The momentum behind digital transformation received a dramatic boost with the onset of the global COVID-19 pandemic, which impacted the widespread adoption of the cloud. Nearly every industry was confronted with limited in-person business interactions leading them to discover a need for innovative solutions that allow them to connect with vendors, customers, and partners.
The foundation of every business is some combination of speed, agility, and collaboration. Policymakers, chemical organizations, regulating bodies, transportation companies, distribution professionals, and every other level of the supply chain have discovered that working together more efficiently creates stability for everyone.
The cloud provides the perfect architecture for speedy collaboration and instant feedback that allow industry professionals to adapt quickly to potential disruptions. For example, SAP robotic process automation on cloud-based networks can stretch throughout all aspects of business by performing complex tasks so that employees can focus their efforts on productivity. Additionally, the cloud supports innovation by providing a platform for companies to create solutions together in real-time.
Let’s take a closer look at how the cloud supports innovation and digital resilience for businesses.
Resilience in the Digital Age
The ability to adapt and manage significant changes to operations is a skill that many teams had to learn the hard way at the beginning of 2020 as social distancing restrictions changed the way that we do business around the globe. Companies were forced to respond by shifting their goals to meet the needs of an ever-changing landscape by integrating remote solutions and migrating to the cloud.
Each industry comprises an interconnected ecosystem of complex suppliers and partners to bring their products or services to the market. Strong innovative partnerships can provide their customers with industry-specific solutions that can be implemented immediately depending on their different needs and priorities.
True collaboration requires agility and access to feedback and updates as they happen. Cloud-based networks support these needs by making it easy to connect with industries that work closely together and benefit from their combined success.
Cloud Supports Innovation
Businesses have found that they must rely on each other now more than ever if they survive in a volatile retail market. Knowing how other companies are innovating is crucial to understanding what your shared clientele expects and how you can better meet their needs. And creating growth together allows vendors and customers to have a streamlined experience across different levels of their experience within an industry.
Gartner predicts that at least 40% of all workloads will be shifted to the cloud by 2023. This means that organizations will be using the cloud to double the amount they were at the beginning of 2020. This is no surprise considering the many benefits of innovating in the cloud for companies of all sizes, ranging from small businesses to large global enterprises. Now, the cloud is shaping industry digital transformation in many ways.
Shifting Industry Boundaries
Traditional sector boundaries have become increasingly blurry with more integrations and partnerships from businesses that provide products and services that coincide. Establishing next industry practices is easier than ever with the use of the cloud.
This is because networks can connect everyone on one industry cloud that extends innovations using the internet of things, machine learning, artificial intelligence, and blockchain technology. Reimagining the possibilities of business processes and outcomes can be realized much faster now that industries are easily connected to others that are involved with the product life cycle.
Transparent Innovation Framework
The ability to collaborate in the cloud also gives companies the agility and adaptability to find solutions to processes that can contribute to industry transformation on a larger scale. Major disruptions cause some businesses to falter because they consistently create short-term solutions to problems that can be solved long-term through innovative data programs. The cloud provides companies with the tools that drive long-term solutions to enhance protocols overall.
The transparent framework of the cloud provides unprecedented access to business analytics and information that innovators can all benefit from and provides a secure space for ideas to evolve. The most crucial factor that will drive industry-wide digital transformation: the simple power of the cloud.
Simplified Processes
The installation of the cloud simplifies the complexity of business logistics in the current digital environment. Additionally, customers also have new digital expectations that include usability, design, and efficiency. Organizations can create a more streamlined experience internally and as far as customer service is concerned simultaneously when they realize how simple it is to connect through the cloud.
Cloud-based networks create an environment of harmonized data, even across hybrid networks that include both on-premises and cloud applications. This simplifies every aspect of operations and makes innovation a natural next step as more and more companies integrate collaborative cloud solutions.
Conclusion
Current business models are rapidly decaying. Over three-quarters of business leaders say that most business operations will be unrecognizable within the next five years. What is it about the ecosystem that will change? Innovations and partnerships can be easily forged through the use of the cloud, machine learning, and ongoing digital transformation.
The future of business depends on companies’ ability to collaborate and innovate on a broader scale. This kind of industry transformation requires the cooperation of all partners. Shifting industry boundaries has created a fertile ground for integrations that support customers’ everyday needs across industries that are not traditionally intertwined. To learn more about cloud and digital transformation, visit our Cloud insights page and SAP insights page, where you can access our cloud and SAP whitepapers, webinars, data sheets, and much more.