The transition from onsite operations to remote models after the COVID-19 pandemic saw many businesses benefitting from cloud-based enterprise resource planning (ERP) solutions. After the 2020 disruption, it makes sense why the technology experts at Forbes call the cloud “crucial to the future of our societies.”
From its humble beginnings at telecommunications companies in the 1990s, the practical uses of cloud-based computing solutions have skyrocketed over the past thirty years. With end-user spending on the cloud projected to grow 18.4% in 2021 to total $304.9 billion, the value of cloud services has skyrocketed too. So it becomes immediately apparent to most organizations moving forward that the cloud is not only here to stay but worth taking another look.
If you’ve been holding off on moving your business to a cloud-based ERP, 2021 might be the right time to make the change and reap the rewards.
Here are 8 reasons why moving to the cloud in 2021 is the right choice for your business:
1. Improved Cloud Flexibility
In contrast with a conventional on-premise model, cloud ERP allows a business to remain technologically agile. Cloud-based infrastructure and accounting solutions are easier to maintain and upgrade through automatic and timely updates. Cloud ERP also enables you to integrate needed technology innovations without expensive hardware purchases or installations that might otherwise be necessary for the same capabilities.
The planned obsolescence that many hardware manufacturers deliberately engineer into their products has less impact on a cloud business over time. Instead of upgrading your hardware, you can focus more on the initiatives that drive your business forward or issues that inhibit business growth.
2. Lowering Costs with the Cloud
Not only are conventional on-premise ERP models restrictive to your business capabilities, but they are also more expensive to use and maintain. On-premise ERP solutions require IT personnel, expensive equipment purchases, and significant upfront and ongoing fees.
Through standardization, visibility and efficiency together with accuracy, collaboration and automation, cloud ERP reduces operational and administrative costs without skimping on functionality.
3. Cloud Accessibility
After a troublesome 2020 that saw more people working from home than ever before, remote capabilities became the lifeblood for many businesses. When mandatory closures following surges in Covid-19 left many companies scrambling to adapt to uncertain times and vague return to normal, cloud ERP systems kept crucial business operations running smoother than many expected.
By letting users access systems from multiple devices and locations, cloud ERP solutions ensure that as long as your employees have reliable internet access, your business operates irrespective of whether they can come to the office.
4. Increased Cloud Productivity
If you’re using multiple disparate applications, such as one accounting solution, another CRM and still another inventory management system, you lack the unique productivity advantages of ERP.
When multiple users can access and work on the same data simultaneously, more work gets done. Instead of waiting for manually entered, saved and transferred data, users can collaborate in real-time, allowing for dynamic projects to be completed more efficiently and resulting in a higher quality product.
5. Automatic Cloud Updates
On-premise ERP solutions require regular time-consuming software updates that take you away from growing your business. Cloud ERP software solutions typically update automatically and allow you to take full advantage of the latest innovations and capabilities without installing upgrades on physical hardware devices. Reduced interference to business operations resulting from onsite system updates ensures that you can get the newest and most advanced tools as soon as possible.
6. Cloud Security
As more and more business is conducted online, maintaining data security is one of your organization’s most vital responsibilities. Security breaches can be devastating to shareholders and business owners, not to mention the unfortunate victims of identity theft and fraud. Together with your ERP vendor, you can restrict points of access, develop strong governance processes and double-team your cybersecurity vigilance.
By centralizing data with a cloud ERP solution, your business minimizes the risk of data breaches by monitoring and restricting access to sensitive systems, preventing data from being stored on unsecured devices, and even remotely wiping data from stolen hardware.
7. Disaster Recovery from the Cloud
There is nothing quite as frustrating as when a complex project nears completion, only for an unforeseeable act of bad luck forces your team to start from scratch. Regular syncing with cloud storage means that data never again has to be considered ‘unrecoverable.’
On-premise ERP system failures that result in data corruption and losses can be costly. With cloud ERP solutions, you can minimize the effects of onsite infrastructure failure so critical business operations can continue uninterrupted.
8. Cloud Predictability
Companies need reliable business solutions to provide reliable services to clients and deliver predictable gains for stakeholders. Consistent system performance is critical for businesses to remain productive. Predictable procedures and processes for staff scheduling, payroll needs, internal and external communications, as well as budget planning can help ensure your company meets its deadlines.
Researching Your Move to the Cloud in 2021
When researching cloud accounting ERP solutions that will best fit your business needs, you’ll quickly find that not all cloud solutions are the same. With a wide variety of options available that include a range of utility, quality and function, it can be hard to know where to start.
The fact is, you don’t need to look far or spend hours studying complicated comparisons. Sage Intacct Cloud ERP delivers real-time business insights through an easy-to-use interface—anytime, anywhere.
Learn more about how Intacct’s reporting, dashboard, and analytics capabilities provide an intuitive, comprehensive view of every aspect of your business. If you have questions, speak to one of our cloud ERP experts.