In today's business landscape, data is soaring to the cloud.
In fact, the amount of corporate data stored in the cloud today has risen to 60%–that’s a 10% increase from just three years ago.
What's behind this migration? It's all about scalability, flexibility, and security. These factors are driving businesses of all sizes to the cloud, as it opens doors to improved performance and cost savings.
Let’s dive in to explore cloud hosting and its benefits for modern businesses.
What is Cloud Hosting?
Traditionally, businesses have maintained their data and applications on-site, which requires a dedicated physical office space to house the necessary hardware for software operations and data storage.
However, in today's business landscape, businesses are opting to remotely manage and access their platforms by hosting them completely online.
Cloud-hosted software platforms and services allow users to securely upload and retrieve files that are stored in massive data centers spread across the globe. This offers numerous advantages for businesses aiming to facilitate rapid growth while prioritizing convenience and top-notch security.
Let's explore four of the primary benefits made available to businesses that leverage cloud hosting services.
1. Burden-Free Setup and Management
Setting up an on-premise infrastructure is no small feat, and when teams are eager to start reaping the benefits of new software, the extended setup period can be disheartening.
Fortunately, cloud-based hosting removes this burden from your team, allowing you to get up and running swiftly without adding more tasks to your IT department's already full plate.
Allowing your cloud service provider to handle hardware installation offers several advantages. It enables your company to save time during setup, reduce initial hardware costs, and free up valuable office space.
Furthermore, cloud-hosted software and support are not only managed externally and hosted offsite but also relieve you of the need to call upon your IT staff during nights and weekends for tasks like maintenance, security updates, equipment troubleshooting, or expanding storage as your business grows.
By delegating these responsibilities to the skilled professionals overseeing offsite facilities, you ensure that your systems run smoothly and efficiently, all while freeing up your in-house team for more strategic endeavors.
2. Enhanced Security
Whether through natural disasters or the actions of cybercriminals, the vulnerability of data can pose serious risks to an organization's well-being.
One startling statistic from the University of Texas emphasizes the gravity of the situation: "94 percent of companies experiencing catastrophic data loss do not survive—43 percent never reopen, and 51 percent close within two years."
The severe risks associated with data vulnerabilities, coupled with projected losses due to cybercrime nearing $343 billion by 2027, underscore the paramount importance of security for companies seeking to safeguard their present and future.
Although many business leaders perceive on-site hosting as a safer way to store data, files, and workflows, this approach can actually increase the risk of data loss, particularly in disaster scenarios.
The reality is that cloud-hosting employs safeguards far beyond what many companies can afford.
Most businesses lack the necessary equipment, personnel, and expertise to replicate the level of security provided by data centers. But measures like redundant data storage, automated security updates, and enhanced compliance certifications make cloud hosting one of the most effective ways to ensure the safety and continuous accessibility of your confidential records.
3. Mobile Access
In today's world, mobile accessibility has become less of a luxury and more of a necessity in most workplaces.
The rising demand for seamless remote work and access to files while on-the-go highlight one of the most significant advantages of cloud hosting.
When data is stored in a cloud environment, any authorized party with a stable internet connection can access the information they need.
As such, sales representatives can reference contracts during client meetings, HR teams can manage payroll updates while operating in a remote environment, and accounting teams can efficiently handle invoice payments, from capture to remittance, without having to step foot in the office.
Beyond the convenience it offers, cloud hosting also serves as a lifeline for businesses during unexpected disasters.
When your data management occurs on-site, a power outage can shut down your entire tech stack. And during natural disasters like hurricanes or blizzards, these outages can add up to days of missed opportunities for your business.
However, with remotely stored and managed servers, your teams can easily work from home, ensuring that your business operations continue without interruption. Remotely accessible software platforms and data aren't just a convenience–they're a disaster recovery strategy for your business.
4. Predictable Costs
Massive capital expenditure is required upfront to invest in your own hardware and support for on-premise data hosting.
This often includes adding a dedicated server maintenance specialist to your team, which can be impractical for businesses trying to scale rapidly.
Moreover, when your hardware goes down or you run out of digital storage, the expenses for fixing or upgrading these parts–along with the associated downtime losses–can harm your bottom line.
Cloud hosting, on the other hand, is cost-effective upfront, with predictable ongoing costs and storage that adapts to your business’ present and future needs. This means you can shift your attention to strategy and operational improvements instead of stressing over the unforeseen costs of your on-site servers.
Get Your Head in the Cloud
Are you considering a cloud-hosted solution to support the data storage and operations of your financial back office?
Schedule a call with our team to walk through the benefits of cloud-hosted automation and see how the DocuPhase platform can quickly and easily set your team on the path for success.