What is Cloud Computing?
Though cloud computing sounds like a technical term but in reality it is something that we all use. The word cloud is a metaphor used for “internet” and when computing is added to this cloud it refers to putting more of one’s data in the cloud rather than putting it on the personal computers or servers that a business uses for itself. Simple examples include: Google, Hotmail and Yahoo. For instance in Google it includes emails, which contain different types of online documents which are stored on the cloud and used by different people on the web.
Importance of cloud computing in Retail Sector
Cloud computing uses the internet to share information and storage units. In today’s age, it is nearly impossible to avoid Cloud computing in business industry. Specifically, the future of the retail sector lies in cloud computing. Cloud computing is highly important in the retail sector for it enables the customers to carry out transactions. Moreover, it is important for capturing, managing, protecting and analyzing the ever-expanding collection of customer data.In addition to this, cloud computing is cost effective and time saving. With the help of it, all operating costs can be minimized while the capabilities are upgraded. They are able to enter new markets at minimum costs.
Benefits to Retail Industry by Cloud Computing
- By using the cloud computing, retail sector proves to be efficient in collecting and analyzing huge volumes of sales data. Most of the low level retailers lack resources to capture or utilize huge volumes of sales data. With the help of cloud computing, data is collected from sophisticated server networks and then it is stored for retailer. Such stored data can be accessed anywhere if internet is provided.
- It can track performance of products. The cloud provider monitors the performance; it identifies the trend of each product/brand, then it provides analytical results to the retailers.The cloud provider can serve more than one retailer at the same time.
- It utilizes high power computing resources and statistical models to analyze data in short time.
- Cloud provider also helps in inventory management. By serving many retailers at the same time, cloud providers can be effective to address issues like stock unavailability. They give a valuable lay out to the user which can be used to predict about the inventory levels and hence place orders in advance.
- By switching to cloud computing, the difficulty of keeping and managing individual systems is avoided. Therefore a good cloud provider helps in reduction of all types of administrative and management costs.
In a nutshell, cloud computing provides cost reductions, time saving and accurate management which allows the retail sector to flourish. Moreover, the physical difficulties faced by retail sector are minimized by switching to cloud computing.