In recent years, many companies have made the move to cloud-based treasury management systems. In 2014, over half of management software systems sales were cloud programs with lightweight functionality. Though cloud storage was once viewed with a cynical eye, it is now making its way to the center of respected business technologies. This migration comes with a host of benefits and improvements on older and more traditional systems.
When surveyed about concerns regarding cloud migration, respondents cited cyber security as the most pressing worry. However, these software systems offer encryptions as well as multiple firewalls to keep important information from leaking into the wrong hands. Additionally, the company information is often stored outside of the corporate network and servers, giving it an added layer of protection. In many cases, information is safest when stored in a cloud service.
Using software involved constantly installing and checking for updates. Once you buy a program, you will be subject to those pesky reminders to download the latest versions of every application. Cloud-based systems are browser based, and updates occur outside of your system. Whenever you log on to your cloud service, you are guaranteed to be using the latest version of the software without having to oversee the updating process.
No IT Department
With an offsite storage system, your company doesn’t have to hire an IT team to oversee the software. You don’t need to worry about offering new training with updates or being caught in a bind when your IT guy is on vacation. Instead, you can outsource those tasks to the cloud company and put your valuable resources toward other enterprise needs.
Fixed Cost and Variable ROI
One major advantage to cloud-based systems is the significantly decreased cost. Regular management programs involved a costly purchase followed by maintenance fees, installation expenses and support costs. Cloud systems usually involve an initial purchase and small monthly or annual subscription fee. However, the return on investment can increase over time as you implement greater cloud integration into your company’s daily operations.
Companies are making the switch to cloud-based systems because they get access to useful tools without the hassle of system maintenance. Cloud services allow enterprises to outsource the upkeep and support costs and services to a third party while redirecting their resources and focus to other key business concerns. In the meantime, cloud subscriptions are on the rise and quickly becoming a stable in the systems management sector.