Over the past decade, businesses throughout the world have moved to capitalize on cloud computing. For my company, CradlePoint, this means having a business model that, with the help of cloud computing, has been able to reach thousands of customers with hundreds of thousands of locations throughout the world.
Founded in 2006 and headquartered in Boise, CradlePoint is the leading provider of cloud-managed 4G/LTE access, routing and security solutions for the distributed enterprise.
Like a lot of companies, we use cloud-based customer-relationship management software. Buying CRM software as a cloud-based solution has significant advantages. We can access state-of-the-art software built and maintained by world-class experts in CRM. We license and pay only for what we use. We don't have to invest in servers to run the software, people to maintain it or storage to house data. Through a budgeting-friendly fixed monthly cost, we use an application that is far better than anything we could develop for the same cost.
CradlePoint also develops cloud software solutions. Our customers typically have hundreds or thousands of locations, so our network management platform, Enterprise Cloud Manager, enables us to deliver more value than we ever could have if we were selling stand-alone software packages. As our R&D team develops new features and deploys them, they're made instantly available to all of our customers. We develop and maintain only a single instance of the software, so we amortize costs across thousands of customers. This allows us to invest in a lot more computing horsepower and security than any one customer ever could.
The cloud also enables companies to provide combined hardware and software solutions that are more powerful and less expensive than ever. A good example is Siri, your beloved iPhone assistant. Much of Siri's intelligence is located in the cloud. If you were to build all of the computing power and storage that Siri needs into each iPhone, the phone would cost thousands of dollars. By leveraging the cloud and amortizing the cost of her development over iPhone users worldwide, we reap the benefit of having her smart responses in our pockets every day.
Recently we all heard about the "heartbleed" security vulnerability on the Internet. Realizing that this was one of the most significant security issues of the last 10 years, CradlePoint developers reacted quickly. They had a security patch written and available in 24 hours. Using our Enterprise Cloud Manager, customers were able to deploy that patch within minutes of receiving it. Imagine how long it would have taken, and how expensive it would have been, to send a technician to every one of 10,000 outlets to upgrade customer routers.
As both a user and developer of cloud-computing solutions, we know we are creating more value for our customers. That is helping us to build a more valuable company that will continue to grow and provide good-paying jobs in our community.