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According to a recent survey by Microsoft and Thought Arbitrage Research Institute (TARI), over 50 million Small and Medium Scale Businesses (SMBs) employ over 117 million people and contribute to 30 percent of Gross Domestic Product (GDP) of most countries. However, SMBs have limited productivity and profitability as they are restricted in terms of investable resources.
Another study ‘Socio-Economic Impact of Cloud Adoption by SMBs in India’ concluded that the reduction in investment by SMBs in technology results in a positive multiplier effect, meaning that if SMBs adopt cloud technologies they could significantly revamp their profitability and productivity. The study also found that within 2 years of adopting cloud, 96 percent of SMBs report an improved growth curve which remains stable with time. This affirms a company’s ability to improve products and reduce time to market time immensely when cloud is used for all operations of the respective SMB.
The survey also revealed that asset utilization rises by 17 percent when there is a low cloud adoption and 66 percent on high cloud usage. Similarly, employee productivity increases by 21 percent and 81 percent on low and high cloud usages respectively. Lower usage of cloud technologies reduce operating expenses by 13 percent while increased usage of cloud technologies reduces operating expenses by 68 percent.
With more companies offering cloud technologies, SMBs are considering to leverage cloud and drive their growth. The cost-effectiveness of cloud technologies makes them a versatile platform for SMBs to operate and manage their businesses. Diverse applications of cloud are poised to bring a paradigm shift in the ways SMBs conduct their business.
Check out: Top Cloud Solution Companies