Digital transformation of business is nothing new in the business world, but with the pandemic’s onset, we are seeing an incredible surge in this direction. The need to organize employees’ remote work has become a hassle, but a prerequisite for the survival of a business.
Box yesterday released its Q4 2020 report, which said the company had revenues of $199 million. According to the company, this is 12% more than in the previous year. As a reminder, the company provides cloud content management and file sharing for businesses. The company uses a freemium business model to provide cloud storage and file hosting for personal accounts and businesses.
Such indicators of profit indicate that the business of the company is going up. Also, keep in mind that last year, Starboard Value bought a 7.5% stake in Box. Now we can say that the company lives up to the expectations of the investor.
I believe that digital transformation services and solutions are the main reason for this kind of development these days for a lot of different businesses.
Box CEO Aaron Levy said the pandemic was an excellent trigger for companies to move to the cloud much faster than anyone imagined. He said that being a digital company, he quickly moved his employees to work from home WFH. Maintain efficiency with tools such as Slack, Zoom, Okta, and of course, Box.
The digital tool has helped businesses
The digital tool has helped businesses operate and demonstrate performance in difficult times. “We are fortunate to have been able to work in this environment. It helps that we have 100% SaaS, and we have a great digital engine for doing business,” he said.
He added: “And at the same time, as we said, we have achieved greater profitability. Thus, the enterprises’ efficiency also improved significantly, and as a result, we had an outstanding quarter with higher growth rates than expected and higher profitability than expected. As a result, we were able to raise our targets for revenue growth and profitability for the rest of the year,” Levy told TechCrunch.
Box decided to build its suite of products on a service platform. This allowed customers to take advantage of these essential services like encryption, workflow, and metadata and create their customizations or even full-featured applications using the tools Box has already built.
Time to switch to Cloud Solutions
I agree with the vision of Aaron Levy and also recommend our clients to switch to cloud solutions. If they already have a desktop application for business – the cloud is a good solution. You can read how to make a smooth transition from a desktop app to a cloud-based application in our article. Written on my experience with such projects. If you are considering the option of developing a cloud solution, then our specialist is ready to help you with the implementation of your project.