With any business, there are many types of risks to watch out for. While you can’t avoid them all, there are things you can do to reduce the likelihood of a disaster. Believe it or not, moving from a paper-based record system or traditional on-premise ERP to a cloud ERP can mitigate a variety of risks. What could a cloud ERP do for you? Here are five important business risks eliminated by cloud ERP.
Data Security
Of all the risks eliminated by cloud ERP, this one probably draws many businesses to the cloud more than any other. For some, moving data from a hard copy to electronic can seem risky. However, simplifying and making data more accessible for the user makes it more secure. Cloud ERP also helps when following regulations. The cloud makes it easier to follow the constantly updated government regulations. While maintaining privacy and security needs, cloud ERP defends against enormous threats that come up every day. Especially for a small business with no or limited IT staff. Cloud ERP supports data security with:
- Reliable data and backup detection tools that identify suspicious behavior using analytics.
- Secure access for mobile users across platforms and devices.
- Protection of critical corporate and customer data from a ransomware attack.
Customer Relationships
Your success depends on building and maintaining relationships. Cloud ERP can improve custoer experiences and employee efficiency. Customer information is easily accessible and organized. Thus reducing the risk, they’ll leave for a competitor. Cloud ERP empowers your staff to:
- Creating a single source of information, from order history to shipment dates, so employees can provide answers quickly.
- Empowering workers in the field; from service technicians to home health workers. They will have access to complete customer details.
- Providing insights on trends and preferences which allow you to react to the changing needs of customers.
Revenue Opportunities
Missing easy chances to increase revenue and efficiency is a cardinal sin for businesses. Cloud ERP can help you avoid this by making data entry automated. That way, you can focus on making the most of your current revenue streams and looking for new ones. For example:
- Use customer preference and market trends to inspire product design
- Explore digital business models to capitalize on emerging markets
- Increase sales win rates by using machine learning to prioritize leads
- Build loyalty by resolving emerging service complaints before they affect more customers
Biased Decisions
When people make decisions, there is always a risk of bias. Using a cloud ERP system makes data-driven decisions easier. There’s less of going with your gut or taking a chance on something. The facts will be there to point you in the right direction. You can use the information to:
- Eliminate inefficient business processes in finance, sales, services, and operations.
- Optimize inventory levels, using forecast data to predict what and when to replenish.
- Manage resource and staffing levels to align with capacity and sales.
Human Error
There is no way to prevent all human errors. But reducing their frequency can improve efficiency and revenue. When different departments share responsibility for information and tasks, miss-communications happen. Especially with so many people working remotely, keeping everyone on the same page can be tough. But a cloud ERP can give all users access to the same data from anywhere. Other human error risks eliminated by cloud ERP:
- Providing project portals, inventory data, and customer information that empowers all employees to provide excellent service.
- Eliminate dependence on error-prone spreadsheets.
- Keep customer service issues from falling through the cracks when they move across departments.
With so many risks facing businesses today, transitioning to a cloud ERP is a wise move. Ready to protect your business? Do you have more questions about the cloud? our YouTube video about cloud savings.
