If you don’t know something about the cloud computing network and the related software platforms available to businesses with various workflow systems, you’re a bit out of the loop. A cloud-based software platform allows you to store data in a remote location, so your data is accessible from various devices, including smartphones and laptops. You can also take advantage of the cloud with several different applications. All your data is stored in the cloud, making it easier for you and your team members to work with and share information.
Cloud-based software platforms are transforming business operations by providing them with benefits not possible years ago. From cost savings to data security to scalability, cloud-based software platforms can provide your business with several advantages that can help you increase efficiency and productivity. Contract workflow systems, in particular, benefit from the enhanced capabilities that the cloud system provides. Here are some key benefits that contract workflow systems can expect when making the move to the cloud.
1. Cost Savings
One of the most noticeable advantages of a cloud-based software platform is cost savings. Cloud-based software is generally less expensive than on-premise software, mainly because the vendor manages the infrastructure the software sits on. Companies don’t have to worry about managing the hardware or software, which translates to significant cost savings. Not only that, but you can also expect to save money on IT resources since cloud-based software doesn’t require as many IT resources as on-premise software. Needing less staff means you can allocate your resources to other things, rather than spending time and money managing the software and hardware.
2. Data Security
Cloud-based software platforms provide greater data security. It stores the data remotely, meaning thieves and hackers would need to break into the vendor’s data center to access it. In most cases, it’s nearly impossible to be hacked. With an on-premise software system, however, your data is stored on your servers, which could be breached. With a cloud-based software platform, you don’t have to worry about data security, since the vendor is responsible for protecting the data. When you’re dealing with and managing the information on contract workflow systems, your data must be secure. A breach of data from a contract could make your company’s reputation take a hit.
3. Scalability
You can scale up or down as your business needs change. Quickly add new users and contract workflow systems to your cloud-based software, or reduce the number of users if contract numbers fall. Any changes you make can be done in real-time. You don’t need to worry about purchasing additional hardware or software, or hiring new IT staff every time you want to make a change. This ability is especially important for businesses that experience a high amount of fluctuation, such as SaaS businesses, or those that have cyclical workloads. This type of scalability isn’t always available with an on-premise solution.
4. Improved Collaboration
Having remote teams around the world comes with convenience and new challenges for many businesses. This all came to a head during the pandemic. One such challenge was collaboration without being in the same space, but cloud platforms solve that problem. Collaboration among team members can happen in real-time or asynchronously. Employees can access contract workflow systems from anywhere and work together on projects and tasks as if they were in the same room. People can access the data remotely from desktop and mobile devices, making it easy to stay connected and collaborate regardless of location.
5. IT Staff Flexibility
As mentioned with cost reduction, cloud-based contract workflow systems require fewer IT staff than on-premise software. It works perfectly for both businesses and IT professionals. Companies can’t stop hiring as many IT personnel as in previous years and can focus their resources on other tasks. For IT professionals, it allows them the flexibility to take on more projects and use their knowledge differently. IT professionals who are looking for contract work can look to the cloud for new opportunities and start their own businesses.
6. Device Options
The days of sitting all day at an office desktop computer are over. You can access these systems from any device, including laptop computers, tablets, and smartphones. Whether you’re an Apple devotee or prefer PCs, this software is available for you. Employees and stakeholders can access information anywhere and anytime, regardless of the device used. Work from home or a laptop from a coffee shop.
7. Reduce Errors
According to IBM, 88 percent of all spreadsheets contain one error or more. Cloud-based contract workflow systems have built-in checks and balances to help eliminate mistakes. It saves teams time and money in the long run since they don’t have to double-check the contract data every time. Contract tracking is much easier with cloud software since stakeholders can access the documentation in real time. If there is an issue, the team lead can get several people together online to address it quickly.
8. Increased Efficiency & Productivity
With the ability to access contract data from anywhere and on any device, employees can be productive no matter where they are. Some people are more efficient in an office, a coworking space, a coffee shop, or the beach. People don’t need an office setting to meet deadlines if it doesn’t work. Cloud software helps teams become more efficient by allowing people to work when ideal for them; everyone isn’t a 9 to 5 person. If someone works better during certain times of day, they can work when it’s most productive for them.
9. Base Company Headquarters Anywhere
While there was a time when companies needed to concentrate in particular cities like New York or San Francisco, cloud contract workflow systems have changed all that. Businesses can now operate from anywhere. An owner can move headquarters to smaller cities and towns that often provide cheaper rent, more space, and living costs.
10. Life Balance
All these elements help people achieve a better life balance because contract tracking isn’t confined to one location. Everyone can take care of contract tasks when and where it works for them. It’s especially beneficial for contract professionals who need to balance a full-time contract job with other obligations such as family, caretaking, school, and hobbies. Professionals are free to work where and when they need it while having more time to connect with people in their private life.
11. Reduce Carbon Footprint
The cloud uses less energy and resources than traditional contract tracking solutions. If people can work and collaborate online, there’s less need to drive or fly long distances for contract meetings. Less transport means reduced pollution and a smaller carbon footprint for organizations, making them more eco-friendly. Companies don’t have to worry about dealing with waste from contract documents or outdated storage solutions like CDs and hard drives.
A cloud-based software platform can provide your business with a host of advantages. From cost savings to data security and improved collaboration, a cloud-based software platform can help your business succeed. With these benefits in mind, you can see why a cloud-based software platform is essential for any business looking to stay competitive in the market. Investing in contract workflow systems can help you increase efficiency, reduce errors and boost productivity. Start your journey to a cloud-based software platform by giving GLXY Software Solutions a call today!