Effective cloud adoption can bring in net new annual profits to the tune of $414 billion for global enterprises, said an Infosys study.
The study found that the highest performing businesses had annual profits growth that correlated with using cloud in six different ways such as: speeding up the development and launch of new solutions, adding new functions to existing software, expanding processing capacity, fostering collaboration, unlocking value from data via AI and discovering new revenue sources.
The survey covered a range of business performance goals related to cloud and found specific links to competencies such as speed to market and capabilities. A strong profit link was identified when using cloud to rapidly bring new solutions and services to the market, said Infosys.
Over 2,500 respondents from enterprises across geographies were part of the survey done by The Infosys Knowledge Institute (IKI), a research arm of the tech major. By 2022, more than 40% of enterprises surveyed plan to shift over 60% of their systems into cloud, from 17 percent today, the study found.
Cloud-fueled profits could be attained by companies in any region or industry, but the real effect on profit takes place only when businesses have at least 60% of their systems in the cloud. To benefit from AI on cloud, the bar was even higher at 80%, it reported.
Ravi Kumar S., President, Infosys said, “Effectively leveraging cloud is a transformational pillar in digital journeys. The early cloud was a tool for allowing companies to rapidly scale while the modern cloud allows companies to rapidly innovate. Today’s cloud creates a network effect across processes, data, content, experience and more.''
