As a business owner, still you think that your business does not need the help of cloud computing? Think again, some facts, predictions and survey reports will change your mind. Yes, in next three years, enterprises will migrate core business functions to the cloud. More interestingly, they are more likely to rely on cloud computing to launch new business models and to streamline their supply chains.

Undoubtedly, cloud-based applications and platforms better manage and analyze data that can be used for collaboration and analytics. Many executives are taking more pragmatic and realistic view of what cloud technologies can contribute to their business. Enterprises are moving beyond the hype of cloud computing and launching new business models.

Oxford Economics made the study reports on cloud adoption today and on how enterprises see cloud computing changing their business models over the next three years.  As cloud applications are becoming scalable, secure and reliable, once elusive enterprise goals and new business models become attainable.

The key points of the report are as follows:

• The greatest gains will be in the areas of supply chain (a 24% jump), collaboration among employees (20%) and increased agility and responsiveness to customers (17%).

• Developing new products & services (61%), new lines of business (51%) and entering new markets (40%) are three key areas cloud computing is transforming enterprises.

• 58% of enterprises predict their use of cloud computing will increase top-line revenue growth in three years. 67% see the cloud changing skill sets and transforming the role of HR.

• 74% of enterprises say innovation and R&D is somewhat or mostly cloud-based. 61% say they will have developed new products and services in three years as a result of adopting cloud technologies.

• Enterprise cloud security strategies are maturing rapidly. From 2012 to 2014, strategies for ensuring the security of API and interfaces increased 24%, from 20% to 44%. Additional concerns that increased include virus attacks (up 19%), and identity theft (up 16%).

• 31% of respondents say the cloud computing has had a transformative impact on their business. 48%, nearly half state that cloud computing has had a moderate impact on business performance.

• 67% of enterprises say that marketing, purchasing, and supply chain are somewhat and mostly cloud-based as of today.

Enterprise see the potential to improve innovation, R&D and time-to-market via greater collaboration using cloud technologies. The majority believes that cloud computing will have a significant impact on top-line revenue growth. 44% of enterprises are relying on cloud computing to launch new business models today, predicting this will increase to 55% in three years.

The Bottom Line

The time has come to migrate or move to the cloud. Plan and act accordingly in next three years for your new business models. Collaborate among employees or with the clients on the cloud. Secure the big data and develop new products or services.