Going Remote: 4 Business Benefits of Moving to the Cloud
In the era of COVID-19, businesses that were previously resistant to remote work powered by infrastructure in the cloud are being forced to make the switch. The result: businesses are performing better, functioning higher, and boosting their bottom lines.
COVID-19 has reshaped the way we live and work. Prior to the pandemic many companies were resistant to being remote, often due to technological constraints such as their reliance on on-premise systems. Despite some clear benefits, many businesses in industries like financial services couldn’t justify the cost – and time – needed to migrate from legacy systems to cloud-based systems that enable remote work.
Now things have changed. The pandemic necessitated an acceptance of remote work, at least temporarily, and forced businesses to find ways to work remotely in spite of resistance and reliance on on-prem systems. For some, this exposure to the business benefits of cloud computing and remote work may be enough to create long-lasting change.
On-Premise vs. Cloud
Many companies with hardwired, legacy systems and servers are resistant to moving to the cloud due to the large overhead involved as well as the perceived security risks. However, the reality is that on-prem hardware also has some serious drawbacks which can result in financial loss over time. Remaining on-prem is more likely to:
- Restrict your workforce
- Hinder technological capabilities
- Increase costs for labor and products
- Limit creativity and innovation
Migration from legacy systems to the cloud can help mitigate these risks and prepare your business for the future.
4 Benefits of Moving to the Cloud
Why move to the cloud now? When COVID hit, it forced many companies to go remote and some to consider either enabling remote VPNs or moving to the cloud. Many found implementing the infrastructure to allow for remote work opened doors and resulted in benefits, including access to a wider, more passionate talent pool and access to modern and transformative technology.
1. Better Technology
Moving to the cloud allows you to work with better, more modern technologies. Modern technologies mean your team can work more quickly. They also mean you can produce more secure, and more importantly innovative, products. Relying on on-prem technologies restricts your company to specific, older technologies that often don’t enable innovation much less “play nice” with newer tools and plug-ins. Even if you have a transformative idea, if you’re not working in the cloud, it may be hard – or impossible – to implement it in a way that meets customer expectations.
2. Stronger Workforce
Your infrastructure dictates your workforce, and one of the potential benefits of cloud computing is how it can expand your personnel opportunities. Working from the cloud allows you to work with more progressive, modern technologies – and with the skilled people who work on them. Agile, high-skill engineers generally aren’t interested in working with old technology, so going to the cloud is a good way to attract better talent. There’s also a correlation between engineer passion, enthusiasm, and productivity, and the type of technology used in your day-to-day. If your technology is outdated and stuck in the past, it’s likely your team will be, too. This will permeate all aspects of your business and the customer will feel it, which in turn trickles down to your revenue stream.
3. Lower Cost of Labor
The financial benefits of cloud computing show up as reduced ongoing labor costs. If you have legacy, on-premise systems, you must rely on talent that works in-office, meaning you can only pull from a narrow pool of candidates in your zip code. Legacy systems also require you to rely on older technological skill sets, which come with legacy code and a steep learning curve. The time to onboard new hires is long and costly – and good ROI is dependent on engineers staying for the long haul. In contrast, hiring for more modern technologies and remote workers allows you to draw from a massive talent pool not limited by geography, to onboard engineers at a lower cost, and to reduce the costly impact of attrition.
4. Allow for Innovation
Another benefit of moving to the cloud is that it allows you to inject innovation into your business. It provides access to better talent, newer technologies, and in doing so opens your business up to creative solutions. Creative solutions are the key to transforming your industry and wowing customers, and can open new doors.
Enable Your Business by Going Remote
When comparing on-premise vs. cloud technology, it is undeniable that moving to the cloud by extension enables remote work. In doing so, you widen your talent pool and can pull from a distributed workforce. This gives you access to expanded skill sets at a lower cost, and the ability to bring in new, passionate, skilled workers. More importantly, it puts yourself in the position to innovate, which in turn improves your product and increases your customer base, and by extension, revenue.
Even if your business was forced into some version of remote work by COVID-19, leaning into the situation may be the next natural move. Consider that moving to the cloud may not be a bandaid, but a permanent response that comes with significant, long-term benefits. To get started, conduct a SWOT analysis on the benefits of cloud vs. on-premise technology; it’s likely you’ll see you have more to gain than lose – especially if you’re in an industry that is especially reliant on legacy tech such as insurance, banking, wealth management, or lending.
Ready to reap the benefits of cloud computing? Want to understand the pros and cons associated with your specific project, and how the transformation will change your business? Speak with Praxent’s experts today.