How the Cloud Can Improve Your Bottom Line

By on November 5th, 2018 in HCM Technology Solutions

Is It Time for You to Move Your Business to the Cloud?

We are now deep into the widespread movement of businesses migrating to the cloud to improve their operations. There are pros to keeping your business processes on an on-premise platform, but more and more organizations are choosing the pros of the cloud over those of the on-premise solutions. In a recent survey conducted by PwC, 78% of respondents said that after moving one or more of their business processes to the cloud, their expectations have been met or exceeded by their cloud product.

Cloud solutions have several benefits over those of the on-premise platforms; however, there is a third option: a hybrid model. This model keeps some processes, such as payroll, on premise and moves other areas, such as talent management, to the cloud. Choosing the right model for your organization solely depends on how much time, effort, and money you want or can put into the implementation.

With the end of the year upon us and planning periods in full swing, it is time for you to begin considering what is best for your organization: staying with your on-premise solution, upgrading to the cloud, or maybe a combination of the two.

Benefits of the Cloud

Moving to the cloud has many benefits, some more prevalent than others, but all tie together to create a user experience that is perceived by most to be significantly better. Here are a few advantages to consider.

Customization

With a cloud solution, you are able to pick and choose what modules you want to implement and what functionality you want to turn on once the solution is implemented. While you can customize your on-premise solution, it usually takes some back and forth with your IT department. With many cloud solutions, this customization is easy and can be configured by your support team afforded by your solution provider or implementation partner.

Support

By implementing a cloud solution, you are eliminating a lot of your IT department’s workload. Most of the work is transferred to the software provider as part of your contract when purchasing the licenses. They take responsibility for quarterly updates and provide support specific to the solution and modules that you purchased. This reduces your dedicated IT support internally, which decreases your overhead cost.

Integration

Many companies are moving to cloud solutions purely for the integration and interaction among systems and teams. As the Internet of Things (IoT) and Artificial Intelligence (AI) continue to become integrated parts of business systems, companies are realizing that it is extremely beneficial to give employees access to integrated technology so that they can enjoy a seamless experience at work, just as they do at home and in their personal lives.

Cost

According to Greg Deckler at Fusion Alliance, on average, cloud solutions have a cost savings of about 30% over their on-premise counterparts. This can make a huge difference to those organizations that put a large portion of their yearly budget into technology. When you move to the cloud, you can minimize cost in many areas, such as internal resources, maintenance, support, and yearly or quarterly updates. These are all things to consider when you start looking at the different solutions and platforms.

Information Services Group concluded that because of the cost convenience of cloud solutions and the limited need for internal support, companies of 1,000–5,000 employees have been leaders in migrating to the cloud. However, companies with 5,000+ employees are also recognizing the benefits of cloud HR software and are considering their migration options. Statistics show that 53% of businesses will be running a cloud solution by 2020, more than double the current adoption numbers. Even if you aren’t ready to move all aspects of your business to the cloud, it might be time to start—one module at a time.

As a service provider, we know that finances are always a key factor in any business decision. It is always a topic of discussion when our clients approach us about a possible project. By implementing a cloud solution, you can increase your ROI on your software, improve user experience across the organization, and make your finance department very happy all at the same time. Now the question is, Which platform or platforms are right for you?

Learn more about how to bring a cloud solution to your organization: https://www.gpstrategies.com/solution/hcm-technology-solutions/

 

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