In this Growth Swarm moment, excerpted from Episode 26 of the Growth Swarm podcast, Bob Evans describes how leveraging the cloud offers new opportunities in the face of a contracting economy.
Highlights
00:17 — The world has never been through an economic situation like today’s; there is no playbook or model to go off of.
00:24 — One of the extraordinary things about the cloud is that it offers alternatives that allow organizations and business leaders to create their own futures. Bob offers three ideas for revenue drivers that are powered, enhanced, and influenced by the cloud:
- Co-creation with partners and customers
- Faster speed of innovation
- Attacks the “IT budget trap”
00:46 — The notion of co-creation is now much more possible thanks to the cloud. It is simple to collaborate with partners, customers, and vendors to create new products, services, and revenue streams that were not possible before.
01:12 — The cloud directly influences the speed of innovation that is now possible. Business leaders are now thinking in terms of this “new reality.”
01:39 — Previously 80-90% of IT budgets were dedicated to “keeping the lights on” — this left no room for innovation. The cloud attacks ‘IT budget traps’ so that budgets aren’t overly devoted to just “keeping the lights on” but make more room for investment on innovation. Smart leadership and management can redirect IT budgets towards customers, growth, and customer dazzling.
02:14 — Hard work, focus, and a lack of fear, when aligned with the three fundamentals of the cloud, will enable companies to get through the contracting economy quite nicely.
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