Undoubtedly, cloud technology has changed the way businesses function today. Whether an organization needs to run multiple applications concurrently or store critical data important for its sustainability, cloud is considered as an optimal solution.

According to a recent study conducted by the IDG, nearly 69% of the companies across the globe have either infrastructure or applications running in the cloud-enabled environment today. The report further illustrated that the total investments in the cloud is projected to rise by approximately 19% by the end of the year 2014. In addition, IT expenditure on cloud solutions is forecasted to reach 24% by 2015, of which companies are expected to mainly incur their budgeted expenditure on the SaaS deployment model.

Looking through this lens, cloud computing is poised to enable all sized businesses to achieve competitive edge over their counterparts. Let’s see how they will achieve this by tapping on the potential of cloud:

The cloud deployment models are regarded as one of the simplest ways to access servers, create databases, easily store and retrieve data, and use a wide range of applications over the Internet. Cloud connectivity, in the current economic scenario, are deemed as a flexible and economic solution to facilitate a smooth transition of an organization from a fixed pricing structure to a variable pricing structure by releasing its critical IT resources to carry out innovation and strategic initiatives.

Furthermore, with cloud server hosting users can avoid making upfront capital expenditures on hardware and other computing resources.  Instead, a firm can directly provision the right size and type of resources required to power its IT department. Moreover, companies can gain instant access to as many resources as required while only paying for what they used. Other benefits include:

Mitigating Business Risks: With cloud deployment models, service vendors own the responsibility of planning and managing the IT infrastructure. This facilitate companies to quickly respond to the changing business environment while overcoming the risks unexpectedly arising out of unforeseen incidents like natural calamities, fire, power outages, etc.

Easy Updates Without Any Hassle: Cloud vendors ensure that the software are renewed and updated on regular basis. This ascertains that user interface is updated in line with the dynamic business needs.

Improved Security: Data security is considered as one of the major concerns while to the cloud. According to industry experts, vendors offering cloud solutions ensure strict security norms by conducting regular security audits. This ensures enterprise-grade security of confidential business data.

In a nutshell, companies are increasingly adopting cloud computing solutions as the technology plays a vital role in improving their bottom line performance while acting as an online backup against unforeseen occurrences.