Cloud Based ERP Solution: The Key To Staying Competitive And Innovative

Diane Harvey
Updated on

So why should you choose a cloud based ERP solution?

The key to business success is staying competitive and innovative. Once your business has outgrown its technology system, you need to revaluate your options in order to improve your business processes and efficiency. And make informed decisions about which new generation of technology will best serve your business going forward.

One option that has the potential to give you an edge over your competitors is a cloud based ERP solution.

You may already be using cloud computing in some way—and if you’re not a fan of it yet, maybe it’s time to reconsider! A cloud solution can be a huge asset to your business. And while we’re focusing on cloud based ERP solution today, it’s important to understand the larger context of cloud computing.

Cloud computing is an umbrella term that refers to a broad spectrum of services and applications delivered over the Internet as a service (IaaS), rather than installed on your own hardware (on-premise).

The idea behind this is that businesses are able to cut down on overhead costs by outsourcing their IT infrastructure to third-party providers.

This takes away the need for companies to maintain servers or other infrastructure themselves—which means they can focus more on growing their business instead of worrying about keeping up with technological advances.

It’s an approach that has been gaining popularity over the last decade because it offers many benefits:

  • Users can access their data from anywhere at any time, which means they don’t have to worry about losing it if their computer crashes or if they lose their phone.
  • It reduces costs for businesses by eliminating hardware purchases and software installation fees (or the need for a dedicated IT department).
  • It allows companies to scale up or down as needed without having to pay for extra capacity when they don’t need it (and then paying for unused capacity when they do need it).

There are many other advantages as well!

The cost of a cloud based ERP solution is just a small fraction of the total cost of ownership for an on-premises solution

When you consider the total cost of ownership, a cloud-based ERP solution is a fraction of what it costs to own and maintain an on-premises solution. In addition to licensing costs, you also have to factor in:

  • Hardware: The actual computer processing unit (CPU) and storage space.
  • Software maintenance: The licensing fees for software upgrades, bug fixes and new features.
  • IT labour: The very costly time required to install, configure and test upgrades as well as other necessary support functions.
  • Infrastructure: The power, HVAC and real estate costs for housing your on-site equipment.

Cloud based ERP solutions offer quick deployments and integration with other applications

It is important that businesses consider the benefits of cloud-based business management solutions. You may be thinking that you do not need a business management solution, but in reality, cloud-based ERP solutions offer several benefits for SMEs.

SMBs have very little time to waste and need to integrate applications quickly and effectively. Cloud-based solutions are quick to deploy and can easily integrate with other applications. This can save time instead of having your staff manually input data into different applications or systems.

Security is also a major concern for SMBs because many do not have the finances or resources available to establish advanced security measures. Many cloud-based business management solutions offer enhanced security through the use of encryption and other security measures, helping protect customer information while keeping data safe from hackers who may try using malware to access sensitive information.

A cloud based ERP solution can enhance visibility into the entire business process, improve financial performance, and reduce costs without the need for additional IT staff

Using a cloud ERP solution can have several benefits for an SME. Because cloud solutions are hosted off-site, they are generally more secure than on-premise solutions because there is no need for expensive hardware or IT personnel to maintain them.

Additionally, a cloud based ERP solution can be implemented quickly and easily integrate with other cloud applications. In addition to offering cost savings in the areas of hardware and IT staff, a cloud based ERP solution can also enhance visibility into the entire business process, improve financial performance, and reduce costs without the need for additional IT staff.

Cloud solutions can provide real-time insight, which improves decisions and reduces risk as well as costs

Effective business management requires a big-picture view of all your data—where it comes from, how it’s processed and used, and where it goes. This is critical for ensuring that you’re running a profitable business and staying on the path to growth and agility.

Ultimately, optimal business management involves:

  • Making real-time decisions throughout the organization that have been informed by all relevant data
  • Reducing costs without adding more IT staff members by gaining full visibility into your entire business process

Both of these outcomes are possible thanks to a cloud based ERP solution, which provide real-time insight into your data.

A cloud based ERP solution becomes more affordable over time because you pay less for upgrades and maintenance

  • Your hosting costs are reduced, which makes it more affordable over time.
  • You get free upgrades and maintenance, with no downtime during deployment.
  • No on-site IT staff is required; your provider handles everything related to the software’s security and administration. And because you’re not locked into an expensive contract for years like larger companies can be, you can scale up or down as needed without paying penalties for non-compliance.

An accessible, cloud based ERP solution provides the right tools to transform your business at the right price point

Here are some key benefits of cloud solutions:

  • An ERP that’s hosted in the cloud is accessible from anywhere, and on any device. That means you can check your inventory from home or pull up a past invoice when you’re away from the office—and do it all without needing an IT person to help get you set up.
  • The monthly subscription model for many cloud solutions means there are no surprise costs for things like software maintenance, upgrades or ongoing support—they’re all included in one predictable monthly fee with no upfront costs required from you!
  • A good ERP system grows as your business does, because it’s built to scale up or down with as little effort as possible on your part (which will keep everyone busy actually running their businesses). This is why many SMBs choose a flexible and customizable solution so they can add only the modules they need now and adapt them later as their business needs change over time.

A cloud-based ERP solution is a good choice as it is flexible and scalable with a low total cost of ownership. This makes it perfect for small and medium enterprises that need to be agile and competitive in the marketplace.

It offers rich functionality, high-level security, flexibility, and the ability to scale effortlessly. Once you have installed it, your costs are fixed, so there are no hidden surprises further down the line.

That’s why SAP Business One fits so well into the list of top cloud based ERP solutions out there – because it was built for SMEs and fully compatible with the cloud.

To learn more about SAP Business One as your cloud based ERP solution of choice – contact us today!

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