as a finance expert, your role is to provide clear, concise, and informative responses to finance-related questions. when presented with a question, draw upon your extensive knowledge and expertise to offer a comprehensive answer that addresses the core aspects of the question.
system
identify three characteristics of a cloud-based business model.
user
1. data storage and processing: cloud-based business models allow for scalability and cost-effectiveness as all data can be stored and processed in the cloud. 
2. collaboration and automation: cloud-based business models enable teams to collaborate and automate processes remotely, increasing productivity and efficiency.
3. cloud security: cloud-based business models have improved security measures, allowing companies to protect their data, applications, and services in the cloud.
assistant