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More companies are moving towards cloud computing as digitization becomes the norm for everyone, from new startups to established enterprises. However, cloud leaders believe that the current applications of the cloud are only the tip of the iceberg. Recent research from McKinsey Digital on the potential of the cloud foresees at least $1 trillion in run-rate EBITDA across Fortune 500 companies by 2030. 

The Real Value of Cloud

The cloud is more than an engine for digital transformation, efficiency, and revenue growth for C-Suite executives. It offers speed, innovation, productivity, and scalability that can help capitalize on digital opportunities in the present day and the future. 

The BVP Emerging Cloud Index shows that cloud companies listed on NASDAQ have exhibited a 261% increase in value since 2013. The total market cap of emerging public cloud companies is $2.4 trillion, with the average revenue multiple and revenue growth rates being 21.7x and 38.3%, respectively. The cloud growth rates are currently at all-time highs, with the average YoY growth being 80%. 

How Can CEOs Get the Most From Their Cloud?

CEOs need to be cloud proficient. While cloud computing is not a new concept, it has evolved at a rapid pace. To achieve the most from the cloud, business leaders need to be tech-savvy and recognize the actual value of cloud computing.

Here are three action steps CEOs can take to accelerate their cloud transformation journey.

Invest for Business Value

Understanding the economic profile of cloud adoption is the first step C-Suite executives need to take. Cloud adoption requires a substantial investment, but it offers productivity and cost-reduction benefits in the long term. The most significant advantages are seamless scalability, reduced risk, simplified innovation, and faster time-to-market.

Develop a New Operating Model

The next step is to construct an operating model that grounds the new partnership between IT and the business. Instead of looking at individual technologies, the new model should build an integrated cloud-based technology with agile organizational abilities. 

Revisit Your Talent

Cloud adoption will dramatically boost business and technology products in the long run, but it requires specialized talent. CEOs will need to employ cloud engineers, security specialists, full-stack developers, and data engineers. This skill gap can be filled by either hiring external talent or upskilling the current staff. 

The potential of cloud computing is enormous and is only going to grow. C-suite executives, including CEOs, CTOs, and CIOs, need to realize the real benefits of the cloud and find ways to leverage it for scalability and business growth. 

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