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Cloud computing usage has grown significantly in recent years and the market is expected to be worth a staggering £59 billion in 2024. Within this blog post we’re focusing specifically on cloud ERP software which is forecast to grow more than 17% between now and 2028. Cloud ERP software is at the heart of 31% of business’s digital transformation strategies and is changing the way businesses operate, and for good reason; the efficiency gains are unbeatable.
Cloud ERP software provides the same functionality as on-premise solutions but without the costs of maintenance, server costs, and with the added flexibility that growing businesses need. Once reserved for only the biggest organisations, technology advancements have made cloud ERP solutions affordable for all businesses, large or small.
The pace of change has been relentless in recent years with the Covid-19 pandemic forcing businesses to move to digital processes before some were ready. In fact, it’s reported that the pandemic sped up digital transformation plans by 7 years! To add to this there have been supply chain disruptions and rising costs due to inflation leaving businesses struggling to keep up. This has intensified the need for smart, robust and flexible solutions to gather real-time insight to make business decisions, and software that will stand the test of time and help drive efficiency, rather than hinder it.
There are many ways in which cloud ERP solutions can make your operations more efficient:
Efficiency gains are significant when you look at accessibility of cloud ERP software as your team can work collaboratively together, accessing the same financial data, at the same time reducing miscommunication or silo working. It also ensures everyone is working from the most up-to-date figures, and can share files easily, wherever they are working, whether that be from home or the other side of the World.
There is nothing more hampering to efficiency than being held back by your business processes and systems, and cloud ERP solutions are known for their flexibility. As and when your business grows it is simple to adapt your solution accordingly to meet the increased workload without significant infrastructure investments.
Security is a top priority for all businesses and any security risk can significantly impact your efficiency if not taken seriously. When you have valuable data stored on your hard drive you are opening yourself up to all kinds of risks such as breaches, data leaks and loss of data if your machine gets stolen or destroyed during natural disasters such as floods or fires. Data stored in the cloud is backed up and protected giving you peace of mind that your data is secure, and means you won’t lose downtime, or spend significant amounts of money retrieving lost data.
The cost of installing, maintaining and upgrading on-premise hardware can be a costly outlay for businesses, and when margins are being squeezed to the max, it is not the most efficient of options. In comparison, cloud ERP solutions can be paid for via a monthly subscription making it more affordable for many, and all updates can be actioned remotely, so you won’t even experience downtime.
Spot opportunities and make valuable decisions quicker with access to real-time data, which you can share with the rest of the business seamlessly.
The adoption rates of cloud ERP solutions have grown substantially in recent years due to the need for reliable and smart software amid challenging market conditions. Moving to a cloud-based system can offer unbeatable benefits in terms of efficiency such as increased collaboration reduced costs, real-time insight and greater security, plus the ability to seamlessly scale when and if required without significant investment.
For more information about the cloud ERP solution that Pegasus offer, Pegasus Business Cloud, please contact us today.
Posted On: October 13, 2023
