The cloud-based applications have brought drastic changes in almost every industry. According to IDC reports, the annual investment in public cloud infrastructure and services will enjoy an annual leap of 21.9 percent and is expected to reach $227 billion by 2021. The banking sector, discrete manufacturing, and professional services were the biggest spenders on public cloud technology in 2018. LogicMonitor’s survey has predicted the shifting of 83 percent of enterprise workloads to the cloud by 2020. Despite introducing a transformation in the process of using, storing, and sharing data, cloud technology has given birth to different threats of data manipulation and data theft. Due to this threat, numerous companies are reluctant to move to cloud-based solutions.
Commodity management companies have been investing to provide an on-premise solution, the implementation of which is time-consuming. On-premise environment demands maintenance, workforce, and cost commitments. This solution has to be dealt with multiple versions which lead to confusion and complexity, but cloud solutions need almost 46 percent less investment.
Commodity management companies are making a rapid switch to cloud-based CTRM solutions that are throwing on-premise solutions out of the game. The continuous technological advancements in CTRM systems are propelling the companies to adopt it. They have understood that the deployment of cloud-based CTRM can meet the growing need of embracing new technology at a lower expense, and these cloud-based applications do not need any hardware component. Also, the updates are automatic, and the software company installs it. Thus, companies are able to escape the complex process of maintenance. Cloud-based platforms address the question of security seriously by ensuring layered security and providing proper defense against inappropriate behavior.
The cloud-based platforms ensure quick adjustment of capacity to address the changing demands of business. The vendor provides additional capacity allowing the user to be free from making an investment in new servers. The cloud-based solutions are web-based and have open API platforms, making it highly accessible.