Cloud computing is big business and the outbreak of Covid-19 proved to be a big blessing for it to grow bigger and bigger. As country after country shut itself down to tame the fast-spreading virus, businesses all over the world transferred things to the cloud in order to make it easier for their staff to work from home. The cloud computing market, in this way, touched $100 billion nearly a year ago. And the businesses are competing with each other to own a patch of the cloud.
Regionally, the United Arab Emirates is the largest IT services market, followed by Saudi Arabia and Algeria. Cloud market in UAE is at emerging stage and is likely to witness rapid growth in the coming years due to high adoption rate among SME’s and the digital transformation agenda.
Saudi Arabia represents a significant revenue opportunity for cloud providers as times change and network connectivity becomes an inevitable necessity for businesses, the cloud service model is expected to grow in importance around the world.
It is projected that future of the Middle East and North Africa cloud infrastructure market will be bright as a result of increase in initiatives by governments & corporate to promote various technologies such as cloud and analytics coupled with growth in business continuity requirements resulting in high demand for disaster recovery services during the forecast period.
What is cloud technology?
When it comes to cloud computing, it’s all about the distribution of computer services via the Internet (the cloud) to provide speedier innovation, more flexible resources, and economies of scale for businesses and consumers alike.
In addition, because you only pay for the cloud services you use, you can reduce your operational costs, improve the efficiency of your infrastructure, and scale up or down according to your company’s evolving demands.
There is no one-size-fits-all solution for cloud technology because no people or organizations are the same. Instead, there are a variety of models, types, and services available to assist you in choosing the best fit for your situation.
To begin, you must decide on the type of cloud deployment or cloud computing architecture used to implement your cloud service offerings. For example, there are three options for deploying cloud services on a public cloud, a private cloud, or a hybrid cloud.
There are four main types of cloud technology: infrastructure as a service (IaaS), platform as a service (PaaS), serverless, and software as a service (SaaS). Cloud computing is commonly referred to as a “stack” since it builds on top of each other. Therefore, it’s easier to achieve your business goals if you know what they are and how they differ.
Benefits of cloud technology on finance
As more businesses in the future are willing to use cloud computing, let’s check its benefits:
- Enhanced safety measures
If handled appropriately and adequately implemented, the cloud can provide your business with crucial improved security requirements. Cloud security has been bolstered by zero-trust verification and encrypted data, as well as rigorous audit trails. - Increased compliance
Compliance is easier to maintain with cloud-based technology because it is constantly updated with current requirements and standards. - More efficient data management
A cloud-based solution is essential if vast amounts of data are kept securely and made available at any time and location based on set user access permissions. - Sustainability
Firms must enhance their workplace sustainability in light of the current focus on ESG (environmental, social, and corporate governance). Because they don’t use paper, cloud computing leaves a smaller carbon footprint on the environment. Because they don’t use a form, cloud computing leaves a smaller carbon footprint on the environment.
Financiers can reap the benefits of the cloud
SAGE Group analysis shows that nearly nine out of ten organizations plan to use cloud-based financial systems over the next year, indicating that the drive to the cloud is intensifying. A corporate cloud-based financial system is essential since it is built to suit the needs of today’s businesses while also being able to adapt and grow with the requirements of a firm.
According to Sage Group Vice President for Africa and the Middle East Gerhard Hartman, cloud technology delivers eight benefits for financial teams and experts.
- Scalability
When your company expands, your financial system may, too. You don’t have to worry about scalability difficulties as you grow your user base or transaction volume. - Streamlined data management
Finance departments can centralize their data and access the same, up-to-date data and transactions across the entire organization by utilizing a cloud-based solution. There is no better way of keeping up with a fast-moving world than this. - Remote Work
Distributed teams can access a cloud-based system from any location, whether they’re working from home or in many areas. Simply, cloud technologies allow the development of sustainable remote or hybrid working methods for finance departments. - Modularity
When a company uses cloud-based software, it is pretty simple to add new features. For example, when a company expands, it might add modules like budgeting and planning, worldwide consolidation, and inventory management. - Integrations with other cloud solutions
There will be point-and-click connections with a wide range of business management, CRM, eCommerce, inventory, payroll, and time and expense software in modern SaaS financial systems. You don’t have to use third-party integration, IT support, or specialized consulting services. - Data Security
Cloud-based solutions are designed to prevent unauthorized programs, systems, and users from gaining access or control of system processes, resources, and data. - Process efficiencies
Thanks to cloud-based technologies that provide real-time data outputs, faster financial procedures like collections and consolidations can be achieved. In addition, cloud-based systems offer a wide range of automation and integration options. For example, they eliminate time-sucking activities like data entry by hand, paper-based workflows, and spreadsheet upkeep. - Simplicity and reliability
The finance department does not have to bother about deploying, installing, upgrading, or patching the software with cloud-based finance solutions. Instead, the seller oversees all of this. It’s also hosted in a high-availability data center, and the cloud vendor assumes the IT costs and risks.