Companies from around the country met last week at the Red Hat Summit in Boston to discuss different product management strategies that may be useful to businesses.

One area business leaders discussed was cloud computing, addressing the often-neglected benefit of flexibility that comes with the technology, Forbes reports.

In addition to reducing costs, cloud services offers organizations more freedom to conduct their business, which ultimately leads to greater productivity. Instead of purchasing numerous software licenses, many of which end up unused on shelves, the cloud gives companies more scalability.

They can add additional services when their company is expanding, or reduce their virtual needs during slow times. The freedom creates a more efficient work model, eliminating unproductive spending, and allows IT departments to focus their attention on other pressing company issues, Forbes reports. By using the cloud, companies’ environments become easier to manage and generally more secure, Forbes states.

Businesses considering cloud services should consider their flexibility not only in terms of cost savings, but also in how the greater freedom offers more business opportunities, according to the report.

With the technology offering organizations numerous benefits, it’s not surprising that the industry is predicted to achieve significant growth during the next few years. IDC recently reported that by 2014, public cloud services would record $55.5 billion in revenue, compared with $16 billion last year.ADNFCR-2553-ID-19867453-ADNFCR