Business organizations now depend on digital tools to ensure a smooth workflow. When it comes to sensitive records, important documents and other crucial records, safe storage is critical. An ideal way to protect business documents is to digitize them with the help of a reliable document conversion company. This will prevent damage to the documents and ensure that critical information is safe.
Going digital in business is not just about conversion of all data into digital format. It also means employing information technology to manage operations and drive the customer experience. Digital transformation also requires an organization to shift its computing infrastructure from its own data center to private or public cloud providers. The cloud is a powerful driver for innovative business initiatives but a poor strategy can impede your business’s transition to the cloud. Today, many businesses are not just adopting cloud solutions – they are utilizing several cloud services at a time to improve organizational efficiency.
Once documents are digitized, the digital copies can be kept safe in cloud storage. Cloud storage refers to a network of online data repositories where data is stored and hosted by third party server. Online cloud storage provides more flexibility when it comes to storing, accessing and backing up data. Important data can be encrypted and backed up in multiple data centers and can be accessed from anywhere.
Though cloud computing has been around for some time, it gained popularity during the lockdown. All organizations were shut down and work from home policies were adopted. This led to the urgent need for digitization. Along with digitization, the demand for cloud computing also increased and this trend is expected to continue even after the pandemic.
According to Gartner, spending on public cloud computing is expected to increase 18.4% in 2021 to a total of $304.9 billion, up from an estimated $257.5 billion in 2020. Their study also showed that the shift to cloud will increase as a proportion of IT spending after the COVID-19 pandemic. The cloud is estimated to comprise 14.2% of the total global enterprise IT spending market by 2024 compared to 9.1% in 2020. International Data Corporation (“IDC”) estimated that by the end of 2021, 80% of organization would put “a mechanism in place to shift to cloud-centric infrastructure and applications twice as fast as before the pandemic.”
With the growth in cloud computing, cloud stocks are also becoming more popular. Earlier, the cloud was just a basic infrastructure. But today, many companies have realized the significance of the cloud system and this has increased the opportunity for cloud stock to grow. Companies that offer cloud computing can make use of this opportunity. Let’s take a look at cloud stocks that have a Zacks Rank #1 (Strong Buy) or 3 (Hold):
- The Trade Desk Inc: This is a self-service cloud based platform that buyers can use to create, manage and optimize data driven digital advertising campaigns in different formats. It currently holds the first position in Zanks Rank. According to Zacks Consensus Estimate, its expected earnings growth rate in next five years is 25 percent.
- Dropbox Inc: This is a collaboration platform that allows individuals, teams, and organization to collaborate and sign up for free using its website or app. Dropbox Inc also has Zacks Rank 1. The company’s expected earnings growth rate for the current year is 13.6%.
- DocuSign Inc: Docu provides cloud based software in the United States. It offers e signature solution that helps businesses to digitally prepare execute and act on agreements. It is currently ranked 3 in Zacks Rank list and according to the estimates, the expected earnings growth rate for next year is 47.3%.
- Microsoft Corporation: Microsoft Corporation MSFT provides licenses, support software services, and devices and solutions all around the world. Microsoft’s Intelligent Cloud segment licenses SQL and Windows Servers, Visual Studio, System Center, and related CALs; GitHub offers a collaboration platform and code hosting services for developers. It has a Zacks Rank 3. Its expected earnings growth rate for this year is 16.8 percent.
- Amazon.com Inc: Amazon offers Web Services that provides compute, storage, database and other AWS services. The company also has a strategic relationship with NXP Semiconductors N.V. to deliver a cloud compute solution for vehicles that enable cloud-powered services. The company is expected to see an earnings growth rate of 29.6 percent in the current year.
Companies need to make necessary arrangements to prevent data breaches. Cloud storage keeps documents safe. Partnering with a reliable document conversion company will ensure efficient scanning of your files so that you can store vital documents in the cloud. Vendors provide backup and tight security protection and you will always have the ability to leverage customer data. The main features of cloud storage are as follows:
- It is a service provided by an external provider
- Data can be accessed from any device and from any location by authorized users
- It is based on virtualization technology
- Data can be accessed over the Internet or through built in synchronized tools
- All data is stored outside of your network
