I come across a lot of interesting surveys, but the Citrix Cloud Survey, conducted by Wakefield Research, is by far my favorite for this month! And my favorite finding from the survey?
“51% said they believe stormy weather interferes with cloud computing!”
I love this because it perfectly demonstrates how confused people are about “the cloud”. People in the technology field often take for granted that everyone knows what we mean when we say our solutions are “cloud-based”. We do it at HighRadius when we say our Receivables OnDemand solutions are “cloud-based”. We even go as far as to assume that people understand all the benefits that are inherent with the cloud just by hearing that word. Well, you know what they say if you ASSUME!
From the survey: Only 16% said (correctly) the cloud is a computer network to store, access, and share data from Internet-connected devices.
Cloud solutions have been truly revolutionizing, for both consumers and companies. You probably use a cloud solution, or several, every day – online banking, travel sites like Expedia, photo storage sites like Shutterfly – and you love them! Why do you love them? Because they make your life easier, they are low cost or free, and they aren’t hard to set up or use. The same applies to enterprise cloud solutions that are used by companies. Gone are the days when using technology for efficiency gains were reserved for companies with large IT teams and lots of resources to throw at a project. For those companies without the IT infrastructure to consolidate on an ERP platform or buy a best-of-breed point solution that is “on-premise”, cloud computing offers the opportunity to make the same business improvements as the big guys.
Benefits of the Cloud for Companies (with definitions for the jargon):
What about security?
One of the arguments you’ll hear from the “old style” solution providers is that the cloud isn’t secure enough for corporate data. That was probably true ten years ago, but cloud computing has some very innovative technology pioneers behind it – Amazon, Google, Cisco, etc. – and the incredible investments in cloud infrastructure and ever-improving standards in security have been driven by them. The simple truth is that the cost-effectiveness of the cloud generally outweighs the security argument in all but the most extreme cases of sensitive data. In our experience, nearly all of the companies who look at it, regardless of size or complexity, determine that the risk does not outweigh the reward. The exception is where millions have already been invested to consolidate the enterprise on an ERP platform, like SAP, and the IT strategy at a company revolves around that effort. In these cases, HighRadius offers Accelerators for SAP that reside natively in the SAP application, thereby delivering the same low TCO as the cloud since they utilize the same servers and support staff as SAP.
For our accounts receivables and credit customers, cloud-based solutions have not historically been the “norm”. We’re hoping to provide some good education and would love to hear your thoughts.
Automate invoicing, collections, deduction, and credit risk management with our AI-powered AR suite and experience enhanced cash flow and lower DSO & bad debtTalk to our experts
HighRadius Autonomous Receivables Software Platform is the world’s only end-to-end accounts receivable software platform to lower DSO and bad-debt, automate cash posting, speed-up collections, and dispute resolution, and improve team productivity. It leverages RivanaTM Artificial Intelligence for Accounts Receivable to convert receivables faster and more effectively by using machine learning for accurate decision making across both credit and receivable processes and also enables suppliers to digitally connect with buyers via the radiusOneTM network, closing the loop from the supplier accounts receivable process to the buyer accounts payable process. Autonomous Receivables have been divided into 6 distinct applications: Credit Software, EIPP Software, Cash Application Software, Deductions Software, Collections Software, and ERP Payment Gateway – covering the entire gamut of credit-to-cash.