Sep 28, 2022

Impact of Cloud Computing on Different Industries

  • By HARRY M.,
  • 271 Views
impact-of-cloud-computing-on-different-industries

Today’s technology landscape essentially relies on one core piece of technology. The term cloud has its name etched deep in extensive applications across many industries.

From finance to education, cloud computing technology has its branches spread across some of its core functionalities and processes.

With almost every industry leveraging cloud computing for its data storage and analysis needs, it has a multitude of other applications across various other moving parts.

So what is the extent of the dent made by cloud computing technology across various industries? How has this impact been felt? Read on to find out!

The Various Industries Experiencing Tremendous Growth Due to Cloud Computing

In this era of colossal technological growth, cloud computing has made its way into every single industry. But how? Here is an assortment of industry-specific impacts cloud computing technology has had over the years.

Financial Services

In the current technological landscape, not just fintech startups but traditional banking institutions leverage cloud computing technology to quench their data storage and analysis needs.

In fact, a survey conducted by Google states that around 83% of the participants leverage cloud computing technology and have it integrated into their primary computing infrastructure.

Moreover, on average, 58% of the workloads of any financial institution are uploaded to the cloud.

With the past few years experiencing extensive technological growth, the quantity of data generation has also seen a prolific hike. Financial institutions have vast amounts of sensitive data to be stored and secured.

Cloud computing technology has ended up hitting this jackpot and has assumed the role of storing and safeguarding financial data. This data includes billing information, stock trading, insurance information, card data, etc.

Moreover, another massive advantage that cloud computing technology has is that it is significantly cost-effective compared to conventional data storage systems. It costs comparatively less to have your data storage needs addressed by cloud computing technology.

Reports show that cloud computing can lower your operational costs by almost 10-20%, adding further value to their cost-efficiency. Since they bring both buyers and sellers on a common platform, increasing efficiency and streamlining operations.

Retail

Cloud adoption was imminent with the massive amounts of data that the retail industry generates. Cloud storage grants retail organizations and businesses the opportunity to scale up their data storage and analysis platforms. That will entail a multifold increment in operational efficiency across the organization.

The most immediate woe that cloud computing technology addresses is inventory management. The cloud grants you real-time access to all your inventory data anytime, anywhere.

An integrated cloud computing system will successfully track stock flow, simplifying your inventory management process by a significant margin.

Furthermore, retailers can even leverage this data to track performance and find shortcomings in their current business infrastructure. By studying and analyzing this data, they can make better business decisions and grow revenue.

This data can also be used to study the improvement of certain retail products. The goal must be to enhance client input and preferences and make their job easier. For instance, Walmart’s Cloud-Powered-Checking (CPC) has completely reformed the point of sale (PoS) for a global retailer.

It also simplifies the supply chain by removing all existing minor errors and inaccuracies. That results in an agile and flexible reformation of the retail supply chain since it is following a data-powered approach.

Also read: The Role of Cloud Computing In Artificial Intelligence

Healthcare Sector

The primary data-related concern that the healthcare sector poses is its privacy and security. Hence, they have been the most resistant to adopting and integrating the cloud.

Although, the onset of the COVID-19 pandemic brought around telehealth and telemedicine, both cloud reliant technologies.

The shift to remote health made a majority of the healthcare sector realize the importance of cloud adoption, and now, over 83% of the healthcare sector in the U.S. leverages cloud computing technology in daily operations.

Despite the need for cloud technology adoption, data storage in the healthcare sector has to be compliant with many compliance regulations such as GDPR, HIPPA, etc. On top of that, the importance of maintaining data privacy further intensified with remote online consultations.

Cloud computing solves this issue by enabling instantaneous access to sensitive patient and other medical information in the most secure manner possible. In fact, the adoption of cloud computing technologies has accelerated the growth of the healthcare industry, projecting an estimated industrial valuation of $64.6 billion by 2026.

By cutting down the use of human resources, lowering maintenance costs, and enabling instantaneous deployment, cloud technology has finally won over the healthcare industry.

Agriculture

Surprisingly, cloud computing has made significant headway in the agricultural industry over the past few years. Farmers are now thriving in an era of information abundance and can obtain extensive and valuable data regarding crop production and other relevant processes.

Moreover, farmers can also leverage expert advice and automated suggestions to deepen their understanding of the areas they lack expertise in.

Cloud computing technologies can provide sound and meaningful insights that can help farmers and agriculture leaders boost revenue. Let’s take an example to elaborate on the point.

Farmers now have access to extensive information revolving around cultivation, namely data from soil sensors, seed or grain sensors, etc.

Conclusion

Technological innovation is far from reaching its peak, and so is cloud computing. As time progresses, cloud computing applications across many industries will keep expanding.

With automation and other AI tech on the rise, cloud computing will assume further roles in the core functionalities of most critical industries.

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