How Cloud-Based Tools Are Changing Businesses

As we’ve seen in the past year, it’s important to remain proactive versus reactive when it comes to sustaining and growing our businesses. As the remote workforce continues to evolve, entrepreneurs leading businesses of any size are encouraged to tap into the advancements of cloud-based solutions to stay flexible and efficient, no matter the geographical location. 

In this blog recap of our latest Moments of Influence episode sponsored by Plooto, we take a look at how cloud-based tools are changing businesses today.

What is the Cloud?

Before we get into how it influences our professional lives today, we have to ask ourselves, what is the cloud? Well, simply put, the cloud refers to data centers over the internet that allows us to store and access data and programs instead of having to depend on the limited hard drive on our computers and phones. So think of that conference you just listened to, the feel-good playlist that helps you stay motivated through the workday, or the apps you rely on to work anywhere at your favourite location — those are all powered and stored on the cloud. 

The cloud allows users to access their digital tools wherever and whenever, helping businesses be more flexible and efficient with their operations and workflow without spending more on a more extensive infrastructure or support staff.

Public usage of cloud-based software has exploded in the last couple of years, and we’ve also seen a rapid increase in cloud-based tools — some of which have been ingrained in our digital footprint like Google Docs, Spreadsheets, Hootsuite, and Asana. 

Let’s take a look at how cloud-based tools are changing businesses today.

1. Remote Workforce

Our ways of working are becoming more fluid. As the work from home culture continues to evolve, business owners need to consider the full potential of cloud-based tools that will allow employees to streamline their workflow while gaining access to company resources on demand. 

As referenced in a recent Forbes article, the cloud is “the backbone of remote work,” and supportive applications are aplenty. Basecamp and Slack have become leading team collaboration software solutions that help teams manage projects and communicate with each other and clients no matter the geographical location.  

According to PWC, in Canada alone, 59% of employees are now working remotely, with only one in five wanting to go back to a workplace full-time in the future. Quite an amazing statistic, because none of this would be possible without the cloud, as it powers the technology required to work remotely.

2. Payment Innovation

When it comes to the most successful cloud solutions in the past year, we’d be remiss to leave out the redundancy of physical cheques, and the innovations to accounts receivable and payable.

Automating your finances for accounts payable and receivable has become a necessary tool for the modern workplace. From payments to contractors and vendors — to financial reports, accounting integration, and visibility into finances — these processes were historically manual and time-consuming, but the cloud has fundamentally changed these tasks.

As a leading financial automation tool, Plooto, allows businesses of all sizes to streamline cash management activities from their network. On their easy to navigate program, companies can:

• Integrate with existing accounting systems
• Consolidate and make business payments on one platform
• And initiate a payment in seconds!

3. Decreased Costs

Finally, when it comes to budgets, businesses of any size understand the value of cost savings, and minimizing cost is one of the significant benefits of cloud-based tools. According to a study by Rackspace Technology, out of 1300 cloud-based companies surveyed, 88% experienced savings, with 56% seeing an increase in profits. 

Cloud-based tools allow users to cut out the acquisition and maintenance of hardware and the long time associated with installation and upkeep, which would enable employees to increase their productivity and relocate their efforts elsewhere. Moreover, most cloud-based tools offer a pay-as-you-go model with a cancel any time option, reducing any financial risk and allowing businesses with small budgets to manage their workflow off the bat.

Are You Using the Cloud?

In our technological world, efficiency and reliability are of the utmost importance, especially as we continue to work from home — and as we see evolutions in how we communicate, collaborate, and innovate, it’s crucial we stay up to date with the advancements in cloud technology for solutions that will help us save money, and spend more time on priority tasks.

Let us know in the comments below how cloud-based technology is changing the way your business operates. We’d love to hear from you!