As ERP technology continuously evolves, financial leaders are turning to cloud-based financial systems to drive major growth. It is becoming increasingly evident that outdated legacy systems aren’t cutting it in terms of reconciling data and looking forward. The good news, however, is that the cloud is available and prepared to make upgrading and maintenance needs that much faster and simpler. With cloud-based financial systems, financial leaders can scale and integrate their systems in a cost-effective and low-risk manner.
Keeping Up with the Times
Cloud ERP is growing rapidly, especially within the service industry where it is driving the bulk of new revenue growth. To remain current and relevant, it is clear that a transition to this kind of system is becoming essential to modern businesses, from smaller enterprises to global multinationals.
True Cost Savings
Utilising cloud ERP can improve efficiency, increase agility and save money. From a spending standpoint, implementing a cloud solution reduces overall operational costs. It usually allows you to have the option of a monthly subscription that can be modular or tailored to your needs with very little initial outlay cost; not to mention, the implementation costs are considerably lower.
Heightened Security
Along with cost savings, cloud ERP solutions offer heightened security that ensures information circulating through the system is adequately encrypted and protected. Cloud providers typically prioritise security more highly and invest more resources than the average enterprise as it is in their interest to keep customers secure. They can also leverage security best practices with one customer across their entire customer base, as they learn from being involved in more cyber-attacks, resulting in tighter controls than traditional IT departments.
Real-Time Analytics
Perhaps most importantly, cloud-based ERP platforms allow companies to scale their reporting and analytics needs accordingly. Real-time analytics are necessary to optimise processes and supply business intelligence, and the cloud gives you instantaneous access to valuable information. Additionally, cloud ERP supports continually improving platform-based applications and API development and integration.
To conclude, cloud-based software is a more cost-effective, faster and more easily scalable solution compared to outdated legacy systems, thus making those who use it more competitive in our constantly developing business landscape.
