Being ‘On The Cloud’ Could Boost Turnover By £100k Per Year

British Businesses have been encouraged to invest in bespoke information solutions, as advancing digital capabilities could increase company turnover by as much as £100,000 per year.

This is according to Lloyds Bank, as its latest Business and Charity Index showed British enterprises could earn a total of £85 billion extra a year if they used more advanced technologies, including moving their data on to the cloud, reported London Loves Business.

Nick Williams, managing director of commercial and business banking transformation at Lloyds Banking Group stated: “Businesses and charities are seeing that moving online is not only helping increase revenue, but it is also improving productivity levels.”

The index showed that by becoming more digitalised, companies are able to save more than twice as much time now compared with 2014. Indeed, small and medium-sized enterprises (SMEs) and charities could save an extra day’s worth of work a week simply by moving their systems on to the computer.

For instance, by being on the cloud, employees can access data wherever they are, allowing them to work on their journeys to and from business meetings and trips, or from home if they are unable to make it into the office.

So popular is digitalisation for businesses that 99 per cent are now online, an increase from 92 per cent in 2014.

Becoming more digitalised does not just impact SMEs, but huge companies too. Cloud Pro recently revealed both Google and Intel increased their earnings significantly in 2017/18 thanks to boosting their cloud services.