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How is Cloud transforming Industries?

Cloud technology has been impactful in transforming business. From cost savings to easy collaboration, the usage of the Cloud has significantly increased in the past few years.

Cloud technology is so reliable when it comes to safety that 94% of businesses report significant improvements in online security after moving their data to the cloud. 91% said that the cloud makes it easier to meet government-compliant requirements. (Source: Salesforce)

Predictions show that spending for enterprise cloud platforms will increase by 14% in 2024. (Source: Gartner)

We will witness an increase in these figures in the coming years as many tech-savvy firms and industry executives have recognized the advantages of cloud-computing technology.

Let us now discuss how Cloud technology has transformed the following Industries: –

  • Healthcare – The healthcare sector requires cloud solutions that enable them to deliver automation and efficiency on high-value workflows, and because they work with large volumes of data – both structured and unstructured – they require deep data analysis capabilities to turn insights into actions while adhering to strict data protection and security guidelines. The healthcare industry places a greater emphasis on improving patient’s experience, at the same time ensuring the highest level of data security, protection, and privacy.
  • Financial Services – When it comes to introducing innovative technologies, the financial services industry has always been cautious. The global pandemic, however, has amplified this trend because of the paradigm change from physical to digital. To remain relevant to their clients, the industry must develop digital solutions. To deliver differentiated consumer experiences, increase staff cooperation and productivity, manage risk, and update core systems, leading cloud services providers are delivering customized solutions such as specific templates, APIs, and multi-layered security and compliance coverage. Financial services firms, such as banks, can use these capabilities to generate a holistic view of their customers with more insight and a specific plan of action, integrate digital collaboration into their process workflows, and improve insights to help prevent fraud.
  • Retail – The retail business is expected to evolve at a lightning speed as customer behavior, taste, and preferences continue to evolve. Since customer data, inventory management, supply chain, and distribution network are all integral parts of this industry, they require solutions that bring together data from different sources and uniquely connect experiences across the end-to-end shopper journey, all while delivering more relevant personalized experiences and optimizing operations for long-term profitability. Retailers can provide more focused and relevant customer recommendations and notifications, increase their fulfilment options, simplify payment processing, and benefit from full fraud prevention by using industry-specific cloud solutions.

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