According to Forrester Research, 65 percent of North American enterprises relied on public cloud platforms in 2019. This is five times the percentage that used cloud platforms 6 years ago. Leading businesses are flocking to cloud solutions because of the numerous benefits they provide. Below are the top 4 benefits of using a cloud-based unclaimed property solution:
1. Increases efficiency: Cloud-based workflow and file sharing applications help teams make real-time updates and provide full visibility of their collaborations.
2. Frees up IT resources: The beauty of cloud computing is that the servers are off-premise. Your solution partner takes care of them for you while rolling out regular software and security updates. This enables your IT staff to focus on revenue-generating projects to grow your business.
3. Shortens downtime time caused by disasters and outages: The Federal Emergency Management Agency (FEMA) stated that 40% of small businesses never reopen after a disaster, and many more fail within a year. Most companies that lose their information technology for nine days or more after a disaster file for bankruptcy within a year. And downtime comes in all shapes and sizes, including natural disasters, operational failures and human error.
Cloud-based services provide a backup and recovery solution that reduces downtime and offers offsite data backup resources. After moving to the cloud, IT managers no longer lose sleep worrying that a hardware failure or staff mistake will result in loss of data.
4. Reduces data center/infrastructure costs: Cloud solutions also eliminate the cost of hardware. And companies who use the cloud can reduce the size of their own data centers, or get rid of them altogether. The reduction in servers, software costs and staff can significantly reduce IT costs without impacting an organization’s IT capabilities. This provides an advantage over competitors.
With so many leading organizations moving their software to the cloud, experts say doing so is a competitive necessity.
Get in touch with one of our unclaimed property experts to find out how a cloud-based unclaimed property solution can benefit your business.