Everyone is talking about cloud computing so much, but a lot of people only think of it as servers that are “out there somewhere.” And while the primary reason for using cloud computing is to save money, there’s more to it than that.

Let’s talk about the benefits of costs, convenience, accessibility, accuracy, and security.

1. Costs

This may be the best argument for a cloud-based system: Cloud servers are a lot less expensive than trying to host them in-house or building something from scratch.

For instance, if you want to build an e-commerce website without a software solution to build it on, it can cost you $700 – $800. Right now, cloud-based software allows you to build an e-commerce website for $20 to start, and then a low monthly cost for server rental. Compare that to buying your own server, loading it with the e-commerce software, and then connecting it to a dedicated router or Ethernet line.

Larger corporations with many servers also have the added costs of hiring IT staff to manage everything, cooling and ventilation costs, and added cybersecurity costs (more on that in a minute).

2. Convenience

Price may be the biggest argument for cloud-based computing, but convenience is the <em>best</em> reason. Everything is online, all of your enterprise apps and e-commerce software is on a different server, which means your company will have access to all the information stored there. You can use enterprise versions of office software and let remote employees access that information from their homes.

Also, you’ll know if the information was put in or lost. Some cloud-based software companies use applications that are ready to be installed in mobile devices like tablets, laptops, and smartphones so the information is accessible with just a few clicks. You can use it just about anywhere with any kind of web-accessible device. The only thing that you need is an Internet connection.

3. Accessibility

With a cloud-based computing system, your data is readily available to all people at once. You can be in a coffee shop, a Barnes and Noble, school, anywhere that has wi-fi and have access to the same information. Cloud-based solutions allow fluidity when it comes to people working together with data. Your business will grow much faster. Everyone can be on the same page and not get lost since the same information is accessible.

4. Accuracy

You can also keep your data and information in sync, even when two or more parties are accessing the same information. It’s more accurate in real time and you don’t have to worry about having different versions of the same data.

For P2P lending companies that want to grow, precise, real-time information can only benefit your company — you can record multiple, simultaneous payments without one overwriting another or missing one because two people were accessing the data at the same time.

If issues ever come up, all relevant people can view the problem and fix it together without any discrepancies in the information as other data-based software typically have. This will help small companies grow more quickly than if they relied on the technology that existed a few years ago.

5. Security

Cybersecurity is an issue for all industries, but cloud-based companies are often using the latest and greatest cybersecurity tools and protections available. They take advantage of AI-based security systems and regularly ensure that the operating systems are fully patched and protected.

FSS works with your company’s business lawyers and managers to make sure all everyone is on the same page with cybersecurity, especially as it pertains to any federally-mandated compliance and privacy issues. We work with Amazon Web Services (AWS), which has a strong reputation to safeguard against any cyber attacks.

Rather than your staff trying to secure your company’s data, you’ll have an entire time whose job it is to manage it all for your company.

If you would like to learn more about using our P2P lending software on a cloud-based software system, please visit our website and request a free demonstration of how the system works.