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According to Gartner, cloud spending is forecast to grow 20.4% to total $678.8 billion in 2024, up from $563.6 billion in 2023.
Cloud has become a prerequisite rather than a choice for many businesses, as remote working, a need for scale and agility, and a more cautious approach to risk dominate the business agenda.
In a world rife with uncertainty and complexity, digital remains one of few levers from which to mitigate challenges as it becomes ever clear that the only real way to address the many variables at play is to respond to them faster, and with greater levels of insight.
A modern cloud platform not only facilitates the agility necessary to deliver the speed and intelligence required for such an approach, but is faster to implement than traditional systems, which expedites performance. And because the software is continuously updated, operating costs are fixed to allow greater planning and predictability.
The type of cloud however, is still a bit of a minefield to navigate. While Gartner forecasts that all segments of the cloud market are expected see growth in 2024, infrastructure-as-a-service (IaaS) is forecast to experience the highest end-user spending growth at 26.6%, followed by platform-as-a-service (PaaS) at 21.5%.
Another key trend driving cloud spending is the continued rise of industry cloud platforms. Industry cloud platforms address industry-relevant business outcomes by combining underlying software-as-a-service (SaaS), PaaS and IaaS services into a whole-product offering with composable capabilities. Gartner predicts that by 2027, more than 70% of enterprises will use industry cloud platforms to accelerate their business initiatives, up from less than 15% in 2023.
Every cloud solution has pros and cons, but it’s important to keep in mind that the right system will provide the scale, agility, and industry-specificity from which to run your business effectively, and reduce up front costs, training needs and associated maintenance.
So with this in mind, what should you look for in a cloud solution, and what are the different types of cloud? And more importantly, how do these respective options best suit the needs of your organisation?
Public cloud delivers standardisation and scale if used to its full potential, providing seamless software updates on a regular basis to ensure ease and simplicity in the way digital is consumed within an organisation.
There can however be challenges when it comes to integration, depending on the legacy nature of third party solutions. And the level of specificity required for some businesses may necessitate a best-of-breed system which often isn’t commensurate with a multi-tenant/public cloud model.
SaaS represents an attractive option for those which might require a number of customisations or modifications, or where lots of integrations are necessary across a broad spectrum of software solutions. Hosted by a third party, it reduces an organisation’s IT footprint and up front investment significantly, but allows the solution to be tailored according to the customer’s specific preferences.
Platforms such as Opera 3 SQL SE represent the best of both worlds for small and medium sized organisations. Fully integrated to encompass all key business processes, from finance, accounting, procurement and supply chain to HR and CRM, they offer flexibility in the way in which they are deployed. Available on premise or via a SaaS model, organisations can align both the solution and the way in which it is deployed with the very specific needs, infrastructure and budget they have, for the perfect fit.
And with the right foundations in place, companies are in the strongest position to take advantage of new technologies and capabilities such as Artificial Intelligence (AI), Machine Learning (ML) and Robotic Process Automation (RPA) as they come to the forefront and take digitalisation initiatives to the next level.
Against this backdrop, there’s no doubt that digitalisation is proving pivotal in responding to this new environment effectively, counteracting risk, and driving profitable growth.
As part of this shift, cloud must always be a predominant factor in selecting the right platform. While no two clouds are the same, and on premise may be the right decision for some, those who embrace the benefits of cloud stand to be more agile, flexible and efficient, putting them in a stronger position to improve productivity, performance and market share.
Posted On: January 10, 2024
