Now, more than ever, we need digital solutions that help us to work smarter, faster and from anywhere and at any time. We need results in real-time to make better decisions; ones that can save businesses, and even better, help us to thrive. Here are five reasons why all companies need to harness cloud technology.
by Ryan Pedro
Before we get ahead of ourselves, let’s understand a little more about where we are now. You can choose your favourite name for it: Computer Age, Digital Age, New Media Age, or our personal choice, the Information Age. Everyone now has some form of access to information or can communicate digitally. The more vital information that can be made readily available or shared, the better equipped the managers are to make decisions – it’s as simple as that. But, if you need even more convincing, here are our five most important benefits of cloud technology:
1. It WILL save you money and time.
This is not fake news; cloud technology can save you both. There are several factors which need to be taken into account when crafting your cost comparison, and not just the cost of the new solution itself. The other savings which need to be taken into account:
o You save on Local Server Costs and Maintenance.
By operating in the cloud, you no longer need huge servers in your office. All your information is safely stored online, and it’s easily and quickly accessible. By cutting out servers, you also don’t need to worry about server maintenance and server crashes.
o You save on IT support costs.
By moving to the cloud, there’s no longer the need to have a specialist at your premises to deal with any IT issues – this can be done remotely, and more cheaply.
o You save on rental costs.
If your business has adopted cloud technology, you could reduce rented space due to reduced staff and equipment needs in the office.
In the accounting industry, the cost savings can be even greater:
o You can save on travel and courier costs.
You don’t need to travel to clients to access information or pay courier costs to have information delivered. You can use video conferencing technology and upload all info and content to the cloud.
o The commute time is transferred into more billable hours.
Because you can operate from anywhere and meetings can be held virtually through cloud solutions, the original indirect costs are cut out.
2. You get results as they happen.
As soon as your documents have been uploaded to a cloud data storage solution, everyone has access to the same information in real-time. Spreadsheets, manuals, minutes – whatever you need, it can be drafted and edited using online tools by all users who have access. That means your information is always current and updated in real-time. You don’t need to wait for a colleague to finish what they’re doing, as the solutions allow for multiple people to work on the same information at the same time. Say goodbye to old, faulty historical information, and hello to smarter, real-time solutions.
3. The software upgrades itself, and it doesn’t affect productivity.
Forget those costly downtimes and long installation issues, the cloud-based software updates happen in the background, and most of the time you won’t even know they’ve taken place. Once completed, you’ll get an update on all improvements and enhancements to your solution, and best of all, it continually improves to become an easier, faster user experience.
4. You can access information from anywhere.
By moving to the cloud, the administrative roles and accounting functions that were put on hold due to the pandemic can now be performed. The information can be accessed from anywhere and anytime, and even better, it empowers employees to operate from a space which they’re more comfortable with; that means it indirectly it increases productivity by making them happier.
5. Data Storage and Security
No more corrupted hard drives, crashed computers or stolen or lost laptops leading to months of data and information gone forever (and that can include financially sensitive and private information too). By choosing to work in the cloud, your information is stored and backed up immediately, and data loss is a thing of the past. The cloud solutions also have plenty of security measures in place to ensure your information is kept private and secure.
In conclusion, the best way to sum this up is to use a financial term: opportunity cost. The New Oxford American Dictionary defines this as: “the loss of other alternatives when one alternative is chosen.” By moving to the cloud, the opportunities created, whether monetary or not, are far greater than not moving to the cloud. The bottom line? You need to use the right tools for the job. If you need some help to set your business up in the cloud: give us a call, we’d love to chat with you. This kind of digital transformation leads to our best work and your best results.
Ryan is the Head of Innovation, Digital Transformation and Building Business Processes at real time accounting. He’s a versatile fixer who specialises in futureproofing clients’ companies and solving their problems.