May 17, 2017 | Written by: Lynn Kesterson-Townes
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What if your organization had an ace up its sleeve that cuts costs, improves operational efficiency, makes customers happy, reaches new markets and creates new sources of revenue?
The latest IBM Institute for Business Value study, “Beyond Agility: How Cloud is Driving Enterprise Innovation,” reveals that the cloud revolution is here now, delivering true business value to organizations. In enterprises around the world, cloud adoption has moved beyond the stage of acquiring technological agility to powering business innovation.
Cloud is now the go-to platform for driving enterprise transformation. The IBV surveyed over 1,000 business leaders globally, asking them about their most successful cloud initiative. Based on their responses, 71 percent of the companies we surveyed are cloud-enabled innovators. These business innovators are using cloud to move into new industries, transform customer experiences and forge new business models.
Innovators leverage cloud to create new products and services, as well as incorporate new channels or payment options into their business models. Cloud enables innovators to leverage skills available throughout their ecosystems to develop new operating capabilities that shift industry economics in their favor. Cloud is so suited to driving enterprise innovation that one of the major risks cloud-enabled innovators face is a “fast follower” competitor applying the power of cloud to leapfrog over them.
Our study found five key ways cloud enables enterprise innovation. Cloud empowers enterprises to:
- Expand product/service features while improving ease-of-use
- Design sophisticated customer journeys tailored to unique customer preferences and contexts
- Rapidly prototype, develop and deploy new products and services
- Reach new customers
- Gain entry to a new industry or market
Five years ago, enterprises were implementing cloud primarily to streamline IT infrastructure and cut costs. Today, your organization risks being outflanked by your competitors if you aren’t unleashing the power of cloud to achieve enterprise innovation.
How will your organization use cloud to drive innovation?
For more findings on how cloud propels business transformation, including recommendations for getting started, read “Beyond Agility: How Cloud is Driving Enterprise Innovation.”