Are Cloud Storage Systems Worth the Investment? | Financial Buzz

Are Cloud Storage Systems Worth the Investment?

It’s no big secret that traditional data storage is challenging to maintain. With every hardware upgrade, businesses need to pay more, not just for storage, but for the necessary professional help to keep the systems clean and operating. It’s no wonder that more people are moving their operations to the cloud. In fact, research listed on Tech Republic estimates that by the end of next year, 90% of organizations will have adopted a hybrid or public-private cloud model.

What is cloud storage?

The cloud is a remote storage solution that allows you to save your files on an off-site location that can be accessed through a network. It’s hosted, managed, and maintained by third-party providers. You won’t need to think about much other than storing your files.

Here are some of its benefits:

Lower costs

Cloud solutions are perfect for scaling. Remember that with every office, employee, and other assets you add to your business, you’ll have more data. If you relied on traditional data storage, then this means more hardware, more wires, and a lot of expensive installations. Cloud storage doesn’t need any of that. A study published in the Journal of Cloud Computing emphasizes that as long as you pay for the expansion of your existing remote storage, you’ll get access to more space. Due to the flexible nature of the storage platform, you can also opt to downgrade your cloud size if you feel like you don’t need that much space.

Additionally, cloud storage is paid in monthly or annual subscriptions, so the upfront costs are a lot cheaper. Plus, you won’t have to pay for any hardware maintenance.

Easy collaboration

In today’s fast-paced world, collaboration needs to be done in real-time, and immediate feedback can sometimes be the key to success. Box notes how cloud storage solutions allow people to upload files and folders and share them with others in the organization for faster, more efficient collaboration. Many providers also automatically back up multiple versions of the same file, so it’s easy to undo any mistakes and go back to older versions of a project if the need arises.

Enhanced security

It’s a common misconception that when something is hosted online, it’s automatically deemed unsafe. However, cloud storage proves to be the exception. Industries like finance, retail, and health—sectors that hold a lot of sensitive information—are becoming dependent on cloud storage.
Indeed, Microsoft’s health chief information security officer, Hector Rodriguez, highlights that the cloud is “more secure than local server solutions.” He cites the existence of multi-layered encryption and real-time monitoring as some major reasons. It’s also easier to update enterprise-wide, so it will always be equipped with the latest security features.

Is it worth the money?

Cloud storage offers a lot of things—from easier collaboration, to enhanced security. All these features come at a reduced price, since you won’t have to pay for additional hardware nor their maintenance.

So are cloud storage systems worth the investment?

They definitely are.

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