For years now, IT professionals have been singing the benefits of cloud computing. And while the technology has been growing in popularity, there were still some critics who tried to highlight what they claimed were potential drawbacks and risks.
However, when the Covid-19 pandemic started, cloud computing got a thorough test – and passed with flying colours.
What is cloud computing?
Even though cloud computing has been around for more than a decade, it's a term that's still a little murky for some people.
Essentially, cloud computing refers to a service or a piece of software that is online. Cloud storage is the most common version of this – where files are saved online rather than on your own device. This means you can access them wherever you are, so long as you have internet access and the password.
There are lots of other services too. Google Docs, essentially an online-only version of Microsoft Office, is another popular one, but you can also get cloud computing versions of communication tools, management software and more.
Benefits of cloud computing
Perhaps the biggest benefit of cloud computing is the convenience. Most people nowadays have multiple devices, so rather than having to transfer files between each one with a USB drive or cables, you can now access them wherever you are.
Other benefits for businesses include reducing physical storage costs, being able to scale your use of services as your business grows, quicker updates and improved collaboration opportunities.
How did cloud computing fare during Covid-19?
One of the worries about cloud computing was that its performance could be affected with so many users online at the same time, but this hasn't been the case. In fact, for many businesses, cloud computing is what enabled them to keep functioning through the crisis.
The physical travel restrictions that have been put in place because of the coronavirus have led to more people needing to use the internet and cloud software for business (and personal) matters. As the pandemic came without warning, many businesses would have been completely unprepared with the cloud as an option.
Previously, workers needed to be in an office to access company files and software, but that hasn't been the case over the past few months. Millions of people have been able to work from home unaffected thanks to the advances in cloud-based services.
Cloud-based business solutions
This has been a particular wake up call to those who were reluctant to move some operations to the cloud. As restrictions ease, it's expected that the lessons learned will see more remote and cloud-based working solutions being retained.
Many companies are already saying they're happy to let workers continue using home offices after the pandemic. Along with the established options like file storage, companies are likely to have the confidence to look for cloud solutions in other areas too.
This is particularly good news for one of Barclay Pearce Capital clients – thedocyard Limited (ASX:TDY). thedocyard is a developer and provider of cloud based software that is designed to allow all aspects of legal and financial transactions to be undertaken on the one central platform.
The company has a strong competitive position as they offer a complete transaction wide solution to manage and complete a deal, all within a secure encrypted cloud environment.
Geographically, thedocyard is predominantly sold in the Australian market and is now growing in the UK and Singapore Market. The other Asian and North American deal markets will follow those. In terms of market verticals, thedocyard operates in the legal and financial services sectors primarily but is vertical agnostic with respect to targeting corporates who transact deals.
The company listed on the ASX in February 2020 after completing a successful Initial Public Offering (IPO). www.thedocyard.co
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