The cloud ERP market has grown exponentially since its inception and this growth shows no signs of slowing. In 2010, this relatively new industry was worth an estimated $68 billion but is predicted to be worth nearly $700 billion by the end of 2025. This growth has been amplified by the COVID-19 pandemic, causing companies to move essential business systems to the cloud to ensure business continuity during uncertain times.
There is still some reluctance amongst companies and uncertainties about particular aspects of cloud technology. As often is the case with any new technology and there will always be companies who do things the way they’ve ‘always done’, because that is what works for them. But it is usually these companies that fail to embrace new technology, like ERP, and the opportunities it brings. These are likely the ones to fall by the wayside as their competitors race past them. With this is mind, we aim to dispel these ‘myths’.
Despite the exponential growth figures mentioned earlier, there is still a widely held perception that cloud ERP is ‘new technology’. People still believe that it is new, so therefore must need refining. However, world-leading technology vendors, such as AWS, have been refining their cloud offerings for nearly 20 years. Eye-watering sums of money have already gone into the creation and development of their cloud offering, and future refining and advancements will only be improving an already optimized service.
IT security is big concern for any company, with frequent stories of hacks and data breaches making the news. It is natural to be concerned about this – the loss of customer data, inability to access essential systems, disruption in manufacturing processes etc. can cost millions. It is essential to put measures in place to prevent this, but some business leaders are concerned that if data is secured off-site, does this not make it more vulnerable?
The biggest risk to a cloud hosting provider is a security breach and the amount of investment they put it to securing their service is likely to be far superior to any in-house equivalent. They employ experts in their field and keep at the forefront of technology to keep steps ahead of hackers and invest vast sums into the latest security solutions. AWS, for example, holds a tier-4 security level, which is the highest level available and means that much of the world’s most sensitive data is held within AWS datacenters.
There is no loss of control using cloud-based solutions – it is just that the method of access, and where the data is processed and stored, is slightly different. The look and feel of solutions is still the same, and your cloud hosting partner will take care of tasks such as increasing resources, maintaining infrastructure, monitoring applications, and ensuring high levels of security.
Just because the cloud is ‘new’ technology doesn’t necessarily mean it is more expensive. Its subscription licensing model means that a lot of IT overheads become an operational, rather than a capital expense, which can make things easier from a budgeting point of view. Cloud services are delivered on a usage-based model, enabling businesses to scale up (or down) resources as required, and means that you only pay for what you use. It is also worth considering the improved performance and availability, and not tying up resources in maintaining and updating in-house infrastructure, means that significant savings and business benefits can be generated over time.
This is a fairly natural question and cause for concern. Surely if a company’s resources are accessed via the cloud, they don’t need in-house IT staff to maintain technical infrastructure? Businesses over a certain size will always require in-house IT staff however, but the cloud is fuelling the evolution of these departments. It means they can focus on developing processes and applications that contribute to the strategic growth of the business rather than the majority of their roles concentrating on maintaining technical infrastructure.
Third Wave sees cloud ERP as the future of essential business systems for most companies. Our extensive experience in this area puts us at the forefront of SAP Business One in the cloud and we offer cloud-based SAP Business One. If you would like to find out more about how cloud-based SAP Business One can help you achieve your business objectives, please don’t hesitate to get in touch with our friendly team.
As the most experienced SAP Business One Gold Partner in North America, we help scale and support your business, every step of the way. Our expertise extends beyond SAP Business One and ERP. Our customers enjoy having a single provider for all their needs. No matter how your business system requirements grow and change, we are there to assist you.
Third Wave’s implementation process and consulting team has created a customer retention level average of 98.7% year over year and is the only partner to achieve 100% customer retention. We have a 95% implementation success rate. Contact us and see how we can help you get the most out of SAP Business One.
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