The Economist Intelligence Unit (EIU), Trust in cloud technology and business performance: Reaping benefits from the cloud report, sponsored by Google explores links between cloud use, cloud trust and organisational performance. For this report, a 10-country, multi-industry EIU survey of 452 senior executives and interviews with experts assesses how far along organisations across the world are on the cloud progression and trust curve, to better understand the role of trust in the context of rapid cloud adoption.
As organizations expand their use of the cloud, those with higher levels of trust are able to transform their organizations more quickly, and the resulting business benefits can be substantial. But active, high-level efforts to increase trust in the cloud are key to raise trust levels, to reap its full business benefits.
The report underscores the importance of fostering trust in the cloud to reap its full business benefits. Key findings from the report include:
- Cloud-based technology already makes up a sizeable portion of corporate and government IT-systems with 38% of enterprise IT currently based on this technology; this will likely grow to 45% by 2019.
- Trust in cloud technology, however, while also growing, remains muted, with 16% of survey respondents noting very high trust in the cloud.
- This disconnect has important implications. Respondents who say their organisation has higher trust in the cloud also report much better outcomes on both non-financial and financial success metrics including revenue, profit and share price growth than do their peers who cite lower trust. For example, those with very high trust in cloud technology cite a 9.1% profit rise versus 1% by the low trust group.
- Cloud use alone, like merely shifting to the licensing model without deeper engagement, by contrast, does not appear to produce these benefits to nearly the same extent; in some cases, survey data reveals no statistically significant connection between usage and better outcomes.
- The relationship between trust in cloud technology and positive business outcomes at high-trust organisations appears to be linked to their organisation’s willingness to foster business transformations that leverage what the cloud offers. Put simply, higher cloud trust appears to facilitate behavioural and process change within an organisation.
- Successfully developing trust appears to build on the active leadership of senior executives; supporting employees and functions to do their jobs through the cloud; and encouraging them to experiment with cloud use to change how an organisation operates in ways large and small.
Trust in cloud technology and business performance: Reaping benefits from the cloud can be read here.