Implementing Source-To-Pay Software Without Cloud-Based Solutions: What Are The Risks?
Cloud-Based Procurement Softwaresolution
The world of source-to-pay has become increasingly reliant on cloud-based solutions, as they offer business multitude of advantages. Without incorporating cloud solutions into source-to-pay software, business may be exposed to variety of potential risks. For C-Suite executives, it is essential to understand these dangers before deciding whether or not to utilize such technology.
From security perspective, relying on server-based solutions for source-to-pay software can be potential disaster in waiting. When data is stored locally, it is far more vulnerable to being hacked or compromised. With cloud-based technology, however, data is stored in an off-site, secure location, virtually eliminating the risk of breach. Furthermore, cloud solutions are regularly updated in terms of security measures, carrying out any necessary patches or updates to guarantee maximum protection. With server-based programs, this responsibility lies with the business, rather than the software provider. If security updates are not regularly implemented, this can become point of exposure for the company.
In addition to security, server-based solutions may offer business much less flexibility and scalability than cloud-based option. With cloud solutions, almost any user can access the software as long as they have username and password, and there can also be vast capacity to add both users and features to the software. This makes it much easier to scale the business, particularly in terms of personnel. Server-based solutions, on the other hand, are limited on both fronts and can be much harder to scale and adjust if the company undergoes rapid expansion.
The cost of not utilizing cloud-based source-to-pay Softwaresolution can also be significant. Typically, cloud solutions offer much more cost-effective option and this will be most essential for business operating on tight budget. Not only are cloud solutions generally cheaper and easier to implement, but there is also the added benefit of not having to purchase, or have the necessary expertise to implement, new servers and hardware. Having cloud-based model also often unlocks unlimited storage solutions, again saving business the cost of extra equipment.
Ultimately, the risk of not using cloud-based solution when implementing source-to-pay software can be significant both in terms of loss of efficiency, cost, and security. Financial executives looking to choose the right kind of Softwareshould carefully weigh up the pros and cons before making decision. In an age of increasing technological reliance, investing in secure and flexible cloud-based model has the potential to save business both time and money in the long-term.
