The world we live in is rapidly moving towards digital for all aspects of business, one of the most aggressive moves is that of the construction world. For many years, construction companies have used legacy systems, which have served their purpose. However, with the demand for connectivity and on demand reports, how would moving to the cloud serve your construction business. Here are the top reasons you should be considering a move to a cloud-based platform.
Reduced Capital Expenditure
The move to cloud not only offers an operational cost option for the software. It also reduces the need for infrastructure to support it. Costly hardware and backup solutions are not required as they are now provided as a part of the software as a service offering. The scale of the infrastructures offered by the service providers will generally far exceed an in-house operation, so it will also increase your business’ accounting security and availability whilst reducing your capital outlay.
Reduced Total Cost
Not only does your online construction system reduce your capital expenditure, it actually reduces the overall cost. Cloud construction solutions can enter the market on a freemium model (base levels of the software are offered free with the choice to upgrade for more advanced features) or a cost per role/licence model and can be up-scaled based on users and requirements as necessary. There is now no need to invest in an all-encompassing system of which you will use a minor percentage of the functions
A cloud-based system scales to fit your company. Entrepreneurs or SMEs can opt for a very cheap but limited system, yet this can grow to add users and functionalities as per the requirements of your business and team. The system will grow alongside your company and it will allow for addition of functions and resources as required.
With the use of technology, manual tasks can almost be eliminated. This opens a business’ options to allow outsourcing of technical and operational functions. Many manual tasks can now be adopted by the technology and even with one’s smartphone. The reduced paperwork and general efficiency can allow for streamlining of business expenses and weighty salary bills.
Real time information
From your project management to your financial directors, the information is available as live. The system will allow you to build dashboards and reports which are tailored to the person using it. A C-level may want to see more of an overview whilst an project manager may need more transactional level information.
Access from anywhere
Part of the success of cloud computing is the ability to access information from practically anywhere. The rise of smart phone adoption has allowed business officials access to key company information as long as they have a form of Wi-Fi or mobile phone internet connection.
Cloud solutions often face the issue of security and people often think that because a system is out of the office it is less secure. However, exactly the opposite is the truth. The following shows just a few of the key security enhancements that a migration to cloud based accounting will offer:
- User authentication – two step authentication for logins and transactions ensure that with the use of 2 personal devices only can you access the account.
- Data encryption – industry level encryption services ensure that information is delivered and translated to correct areas only.
- Network security and datacenter – economies of scale allow a much higher level of infrastructure and the security that runs within it. This can offer governmental levels of security at a fraction of the price.
Most software offers an uptime guarantee of >99%. Their vast teams ensure that updates, patches and fixes are completed before issues occur. They are also often very responsive to system improvements and thrive on critical feedback. The systems can literally change and improve in front of your eyes.
Data Backup and Restoration
One of the largest investments in accounting is the backup of the data. If you do not have a backup of your software offsite you run the risk of losing your data. It is said that 60% of companies that suffer data loss will shut down within 6 months. With cloud-based construction software, you have servers based in environmentally perfect surroundings, these will be replicated in similar environments, often in other countries. Only extreme circumstances could disrupt these types of systems, and at this point we probably wouldn’t be worried about our project.
Despite the numerous benefits of applying cloud computing to your business, there may be limitations. The main challenge with cloud computing is that you need access to the internet. With today’s world being always connected, this seems like it wouldn’t affect a business, however outages can disrupt the ability to work effectively. Also, with some of the file types in construction being so large, upload and download speeds are vital to efficient production.
There are many benefits to promote the adoption of a cloud-based construction but it important to consult a reliable construction software company with your exact requirements. They would be able to guide you towards the best solution or mixture of solutions for your business. It is also vital that you choose the right team to help you set up or migrate the services. Speak to one of our team to understand the benefits to you and your business.