Cloud software adds value
In recent years, more and more businesses have adopted cloud software. In fact, back in 2008, only 12% of businesses were using cloud-based apps. Now, 92% of financial organisations are either using a cloud-based infrastructure or plan to do so at some point in the future, according to the latest findings in Visma | Onguard’s Fintech Barometer. It’s a trend that as yet doesn’t show any sign of reaching saturation point, with the global cloud computing market size expected to grow from $445.3bn in 2021 to £947.3bn by 2026.
As popularity continues to expand, we look at the benefits of implementing cloud-based solutions. And how their use can help businesses add value.
The business benefits
One of the major benefits of cloud software is that data is always up-to-date. This means that in credit management solutions, all account information is reflected in real-time, rather than having to wait for it to be processed. Similarly, software updates are frequently and automatically released. This removes the onus from IT departments to roll out updates and means that there isn’t any downtime. As a result, updates to the software do not impact business operations. This means organisations don’t run the risk of losing data in the process.
Cloud solutions tend to have quick and efficient support available either online or over the phone when problems arise or users have questions. Hardware or on-premise software is likely to need an engineer to attend site in order to solve an issue.
Furthermore, cloud software is designed to comply with the latest regulations. For example, this means that solutions are GDPR compliant out of the box. Businesses can therefore gain peace of mind that they are both achieving compliance. And that the data they store in cloud solutions is safeguarded.
How does cloud software add value?
Many of the benefits of cloud is that it also allows businesses to realise greater value. Cloud software is available at any time, in any location, even if the office server is down. As a result, an employee doesn’t have to be in the office in order to access a software solution. This allows them to work away from the office or to check information on the go as and when they need to. This is ideal for businesses adopting a hybrid or fully remote working strategy post-pandemic, particularly with our research discovering that almost eight in ten finance professionals (79%) are spending at least 50% of their working week at home.
Cloud-based solutions also have the potential to allow businesses to cut costs as they don’t require investment in hardware. In fact, companies can typically save an average of 15% on their IT costs by making a cloud migration. Businesses not using cloud solutions often find themselves having to invest heavily in the software or enter into expensive lease contracts.
Moving to cloud-based solutions could also have a significant impact on the IT department. After all, if they are no longer responsible for the implementation of software updates, they have more time to add value in other ways. IT professionals can focus their attention on bigger picture issues, rather than rolling out patches or updates.
Cloud software is also capable of scaling as the business grows, without needing to buy additional hardware to support growth. If a business takes on 1,000 new customers and uses cloud-based solutions, they can add all of this new data to the system without complication.
A cloud solution brings substantial benefits and adds value, but the IT department should always be on board. It is extremely important to understand the landscape in order to analyse all interfaces. With the IT department and software providers on hand to guide you through the process, it won’t be long before you reap the rewards.
Curious about adding value to your company’s credit management system? Check out our integrated order-to-cash platform.