4 Industries Revolutionized by Cloud Technology

4 Industries Revolutionized by Cloud Technology

The concept of cloud computing has been around since 1969. But it wasn’t fully realized until the Internet and more mature bandwidth became commercially available. In 2002, tech companies like Amazon Web Services and Microsoft 365 began to offer cloud services. 20 years on, several companies have adopted the services, allowing the cloud technology market to earn revenue exceeding $250 billion in 2020 alone.

The market is forecasted to continue growing as more businesses join the digital transformation, and rightly so. The top 4 Industries Revolutionized by Cloud Technology and that increased their efficiency and production as well as the ease of business. These 4 industries are:

Hospitality

Hospitality Industry

The hospitality industry arguably faced its biggest challenge in 2020: the COVID-19 crisis. It needed a scalable and agile solution that can adapt to quickly changing needs. With cloud technology, processes like booking, customizing reservations, and even ordering food were made more streamlined. For instance, the RMS Cloud offers end-to-end service that benefits both the company and its customers.

Booking management, correspondence, marketing, and housekeeping could be done on a single platform. Likewise, customers can access hotel services prior to their arrival. Not only does cloud management offer a frictionless process, but it also reduces the amount of manpower needed to accomplish simple tasks like checking in and out. Earlier, The Hospitality sector didn’t have a solid and scalable structure that avoids businesses spending too much on equipment that soon becomes inadequate.

Another Hospitality related sector that is adopting cloud solutions for cost-cutting in operations and focusing on providing quality, is the health sector. More than 50% of Americans can’t afford a doctor, so the hospital and healthcare business needs to find a more innovative way to bringing down the operational cost so health services become cheaper and affordable for most of the people in society.

Healthcare businesses can use cloud technology to analyze patient data with better efficiency so doctors can provide more accurate assessments and personalized treatment. Also, remote patient care can become a reality with cloud technology. Wearable gadgets with powerful and accurate applications can help doctors offer accurate and diagnoses even consulting the patient over a vast distance.


Electronics

The process of creating electronics can involve lots of back-and-forth among team members and between clients. This is why real-time progress sharing is so effective in improving the process. This is evident in electronic design teams that use Altium 365, which uses cloud technology to give access to team members, manufacturers, and even customers to review designs. It also solves collaboration hurdles like lost design data and confusion over different iterations.

The platform creates automatic backups of all design assets in the cloud, making them easily accessible to anyone with internet access. Cloud technology significantly cuts down the time needed to transfer huge design files from one device to another.

By adopting cloud technology, manufacturers can get a more flexible manufacturing process as they will pay only for the use and that will cut a heavy cost from their operation. Auto companies can use cloud technology to run crash tests and other simulations and analyses. However many automobile firms have already embraced cloud technology which has been helping them increase their efficiency.


Finance

Finance Industry

The finance industry is usually slow to adopt new technology because of security concerns. For years, they’ve relied on manual information storage. However, with the rise of cloud technology, many financial institutions have made the shift. As a previous Bound Buzz post highlights, the cloud offers maximum data security. Finance professionals won’t have to worry about getting physical data centers hacked or devices stolen.

They now have the option to encrypt data on the cloud. What’s more, these vast volumes of information can be pulled from the database with a touch of a button. This speeds up the conventionally long processes in banks and other financial institutions.

Not just keeping the data on the cloud, Cloud technology allows businesses to connect them with their client in a more convenient way. When you deal with your clients via cloud technology, you can experience real-time communication and collaboration.

Businesses can set up a customer portal that helps them and their customers to track their accounts and statuses. It will speed up the process when both parties will have the required information in front of them. And, that will increase the efficiency of the business as well as the sector.


Legal

Similarly, the legal sector also requires tight security for long periods. They need the information to remain untouched and transparent. With cloud computing, they’re able to do this and more. The cloud offers advanced backup and recovery features on top of increased transparency. Everyone in the legal team can have access to the same information to build better cases.

In fact, cloud-based company Clio released a 2020 report stating that 85% of surveyed firms use cloud software to manage their practice. The same report also found that 69% of legal clients prefer to share documents electronically. This points to the successful adoption of cloud technology, both by the legal servicing firms and their clients.

Cloud technology is revolutionizing even the most traditional industries. If this is any indication of what else it has in store, businesses must start to embrace it.

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