Cloud ERP has created a buzz around the business landscape years ago. From the traditional on-premise systems, several companies have moved into the cloud wherein users access the software via the Internet.
Did it ever cross your mind on what is special about this cloud-based tool and why small to midsized companies are adopting it? If yes, then this blog is for you.
Keep reading and you will discover a few of the many contributing factors that made cloud ERP skyrocket to success.
Major Reasons Behind the Success
Business owners and entrepreneurs do not sit on their desks 24/7 to manage and monitor operations. It is the other way around—their mobile phones are their lifeline.
This is evidenced in several studies including one from Constant Contact. In the survey, it was found that 66% of small company owners use mobile technology to boost their businesses.
The effects of mobile technology in business communication and processes are infinite—and so does cloud enterprise resource planning. Most ERP vendors design their systems with a mobile-friendly interface so that enterprises can take advantage of mobile technology.
For this, cloud-based ERP system users allow users to appoint tasks, set goals, monitor progress, and engage with customers or clients, all in one application. And since the software offers mobility, users can do these things more conveniently.
High-level Data Security
Data security and privacy should be handled with care, otherwise, companies will have to deal with costly issues and blunders.
A company must have sufficient database security that will prevent vital information from being lost or compromised. Data is an important corporate asset; that is why losing it can lead to financial losses such as lost sales, fines, or monetary judgments.
Thankfully, cloud ERP software offers a high level of data security. Unlike other systems, it provides a single input system and eliminates the idea of merging information from multiple sources. This helps in further maintaining the accuracy, consistency and security of corporate data.
Also, cloud-based programs enable centralised backups of critical and sensitive bits of data. ERP vendors employ round-the-clock security professionals to ensure that their servers are protected and hackers-free.
Built-in Analytics & Reporting
While data security should be a priority, companies should not overlook the importance of data analytics and reporting.
Processing timely data and analysing valuable information are two of most the important corporate processes. Without these, businesses will not be able to make insightful, evidence-based decisions.
There is also no point for aiming at data security if there are no critical data in the first place. This is why businesses should implement and invest in an effective reporting and analytics system.
Cloud enterprise planning applications are a good software choice because they come with such functionalities. A cloud-based ERP tool boasts of a unified reporting system for every process, thus, allowing productivity, accuracy, timeliness, and more.
How Does Cloud ERP Software Work
Cloud ERP is a type of enterprise resource planning software that is hosted on a cloud computing platform or over the Internet.
As compared to its counterpart (on-premise ERP), cloud-based ERP systems are typically considered as an operating system, not a capital expense. Such software solutions may have lower upfront costs but they are priced under a monthly or annual subscription, with additional recurring fees for support, training, and updates.
Many of today’s organisations are adopting ERP programs to improve their product quality, streamline their processes, enhance team collaboration, and so on. With all the benefits that cloud-based tools offer, it is not a surprise if more companies consider an ERP implementation plan.