10 Ways Cloud Service Providers Reduce Costs for Tech and SaaS Enterprise

Over 85% of businesses use some form of cloud technology to store information. As such, cloud computing has become essential for the day-to-day operations of technology and SaaS businesses. The ability to collaborate with teammates in real-time, the cloud flexibility, and the increased ability to scale enterprise operations has given organizations more control over their business. In addition, cloud services also offer powerful (but affordable) backup solutions and SaaS protection to keep your data protected and safe.

But, perhaps the most tangible benefit cloud computing has affording enterprise is the reduced IT costs. Read on to learn the many ways in which your company can save costs with cloud services, including affordable SaaS backup.

Reducing Costs with Cloud Services

Using cloud services can do more than simply cut costs for technology and SaaS companies. It also provides hidden cost savings as enterprises can be more productive and efficient–all while operating on a cloud-based service.

Here are several ways you can reduce costs with cloud services while improving your SaaS protection:

1. Reduced licensing fees: When it comes to employee life cycles, cloud services can help you better manage and repurpose licensing fees to new users without paying more. This can save you from buying unnecessary licenses when using systems like Microsoft 365 and Google Workspaces while deploying a seamless method of accessing data.
2. Reduced costs of data loss: By including a cloud-based backup service, and a secondary copy of your information, you decrease the risk of losing data. The average cost of data loss isabout $3.6 million per year, with individual records costing about $141 apiece. This can damage a company’s reputation and interrupt business continuity.
3. Protection against cyberattacks: Cyberattacks are more prevalent than ever, with ransomware attacks estimated to take place every 11 seconds in 2021. Not only does ransomware jeopardize your data and overall security, but can damage your reputation and cost you a lot of money. On average, ransomware ransoms average around $111,605 for enterprise businesses. Cloud-based tools that protect your data, or provide a secondary copy of your data can eliminate the need to worry about paying a ransom to recover locked business information.
4. Automatic updates: By keeping your technology located in the cloud, which often comes with automatic software updates, you can ward off outdated, vulnerable technology and allow your IT staff to focus on more important tasks at hand.
5. Reduced costs on technology infrastructure: Most cloud vendors offer a pay-as-you-go option for businesses. This way, you can customize your cloud plan with only what you need, and not pay for any unnecessary services.
6. Greater productivity from the workforce: Cloud computing is meant to be easy to use. With built-in tools and automated services, employees and users will have an easier time navigating the workspace and their duties. In addition, automated services give employees the ability to optimize their time.
7. Less in-house hardware: Having a server room in your office means you’ll be spending quite a bit of your revenue on computers, routers, and other hardware needed. Cloud services help eliminate the need for large quantities of hardware, so you can better utilize your budget.
8. Save on energy: Electric bills can add up, especially if you have an in-house server or hardware that runs 24/7. Cloud computing tends to use less energy, and, not to mention, isn’t reliant on an internal office structure.
9. Lower staffing costs: Having an experienced IT team can be expensive and maintaining competitive salaries can drain your company’s budget. With a cloud service, the tedious and time-consuming work is automated, which can help keep staffing costs at bay and your IT team at an appropriate size — not to mention your cloud provider’s support team can be a great asset for keeping your technology running smoothly.
10. Ensure compliance: When it comes to HIPAA-sensitive data or EU GDPR regulations, backup tools help you stay compliant, which protects you against heavy fines and even potential legal issues.