Everyone is moving to the cloud these days. Many of us are already there with the products and applications we use in our personal lives. We access television shows and movies through the cloud, order groceries, and engage socially with our friends. Even desktop applications like Microsoft Word, Excel, and PowerPoint are now being hosted through cloud-based subscriptions.
Beyond consumer-level products and services, cloud technology is taking over the business-to-business (B2B) world, too.
Your company may already be hosting much of its software using a cloud-based subscription model. When you don’t have the capital resources to invest in expensive, up-front licensing packages, cloud-hosting offers a great advantage. It gives you access to world-class technology at a fraction of the cost. If you’re not already taking full advantage of the benefits of the cloud, you’re probably talking about it.
But do you have a clear understanding of what you want to get by moving to the cloud?
Choosing the right tool
Technology is just a tool. Any tool you choose has to fit the job you need done. Otherwise, it’s the wrong tool. The most popular hammer is still the wrong tool if you need to saw wood. No matter how many of your friends and neighbors are buying that hammer, it’ll never give you clean cuts.
Likewise, moving to the cloud is not the right choice just because everyone else is doing it. Yes, at some point, everyone else being on the cloud is a good reason to do it. But if you’re waiting for that moment, you’re already too far behind. Given that equipment finance companies have a lot at stake when adopting new technology, it’s understandable to be cautious. So how do you know when is the right time to move your business into the cloud?
The first thing we recommend is to run a thorough analysis of what you are doing now to what is available in the cloud. Once you know that, you can more easily determine whether cloud computing is the right tool.
Top 5 reasons to choose cloud hosting
Let’s take a look at the most common operational improvement benefits where the cloud is definitely the right tool:
- Mobilize your business
Give your employees more flexibility to work where they need to be. Originate new deals on the road, or manage existing portfolios from across the globe. Cloud hosting allows you to access your business wherever you are. If you have the internet, you’re in business.
- Enhance collaboration
Just as cloud hosting allows your business to follow you wherever you go, it also allows your teams to share information from anywhere on the globe. Collaboration improves with any-time access to updated customer data and file sharing management.
- Improve operational agility
Your bandwidth needs may fluctuate throughout the year. If you need to scale quickly, cloud hosting allows you to do that in minutes, instead of weeks or months. Likewise, when business slows down, scaling down is just as easy. Subscription-based pricing allows you to pay for only what you use. So as your capacity needs ebb and flow, your costs will adjust to match.
- Increase data security
Every equipment finance company knows how critical data security is to their customers. Many organizations still feel that data is more protected in on-site servers than it is remotely. Data breach stories only encourage this belief. But the fact is that cloud environments offer some of the highest security safeguards in the industry. That’s because cloud vendors have more resources and expertise available to maintain strict security and compliance standards. Software is all they do, so they can monitor it better than anyone else.
- Compete at higher levels
It’s all about staying ahead of the competition. Before the cloud, leading software solutions were expensive to implement and maintain. So to gain a technological edge, you had to fork over large upfront capital investments for licensing and server upgrades. Now, cloud services allow you to free up resources AND get access to cutting edge technology. Cloud hosting lowers the point of entry while increasing your potential to create more innovative financing solutions.
Moving to the LTi Cloud
Cloud servicing technology has come a long way over the last few years. There’s a reason that the cloud is becoming the tool of choice for most businesses. It’s secure, flexible, scalable, and highly innovation-friendly. That’s a big reason that LTi invested in cloud hosting over 12 years ago. Our teams saw the potential, we knew it would be a major disruptor, and we wanted to take the lead with innovative software solutions. We did it first, and we do it the best.
While some equipment finance companies continue to take a slower approach to cloud adoption, many are already seeing the benefits. LTi now has more active customers in the LTi Cloud than anyone else. And our numbers are growing.
Is the LTi Cloud going to be the right tool for you? We think so. For any company looking to improve data security, increase flexibility, save money, and be more competitive, cloud hosting is the best new tool for the job. And the cloud is only going to become more pervasive in our industry.
LTi is the most trusted cloud services provider for equipment finance companies. Call us today and find out why.