether your company will become a disruptor, innovator or an optimizer.
Equipped with this knowledge, you should be able to let the cloud help transform your company and venture into bigger markets being well prepared.