Wipro Limited, a leading global information technology, consulting and business process services company, released a report indicating that retailers and consumer packaged goods (CPG) firms drive some of the highest return on investments (ROI) from the cloud.
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Beset by rapid changes in shopping behaviors and supply chain disruptions, retailers and consumer brands are pushing the envelope in their cloud strategies and increasingly leveraging the cloud to drive business growth and competitive advantage, according to “The Big Shift: How Retailers and Brands Drive Revenue and Growth with Cloud,” report by Wipro FullStride Cloud Services.
In fact, the retail industry is leading all others in cloud adoption. More than three quarters (78 percent) of retailers—and 71 percent of CPG brands—are either mature users of cloud or intermediates that are advancing cloud investments, compared to 68 percent across all other industries.
Rapid cloud adoption is paying off handsomely for retailers and CPG brands, with retailers registering the highest revenue gains of any sector from cloud investments—4.75 percent, compared with four percent across all sectors—as they migrate, modernize, and embrace cloud-native application development.
Further, retail and CPG firms that participated in the survey are averaging an impressive ROI of 47 percent from cloud initiatives. ROI is even more staggering for firms who are mature users of cloud. CPG and retail firms considered cloud leaders are driving ROIs of 108 and 96 percent, respectively, from these initiatives.
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“Inordinately disrupted by events of past two years, retailers and consumer brands face an urgent need to rapidly reinvent their businesses,” said Deviprasad Rambhatla, SVP and Sector Head – Retail, Services and Transportation, Wipro Limited. “Our report proves that retailers and consumer brands that prioritize cloud adoption are not only able to transform faster and accelerate growth despite increasing external pressures but are also better positioned to adapt to future changes in business and technology.”
“As retailers strive to become more agile and connected, moving to the cloud is becoming a critical capability to enable the flexibility and data fluidity they desire,” said Melissa O’Brien, Research Leader, Retail and CPG Services, HFS Research. “The changes in consumer expectations and behaviors have driven a tremendous effort at retail firms to understand and connect with customers. Cloud adoption can clearly facilitate doing this in a smarter and more data centric way.”
What separates cloud leaders from the rest?
According to Wipro FullStride Cloud Services’ The Big Shift report, firms that have the most advanced approach to cloud, and are considered cloud leaders, prioritize cloud as a strategic imperative across their business and use the cloud to improve their financial, operational, and strategic performance.
These firms recognize the importance of C-suite engagement and leverage the cloud to build future-ready businesses through greater innovation and new business models (35 percent), accelerated time to market (35 percent), and streamlined operations (20 percent).
Leaders also use the cloud to improve both the customer and the employee experience (EX). They understand the value of data and customer analysis to adapt to fast-changing consumer needs and behaviors and recognize the role cloud plays in enabling that future. Further, these firms use the cloud to enhance EX and productivity. In fact, more than one-third expect to make “significant progress” in EX within the next two years, and 60 percent are adopting robotic process automation and workflow automation.
Finally, cloud leaders are focused on building intelligent and interconnected operations. They look to leverage the cloud to optimize advanced technologies, such as data, artificial intelligence, and Internet of Things to help improve planning and decision-making.
The Big Shift: How Retailers and Brands Drive Revenue and Growth with Cloud builds on Wipro FullStride Cloud Services Making Business Thrive: A Cloud Leader Roadmap for Achieving 10x ROI report and is part of an ongoing series on the cloud’s business value across every major industry.
To see how your firm stacks up against competition in cloud adoption, check out our Cloud Leadership Benchmarking Tool designed to help prioritize cloud investments and excel where it matters.
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