The Future of Cloud Service Providers: 5 Key Trends to Look Out For
29/05/2020 | Blog
CSPs need to keep up with the latest trends and practices in the industry to remain competitive.
What are 5 key trends to be aware of presently and how can your company start implementing them?
1. IoT and 5G Support
5G and the Internet of Things (IoT) are two technologies set to transform how businesses operate in the future, and that includes CSPs. Organizations enjoy improved communication, faster network speeds, and increased innovation, among other benefits. Global spending on IoT is expected to reach $1.29 trillion this year, which shows the growing potential of the industry.
CSPs need to revamp their processes to take advantage of this growth. For instance, they can provide services that enable customers to leverage 5G in their products and services. Make sure to bolster your security when implementing these changes, however. Security is still the number one threat to IoT adoption. Therefore, it’s wise to eliminate vulnerabilities first before you offer new services.
2. Faster Time to Market
The current business climate waits for no company. Trends change on a dime and your organization will be left behind if you’re slow to adapt. Delivering relevant solutions to the market quickly will be the key to success for future companies. One key way to speed up time to market (TTM) is to embrace digital transformation.
Picking up next-generation technologies like 5G, IoT, and edge computing will dramatically increase the speed of your TTM. Change should also happen outside of IT. Implementing Agile, investing in leadership training, and establishing an innovation-first culture can also help CSPs accelerate their TTM.
Automation is another key factor in speeding up TTM. When you automate manual, cumbersome work, your team will have more time to spend on developing innovative solutions to meet customer demand. For CSPs, this means automating repetitive tasks like billing and resource provisioning to save time and money.
3. Redesigning Operations to Keep Up with Rising Cloud Demand
The cloud is only going to get bigger in the future. 83% of enterprise workloads are expected to be cloud-powered by the end of this year. It wouldn’t be surprising if the figure reaches close to 100% in a few years. CSPs may already be using the cloud today, but they need to ramp up usage exponentially to keep up with rising demand.
CSP operations need to be revamped to prepare for the cloud era. Established cloud-related practices like DevOps and containers must be picked up as soon as possible to further streamline operations. Legacy systems will still be in use, but they should be migrated to microservices-oriented architectures to work seamlessly with the cloud.
4. Big Data Analytics
83% of business leaders say data analytics is a major competitive advantage and it’s easy to see why. Gaining access to valuable insights allows CSPs to make informed decisions not just for clients, but also to improve the organization internally. For example, an organization can use big data analytics to identify and eliminate tasks that offer little to nothing in terms of productivity.
Data analytics can also be monetized to bolster finances. CSPs can analyze their clientele to understand how and why customers make purchase decisions. These insights are prized by a variety of organizations in different industries, which allows CSPs to sustain themselves better since they’re no longer limited to one revenue stream.
5. Increased Emphasis on Partnerships
CSPs will need to build valuable partnerships in 2021 and beyond to remain competitive in fierce markets. Strong partnerships empower CSPs to collaboratively develop solutions when they’re facing challenges.
One way CSPs can encourage collaboration is by providing easy integrations for digital partners. This allows users to connect their favorite products and services with your CSP portal, which contributes significantly to customer satisfaction. You should use tools that do the dirty work for you if you lack the technical skills or human resources needed to provide software integrations.
Keep Up with the Latest Trends with interworks.cloud’s CSP Automation Platform
Cloud Service Providers need to adapt to the latest trends to remain competitive in today’s fast-moving market. However, we understand that not every business has the resources to stay updated, especially if they’re overwhelmed by existing workloads.
With interworks.cloud, CSPs can automate their processes to reduce manual work and elevate productivity. From billing automation to custom marketplaces and out-of-the-box integrations, interworks.cloud gives CSPs the tools they need to keep up with the latest industry trends and achieve organizational success.
interworks.cloud is an award-winning automation platform for Microsoft service providers and cloud distributors. Request a free demo today to find out how we can elevate your business to the next level.