By ECI Staff Contributors
A completely integrated, cloud-based business management system gives you all the information you need in one spot so you can streamline your processes, reduce your operating costs, and focus on growing your business.
A completely integrated, cloud-based business management system gives you all the information you need in one spot so you can streamline your processes, reduce your operating costs, and focus on growing your business. For most businesses in the verticals that we serve, the monthly savings are considerable, and come about in direct and indirect ways.
Deloitte’s 2019 report into the economic value of cloud services in Australia found that “the adoption of cloud services by Australian businesses has resulted in a cumulative productivity benefit to the economy of $9.4 billion over the last 5 years.”
Consider your potential cost-saving benefits from new cloud technology:
Deloitte’s report found that 78% of users reported improvements in productivity since using cloud services. This increased productivity reflects a more efficient use of time and resources to produce more goods and services, meaning less employee time is needed to produce profitable outcomes.
Based on how much time and effort technology can save businesses in invoicing, server maintenance, backup and security, and inventory processes, businesses can substantially reduce personnel costs per month and redirect employee time to more profitable tasks.
The typical expense associated with processing a single invoice can reach up to $30, according to the Australian Taxation Office (ATO). However, businesses that have adopted accounts payable (AP) process enhancements, such as an AP automation system, have experienced substantial savings of 66% compared to manual processing, resulting in an average cost per invoice of $10 or less. By leveraging AP automation, teams can save up to $20 for every invoice they process.
For companies processing 32 invoices per month, that is a monthly savings of $640. For companies processing 500 invoices per month, that is a monthly savings of $10,000 and an annual savings of $120,000.
According to SoftwareAdvice, the upfront cost of on-premise software is higher than cloud-based software, making it an investment over time. Not to mention, businesses must consider the costs of on-premise server maintenance. Cloud-based software is the cheaper alternative by comparison with a lower upfront cost and predictable costs over time. Additionally, these subscriptions can easily be scaled up or down depending on your business needs.
Overall savings resulting from eliminating on-premise servers come about in several ways:
Cloud-based software reduces costs for businesses with vendor EDI (electronic data interchange) and automatic ordering in several ways:
Cloud-based computing technologies, such as ECI Solutions’s JobBoss2 have proven to be a game-changer for businesses, resulting in significant cost savings per month. By streamlining business processes, eliminating the need for expensive on-premise servers, automating invoicing and inventory processes, and improving internal and external communication, cloud-based software has enabled businesses to operate more cost-effectively, which especially makes a big difference for SMBs. With the ever-increasing benefits of scalability and flexibility, cloud-based software continues to be a cost-saving solution for businesses looking to optimise their operations and boost their bottom line.