The pros and cons of cloud software

Why using cloud software will help add value to your business

In recent years, more and more businesses have begun to adopt cloud software. In fact, in 2008 only 12% of businesses were using cloud-based apps. Yet now, more than 70% of businesses with fewer than 99 employees and 90% of companies with between 100 and 499 are now using the cloud. This is likely to increase with research by IDG finding that cloud computing strategies are expected to see the largest increase in spending in 2019. In this post, we look at the benefits of implementing cloud-based solutions and how their use can help businesses add value.

What are the 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 needing time 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 and 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. This is unlike issues with hardware or on-premise software. Users are likely to need an engineer to come out in order to solve a problem.

Furthermore, cloud software is designed to comply with the latest regulations. This means that programs are GDPR compliant, for example. As a result, businesses can gain peace of mind that they are achieving compliance and that the data they store in cloud solutions is safeguarded.

How does cloud software add value?

Many of these benefits also allow businesses to realise greater value. For example, cloud software is also 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, allowing them to work remotely or check information on the go as and when they need to.

It also has the potential to allow businesses to cut costs as it doesn’t require investment in hardware. According to research, 80% of businesses using cloud technology said they had experienced reduced costs. Businesses not using cloud solutions often find themselves having to buy 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 will allow IT departments to 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 the growth. This means, if a business takes on 1,000 new customers and is using a cloud-based credit management solution, they can add all of this new data to the system without problem.

Switching to cloud solutions has substantial benefits and adds value. However, a business’ IT department should always be on board. It is extremely important to know what you are dealing with and 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’re able to reap the rewards we’ve outlined above.

Curious about adding value to your companies credit management systems? Check out our integrated order-to-cash platform.

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