More and more businesses are switching to cloud-based software partners to better manage their HR, payroll, taxes, and other critical aspects of their corporate infrastructure. In fact, the market size for cloud-based technology platforms and universal data integration is growing at unprecedented rates, with the industry set to more than double by the year 2025.
The key factors driving this rapid transformation are the numerous benefits — for both the business and the employees — that come with implementing a cloud-based platform. Whether you’re a CHRO or CFO, understanding these critical advantages can help you to determine better when, not if, your company should make the transition.
Human Resources Management Systems For the Modern Business: What Is Cloud-Based Technology for Operations Management and Human Resources?
Over the last few decades, best practices for managing day-to-day business operations — from human resource issues like employee screening to payroll tasks like employment verification requests — have evolved considerably.
Gone are the rooms filled with boxes, the filing cabinets stuffed with employee files, and the stacks of forms that need to be filled out manually.
Yet, many companies are still using fragmented software ecosystems: One platform for unemployment tax planning. Another service for managing employee screenings. A separate tool for cybersecurity (approximately 80% of businesses have suffered a cybersecurity incident in the past 12 months, warns Security Magazine). And so on and so forth.
Cloud-based technology platforms combine all these aspects of your business into one system, creating a more holistic approach to data integration. When you transition your business operations and software to a single unified cloud-based approach, you and your staff have a single point of reference for all your essential business management tasks.
And because it lives in the cloud (i.e., a secure, protected off-site server instead of a local, physical hard drive in your office), keeping different files and data updated and secure across teams, departments and locations are effortless.
This can create several specific benefits for your organization, no matter your industry or niche.
The 5 Benefits of Cloud-Based Technology Platforms for Today’s Modern Corporations
1. Improved Efficiency
When your data is combined on the cloud, your team no longer has to shuffle through reams of paperwork, chase down the latest version of an employee file, or ask different departments what the status is on a tax document.
Instead, everything is accessible on-demand to those who need it:
- Data is updated instantaneously.
- Files and information are accessible anywhere and at any time.
- Paperwork, such as tax documents or payroll records, can go entirely paperless for improved employee productivity.
If another employee needs to see a file or a different department is auditing something, those involved can rest assured that what they’re seeing is current and up-to-date.
This enhanced efficiency can lead to:
- Improved employee morale
- A reduction in costly errors
- Enhanced productivity so your team can focus on more important work.
- Cost savings across the board
2. Plug-and-Play Scalability
With a unified approach to data integration, apps and services can integrate directly into your cloud-based platform to meet your business’ growing needs. You can finally say goodbye to dreaded IT questions about software installations, updating a version of a specific tool, different departments using incompatible systems, etc.
Take employment verifications as one example. As your business expands, your team will steadily become inundated with more paperwork regarding employment verification.
In one Quentelle case study, a payroll director at one Fortune 500 said their staff was spending a “vast amount of time dealing with verifications each year.” With a cloud-based platform, this company was able to integrate quickly with a cloud-based employment verification provider. Within a year, the case study client saved thousands of hours of employee time.
3. Faster Innovation
Continuous software licensing and technology upgrades can be costly, yet ignoring updates can leave your business open to security threats or locked out of innovative new features.
A unified, cloud-based platform ensures upgrades and deployment of said updates can be instantaneously and conveniently rolled out across the board, helping your business better adapt to a continually changing environment.
4. Increased Security
According to Security Magazine, nearly four out of 10 C-level executives said that cybersecurity problems negatively impacted their company’s ability to attract new customers.
Local servers and drives need constant patches, updates, and maintenance to protect your team’s data and customers’ information. But it’s not just about malicious viruses or unscrupulous hackers. Security threats can even come down to human error:
- A shared computer where an employee forgets to log out of something
- Someone is accidentally deleting important data.
- A power outage that wipes out your computers
Cloud-based computing with the proper cybersecurity best practices and protocols offer:
- Constant data backups 24/7/365 security monitoring and network management support
- Disaster recovery and backup
- Audits and assessments to identify potential risks to your business
- And more
5. Smart and Savvy HR Insights
The wisest business decisions are built off of smart, strategic business data. Yet, in traditional non-cloud environments, data lives on so many different systems that it can be challenging to decipher the right approach to a problem or situation.
The best cloud-based platforms for HR and payroll professionals offer predictive analytics using artificial intelligence. Because all the data is unified in one system, the AI can provide powerful insights to drive the boardroom’s decision-making processes. For instance, Quentelle’s cloud-based platform has built-in AI that compiles and analyzes your data to help you to spot trends and patterns to improve operational effectiveness.
Is Your Business Ready to Access These Benefits?
At Quentelle, technology and innovation are our team’s passion. Our cloud-based platform offers you a secure and convenient approach to unified data integration. Our proven solutions powered by advanced technology include:
- Unemployment management claims
- Tax planning
- Point-of-hire tax credits
- HR analytics
- Employment verification
- And more!
We’ve worked with everyone from small businesses to global conglomerates to transition their teams to cloud-based platforms. And we would love to work with you. To learn more about the benefits that cloud-based technology platforms can bring to your company, schedule a demo today!