Digital Transformation » Technology » Cloud in a Competitive World

It’s important not to underestimate the incredible benefits Cloud Accounting Software offers your business. It’s gone far beyond simply streamlining reporting and optimising efficiency; it improves strategic planning and development in even the most competitive sectors. Cloud enhances instant, real-time reporting through remote usage that lets us recognise trends early, meaning more scope for new business opportunities.

Think about it, the simple ability to evaluate your finances immediately through interoperability could be the difference between being first to market with an industry-changing product, and just reacting to your competitors. You can now adopt a successful resource-oriented strategy in the boardroom, as opposed to sticking with something that’s market-oriented. All businesses want to give themselves the best chance possible, and not embracing cloud might be the only thing standing in your way of doing just that!

Gain a Lucrative Edge

No matter the industry, implementing cloud software allows organisations to gain a lucrative financial edge over their competitors. Incorporating cloud into your operations provides valuable scalability and security, generating a substantial long-term cost-saving. No longer will you have to invest in hardware every time you want to expand. But it’s not only hardware costs you’ll be saving on, as according to this Forbes article, taking advantage of the cloud for your business requirements can reduce your business’s labour costs by up to 50%.

Along with the time saved through being able to remotely access the system, it all adds up to freeing financial resources that can be invested where it truly matters, so it’s a bit of a no-brainer, isn’t it? Any opportunity to be a step above the rest is vital for any business. Most industries are surrounded by relentless development and under constant pressure to be ahead of the game with their infrastructure, can you think of a single sector that isn’t? While all the small benefits of using cloud can go unnoticed as they simply become a part of your improved day-to-day life, they lend an impressive helping hand to aspects of your business that operate in the background. Looking at it like that, it’s a pretty powerful tool to have on your side!

Enhance your Decision Making

It’s not just hard infrastructure and strategy that cloud computing can improve, businesses are also able to refine their decision-making when they take full advantage of everything the cloud offers. Decision-makers can be more responsive to immediate needs and requirements, instead of having to wait for reports that are already dated by the time they’re received.

Companies involved within healthcare, for example, have taken a leap forward using cloud accounting solutions, being able to improve the quality of care with less hesitation due to the up-to-date financial reporting they have at their fingertips. Their cloud solutions are providing enhanced efficiency and quicker budget management, which is passed on to their patients by way of more value and agile care. The FinTech industry is another of the many examples of industries where cloud is working hard in the background. With financial services being highly regulated, no matter where in the world you are, it’s crucial that FinTech companies can protect their data and work with a compliant infrastructure, while accelerating speed to market. The cloud lets them do just that, and there’s a great chance it’s already providing many solutions for the sector you work in, too!

Make Cloud Work

Once implemented, your new cloud finance system will be fully automated and streamlined, will consistently save you money, and will boost your business strategies from R&D to long-term forecasting. If you’re taking your software seriously, you should be using cloud solutions – features such as remote usage away from the office, having the software on mobile, secure data back-up and real-time reporting all add up to create a fantastic solution for the service user, and who wouldn’t want that?

In this competitive age, businesses would be crazy not to take advantage of a system that automates the standard, routine work you experience on a day-to-day basis. In the modern world of finance and accounting, arduous clerical work should not be getting in the way of focusing on what drives a business forward, that much should go without saying.

Does your software help you create new opportunities within business strategy?

Does it help make more informed and justified decisions?

Is it time to review your software?