From humble beginnings, cloud computing has grown to be the essential way that organizations organize and store essential data. Every single day organizations of all descriptions migrate their IT systems to the cloud. Tabscanner is no different.
What was first viewed with a mite of trepidation has now grown to become mainstream. It seems hard to fathom a future in which every single organization does not trust the cloud to safely store and securely access their data.
Why all the fuss? Cloud computing decreases costs, provides enhanced IT support, remote access and easy management, it seems that the question is not why all the fuss but why not more fuss!
To say that the expectations of the impact that the cloud is having are great would be an understatement. Like compared revolutionary technology such as mobile facial recognition and check scanner API, the potential for the cloud to massively enhance our lives is vast.
The figures are staggering. By the year 2020, the cloud computing market, including applications and business administrations and services is predicted to be valued at a whopping $236 billion. By the year 2026, commercial cloud storage expenses are estimated to increase by 16% globally.
But, if those statistics don’t knock you back on your heels consider this: in the last year alone, global spending on public cloud services predicted to reach $180 billion by the close of 2023. That’s a 25% increase over 2022.
It’s clear that the relationship between cloud computing and OCR bill expenses is merely in its inception. As the future unfolds, this will be how businesses manage their expense data.
The Evolution of The Cloud
As the cloud has evolved, so too has the facilities offered to organizations. Private, public and hybrid clouds are commonplace as is a multi-cloud. Private clouds are a great way to safely manage OCR bill and receipt documentation, whilst public clouds offer a passageway to direct and easy document sharing.
It’s not unreasonable to assume that as the cloud continues to evolve so too will the number of categories. However, more exact terminology to define cloud services is likely to feature prominently as 2023 unfolds into 2024.
Why so? Well, there has been documented confusion over merchant’s definitions of hybrid cloud storage. Simply put, hybrid cloud storage is an approach to managing storage using both local and off-site resources. It is often used to supplement internal data storage with public cloud storage.
Conversely, public cloud storage is based on the standard cloud computing model in which a server creates resources, such as VMs (virtual machines) available to everyone. Public cloud services are offered either FOC or on a pay-per-use model.
So, understanding which iteration of cloud services is best-suited to businesses will enable decision-makers to choose the right application for any OCR bill or receipt requirements.
The Internet of Things
For those that are unaware, the Internet of Things (IoT) is the network of physical devices, vehicles, home appliances and any other items embedded with software, actuators and connectivity that allows for the connection and exchange of data.
Recent projections have forecasted that by the year 2024, the number of interconnected products will reach 30 billion – the majority of which will function with the cloud. Not having access to, or not using cloud technology could drastically reduce the sophistication of everyday living.
This isn’t something that’s set to change either. Like check scanners, the relentless march of technological innovation is becoming increasingly clear in our everyday lives, both enriching and enhancing every aspect.
As the number of products reliant on IoT technology increases, so will demand for increased, diverse cloud storage, pushing the Internet of Things into even further development. 2023 is likely to be the year that a wealth of businesses – and people globally begin to rely on the cloud more than they ever have done before.
It’s fair to say that we’re at the tipping point in an explosion in cloud computing. With the significant benefits the technology brings, we may well one day look back and say that this is the time when our commercial and domestic lives were forever changed.