Are you certain you need an I.T. department? Most successful startups attribute some portion of their success to a high-functioning I.T. department, but the emergence of exciting new uses for cloud technology may eliminate the need for excessive I.T. spending. If it’s too costly to build and maintain a network of servers, consider the benefits of building your infrastructure outside the data center.
The Power of Spend Analytics
Consider the high cost of spend analytics. Big data, which includes the data that determines the shopping habits of people and companies, requires analytics. Can you afford the manpower? The government, notoriously slow to embrace technology, seems to be on the cusp of this emerging trend. According to BidSync, a leading provider of public sector and higher education business services, the government marketplace utilizes their services to “identify more opportunities, find agency contacts, create winning proposals, respond to RFP’s electronically, and understand agency spend analytics.”
It would seem it’s not a matter of who is embracing cloud technology, but when it will become the leading technology. And, it will. Embracing it today only saves your startup money, and improves your ability to monitor shopping habits. And, it’s these analytics that will earn you more money in the long run.
For all companies, spend analytics are beneficial, but they’re especially beneficial to retail startups. It’s estimated that millennials will spend $1.4 trillion annually by 2020. Wouldn’t you like to know what they’re buying? It’s unlikely you’ll fully understand their shopping habits without spending a fortune, unless you’re able to outsource this data collection to another company.
With the Cloud You Are Free to Outsource
The financial benefits of outsourcing are obvious. With an internal data center, you’re limited to your staff when it comes to spend analytics and identifying market opportunities. Building your infrastructure outside the data center using cloud technology allows you to outsource much of what it takes to build your company, which is far cheaper and ensures you’re working with a company that knows exactly what they’re doing.
Procurement and Cloud-Based Solutions
Okay, so you know analytics can boost profits and outsourcing reduces costs, but what other benefits can cloud technology provide your company? If you work with suppliers, it can vastly improve your supplier relationships. And, it can improve your hiring process and help you build a dynamic team to grow your startup.
Cloud computing ensures communications are efficient between your startup and your suppliers; moreover, it can help you get paid faster. In turn, you pay your suppliers faster and everyone is happy; this is an efficient method and your procurement staff will use it to transfer and receive information instantaneously. Expect happy employees.
Perhaps you’re not yet staffed; in this case, you can use cloud technology to find new employees. Use analytics (yes, you can outsource this process) to determine which qualities the best candidates will embody. Then you can headhunt the candidates that best match this profile. The result is a truly efficient and qualified workforce. Your staff will continue to use the cloud technology in ways you’ve not yet imagined, including using their own devices to improve productivity.
Cloud technology is available and accessible, and you should consider the benefits of taking advantage. Cloud-based infrastructures are rapidly becoming the norm because of their cost-effectiveness. Even government and financial sectors, which are notoriously slow to embrace new technologies, are utilizing the cloud to manage their businesses. Your startup deserves the cushy financial boost operating outside the data center can provide.