We’ve already covered two compelling reasons to do your financial planning in the cloud – increased accessibility and reduced IT dependency. What should start to become more apparent is that these will help you to achieve what every company wants for their bottom line: reduced costs!
When you do your financial planning in the cloud, you’ll have a fixed cost for your planning applications. There are no fluctuations for different levels of IT support such as patching servers or application issues. The solution host assumes the responsibility for your applications and uptime. This fixed cost also includes the hardware which is where the applications will reside. This will lower your overall server footprint and will reduce the server maintenance fees. This will also free up your IT staff to work on more strategic initiatives.
On-premise planning applications can be costly depending on the types of components used and number of users. Buying software is expensive and once you own it, you’d better have someone skilled in the technology available to install it or you will end up hiring the solution provider to set it up. Now don’t get me wrong, on-premise solutions are robust and powerful tools for planning and budgeting, but Cloud financial planning solutions can meet many of the same needs at a highly reduced cost. You will still have subscriptions or licenses, but you can start with just a few users and add or subtract users as needed. Cloud financial planning solutions are flexible and scalable. It’s almost like they REALLY understand what your company needs!
In summary, I think we can all agree that money is great and having more of it is better than having less. With Cloud financial planning solutions, you can have your cake (that you bought with all your extra money) and eat it too!
Stayed tuned for the next installment on the Top 5 Reasons to Do Your Financial Planning in the Cloud – It’s Environmentally Friendly! Planet Earth is a great place to live, isn’t it?
POSTED BY: Barisa Johnson
Get Caught Up with the Rest of the Series
- 5 Reasons to do Your Financial Planning in the Cloud – Part II
- 5 Reasons to do Your Financial Planning in the Cloud