Planning and budgeting is one of the main tools for the financial management of a company. Therefore, organizations often use different platforms that help them simplify, control, and integrate their financial systems. However, a question for many is how to determine the differences between a tool On Premise vs. Cloud.
On Premise tools are solutions that are installed locally on the desktop and servers of the company, while the Cloud ones are cloud-based solutions, hosted on third-party servers and accessed via web browser. Until a few years ago, On Premise solutions were the only option for companies. But with the arrival of cloud computing, everything has changed.
On Premise vs. Cloud: 5 advantages of using Cloud software
According to data of the cloud solution provider RightScale, 93% of companies use Cloud technology one way or another. Migration to the Cloud continues to increase in 2020 due to the benefits offered by this solution.
When On Premise vs. Cloud planning and budgeting solutions are compared, accessibility is one of the great advantages of the cloud. And it is because, unlike on premise installations, the Cloud software allows access to data at any time and from any place and device.
- Cost Effective
Migrating to the cloud does not require a large initial investment as is the case with on premise infrastructures. With the Cloud regular payments are made, which is basically an operating expense. With a solution like Prophix Cloud, for example, companies can save on average 31% on infrastructure costs compared to On Premise installations.
3. High Level of Security
When On Premise vs. Cloud solutions are compared, many people fear that cloud tools are less secure. But it is not really like that. Cloud solutions offer strong encryption for all data. They have high security standards that make these solutions even more secure than on premise installations, plus they allow for reliable backups.
4. Fast Implementation
One of the biggest advantages of Cloud solutions; is that they can be implemented quickly without the need for long installation processes. It is done in a matter of hours or days at the most, compared to on premise applications where it is necessary to install tools in the physical server and in every computer.
Cloud technologies also offer greater flexibility for businesses. Because they only pay for what they use. In addition, they can expand or reduce services and tools of the solution depending on demand. Therefore, it is an ideal option for growing companies.
On Premise vs. Cloud, which is better for your company?
It certainly depends on the needs of the organization. However, it is undeniable the great advantages offered by cloud solutions for companies that want to save costs and at the same time have the possibility to scale their business.
At Fusionworks we can help you choose the best planning and budgeting software for your organization. Contact us!