3 pillars of successful CFOs: Strategic leadership, technological integration, and work-life harmony
Discover the 3 critical areas of success that constitute the foundation of contemporary financial leadership.
This article looks at the difference between cloud backup and cloud storage and how each contributes to daily business life; business continuity and disaster recovery.
Businesses not only have limited hard drive space, plus they are having to deal with an increasing amount of data (primary and secondary), comply with stricter data regulations (GDPR) and are facing more security threats i.e. more criminals working in more sophisticated ways to steal company data. In addition to these challenges, as highlighted by 2020’s pandemic, more businesses have employees in different locations (working from home) but who still need work apps and data and information to be stored, synchronised, made secure and yet be accessible for work use (and for collaboration).
With this in mind, some of the reasons why cloud storage is now not only popular but vital for businesses include:
Things can (and often do) go wrong with company systems, data, platforms, and hardware. Theft, loss, natural disasters, cyber-attacks, data breaches, important 3rd supplier failure or the loss of key employees, and less serious digital events that cause business disruption mean that companies need to ensure, for the purposes of business continuity and disaster recovery, that recent backup (copy) of data is available. Backups are essential files that enable a full restore, and as such are an important element of ongoing good practice. The cloud also offers a convenient backup location for the apps that the business uses as these are also vital parts of the day-to-day running of a business. Although the Cloud is not the only way to back up data i.e. store a copy of data, it is now the preferred method for many of reasons mentioned in the previous section (about cloud storage).
The basic difference between cloud backup and cloud storage is, therefore, that cloud backup is a service where data and apps on a business’ servers are backed up on a remote server so that a recent copy can be reinstated in the event of problems such as an outage, system failure, a debilitating cyberattack or natural disaster i.e. it provides a way for files to be restored in the event of data loss. Cloud backup is therefore strongly linked to business continuity and disaster recovery (and the plans for both).
Cloud storage is really a way to supplement and give greater flexibility to the business’ hard drive space and make it easier to access and edit files from different devices, from any location.
The different types of cloud storage offer different benefits and businesses can choose which type or which combination suits their needs. For example:
The remote working resulting from the pandemic restrictions has now only emphasised the value of the cloud for storage, backup, communication and collaborative working but this has also translated into a big boost in spending on the public cloud and this is forecast to grow by 6.3 per cent in 2020 to $257.9bn, up from $242.7bn last year (Gartner).
Although software as a service (SaaS) is expected remain the largest market segment, the desktop-as-a-service (DaaS) segment, although relatively small, is forecast to experience a boost in spending (from $616m worldwide in 2019) due to the fact that it offers an inexpensive way for organisations with large numbers of remote workers to enable staff to securely access enterprise applications from multiple devices and locations. This has proven to be particularly valuable during the lockdown and beyond.
Cloud storage, therefore, provides many benefits over more traditional, less secure or scalable alternatives and use of the cloud also makes it easier for businesses to ensure that valuable work and data assets are backed-up effectively and regularly just in case they are needed. One lesson that this year has taught businesses is that the unexpected can happen and this emphasises not just the value of the cloud to business operations, but also the value of the cloud to business continuity, disaster recovery planning and how cloud backups feed into these.
Discover the 3 critical areas of success that constitute the foundation of contemporary financial leadership.
The term “Big Stay,” reflects the current trend of declining staff turnover and a reduction in job vacancies. In this new era, employees are increasingly prioritising stability over change, leading to fewer job openings and a growing reluctance to switch employers.
With Microsoft Dynamics 365 Business Central and Microsoft 365, businesses can establish a unified experience where data seamlessly connects with productivity apps including Microsoft Excel, Microsoft Outlook, and Microsoft Teams.