Benefits of cloud-based financial Planning: A brief overview
The world is changing rapidly, and so is technology. Today, cloud-based financial software is the standard offering from most suppliers. Why has this become the standard case? We’re giving a brief overview of the main benefits of cloud-based financial planning.
To start with a definition, cloud computing is the “delivery of different services through the Internet.” . Services range from data storage, servers, databases to networking and software. They are characterized by being offered on-demand with a pay-as-you-go pricing, generally at regular intervals.
There are many different types of cloud services, perhaps the most common ones are SaaS (Software as a Service), IaaS (Infrastructure as a Service) and PaaS (Platform as a Service). However, a comparison of the different cloud models requires an article of its own and will not be discussed in depth in this post.
More and more companies choose to perform their financial planning through software cloud services – such as budgets, forecasts and salesforce planning. We nailed down the three most important benefits.
Agility and flexibility are key in today’s volatile business landscape. With rapidly changing market conditions, businesses are increasingly looking to de-risk their investments in software by choosing solutions with pay-as-you-go pricing and greater flexibility in terms of features and services. With Financial Planning in the cloud, it’s easy to scale up the solution to more users or scale it down should the conditions change. Furthermore, the ability to choose add-ons to your solution as you go, e.g., extra storage, is an important benefit as it allows you to gradually build the solution according to changing needs.
Only a decade ago, on-premise installations of Financial Planning tools was the most common option to deploy software, which required installation of the software physically within your business. That required an initial upfront investment in software license and implementation. With cloud-based financial software – the software is subscription-based with predictable costs, e.g., monthly or quarterly. This gives an even cash flows without the need for an upfront investment, which is appreciated by organizations looking to de-risk their IT investments.
With cloud software, some or all services are run by a third-party (the cloud software supplier), such as storage, servers, apps, etc. Therefore, maintenance becomes a lot easier and doesn’t have to be managed in-house.
To think about
In today’s fast-moving world, it’s important to minimize business risk and stay agile to change. Therefore, for companies who are looking for a robust and advanced financial planning solution, but still want to stay flexible and in control of their investment – should opt for cloud-based financial planning.
Contact us today to find out how Bizview can help your company opt for cloud-based financial planning in the best way.