Cloud-based ERP solutions are on a strong and steady rise, with more companies moving away from cumbersome legacy systems in search of modern technology that can cut costs, provide data-based insights at any time from anywhere, and improve productivity — all of which drive growth.
The global cloud computing market size was estimated at $272 billion in 2018 and is expected to reach $623 billion by 2023 — that’s a CAGR of 18%. With these staggering figures from MarketsandMarkets, there are many vendors looking to answer to the growing need of companies looking to join the cloud.
Organizations that are ready to innovate need to tread carefully, however, as not all systems are equal. Through savvy marketing, outdated legacy systems with a web interface are being marketed as cloud when they are note. With so many fake solutions on the market, how can companies know they’re getting a true cloud ERP?
Identifying “True Cloud”
When considering cloud vendors, it helps to know what true cloud is. Here are some of the factors that set native solutions apart:
- Built from the ground up
- Multi-tenant, single code
Imposters also have a set of identifiers. Here are some of the signs that a system is not truly cloud-based:
- Built as on-premises systems
- Single-tenant, multiple code
- Not scalable
7 Key Advantages
In today’s business ecosystem, companies and employees collaborate on important documents, spreadsheets, etc. and enter data from remote locations. Cloud-based ERPs give businesses the ability to operate swiftly and make better decisions. Let’s look at seven of the top benefits of a cloud-based ERP:
- Real-Time Analytics: Employees will have access to important information the moment it becomes available. The data they’re looking for is instantaneously available in real-time. This helps both the C-Suite and staff make critical business decisions, while process optimization is at it’s best.
- Security: Even though skepticism about cloud security does exist, cloud ERP software provides solid security for companies, regardless of size. Businesses also don’t have to worry about data getting backed by a third party — the system tracks all activity and fully encrypts data stored within the ERP.
- Better Decision Making: As with real-time analytics, a clutter-free and easy to view interface improves decision making across the business. Now, spreadsheets, charts, and graphs are available at the click of a button.
- Flexibility: All you need to access the cloud is Internet access. Data and information staff needs is available at any location and at any time, as a cloud system stores and operates everything remotely. It no longer matters if an employee is working at headquarters, their home office, or across the world — they can enter data in real-time from any connectible device.
- Low Operating Costs: On-premise ERP systems require manual and continuous maintenance to keep up with hardware and software updates, which negatively impacts a company’s budget. Operating in the cloud costs far less; cloud vendors provide solutions as a subscription model – Software-as-a-Service (SaaS) – at reasonable cost and are generally customized to fit a company’s unique needs.
- Scalability: A company’s needs change over time, and a cloud-based ERP adjusts the entire infrastructure to meet each stage of an organization’s maturity. Onsite infrastructure is expensive to scale and can be very complicated — a cloud-based ERP frees up the IT team to address other pressing business matters.
- Service Support: With a subscription-based model, service support is available around the clock, and that helps mitigate issues that might arise. Unlike on-premise hosting, there isn’t a need to purchase a support package; support is available 24/7.
Moving to the Cloud
Acumatica is the fastest growing cloud ERP system, and is perfectly designed for small-and medium-sized businesses. As a true cloud solution, it offers users the flexibility their company needs. Axiology focuses on businesses’ ability to discover and utilize Acumatica’s full suite of integrated business management applications. Streamline operations, reduce costs, and accelerate business growth with the best cloud and mobile technology.
Companies that are poised to innovate, can contact us for more information!