Reporting in the Cloud Advantages and Considerations 

With the popularity of cloud networks, businesses are transitioning to cloud computing and reporting in the cloud solutions. While this technological innovation bestows humongous benefits to organisations, cloud reporting also has its share of drawbacks. 

In this blog, we have discussed cloud reporting and have encapsulated both the advantages and drawbacks of cloud reporting to help organisations make the right use of these solutions that hold immense potential to transform the way data is stored. 

Cloud Reporting 

Cloud reporting refers to Software as a Service (SaaS) reporting that operates in the cloud. This grants clients and users full access to the service provider's cloud-based applications. These applications can be accessed from various client devices, typically through a web browser interface. However, clients do not have direct access to the underlying infrastructure of the cloud, including its network, servers, operating systems (OS), and storage methods, for management or control. 

Advantages of Using Cloud Reporting 

1) Cost-Effective  

Transitioning your business from traditional software to the cloud can significantly reduce your expenses. By eliminating the need for hardware maintenance, computer upgrades, and infrastructure upkeep, you can save on costs. Additionally, managing software becomes more economical as you can rely on a smaller IT staff. 

2) Energy Efficient  

Cloud computing and reporting are environmentally friendly alternatives to traditional IT equipment. By reducing the need for bulky office computers to handle large tasks, cloud services help conserve electricity. 

3) Sustainability 

 In the event of a natural disaster, your business's computing capability remains unaffected since it is stored in the cloud, independent of your physical location. 

4) Accessibility  

Cloud tools facilitate seamless collaboration both within and outside the organization. Staff, stakeholders, and owners can access information from anywhere in the world using a laptop, computer, or tablet with internet access. 

5) Flexibility  

Cloud computing and reporting offer flexibility, making them ideal for small businesses. You only pay for the tools and features you need initially, and as your business grows, you can scale up resources accordingly. Cloud providers also offer customized infrastructure tailored to your specific needs. 

6) Efficiency  

Cloud reporting is more efficient than traditional software installation. Installing software across multiple computers and keeping them updated is time-consuming and costly. Cloud-based financial reporting streamlines this process, saving time and money. 

7) Ease of Use  

Cloud reporting is incredibly user-friendly. Cloud providers and web-based applications handle administrative tasks, freeing up business owners to focus on more productive activities beneficial to their business. 

Drawbacks of Cloud Reporting 

1) Security  

The primary concern for businesses transitioning to cloud computing is data security and compliance with regulations governing sensitive data. Additionally, 69% of cloud providers believe that end users are responsible for data security, raising doubts about the reliability of cloud computing. 

2) Service Outages 

Businesses relying entirely on cloud computing may experience significant disruptions in operations if the cloud provider experiences service outages. 

3) Business Closure Risks  

There is always a risk of a new business shutting down, and if your entire database is stored in the cloud and the provider goes out of business, it can have detrimental effects on your operations. Ensure you have backup options and a plan to extract data in case of unforeseen circumstances. 

4) Limited Customisation  

While cloud providers offer a variety of features, some organizations may find them insufficient for their specific needs, deterring them from adopting cloud reporting. The constraints on customization should not be overlooked, especially for custom processes that can be easily managed at the database level by internal IT staff. 

5) Dependence on Reliable Internet  

Reliable internet connectivity with adequate bandwidth becomes crucial for businesses relying on cloud reporting. If you face internet issues in your area, cloud reporting may not be a suitable option for your business. 

6) Increased  

Front Office Staffing Needs Limited customization leads to increased reliance on front office staff to manage manual processes that were previously automated. While cloud providers serve multiple clients simultaneously, allowing little customization for individual clients, this may result in the need for additional front-office personnel to handle the new manual processes, offsetting potential savings from reduced IT personnel. 

Why Choose Lahebo? 

If you are looking for a simplified cloud-based risk and compliance management software that can help simplify your organisation's risk management process and save data securely in the cloud, you have arrived at the right place! 

Lahebo is a risk and compliance management software that offers robust cloud reporting solutions. 

Organisations can report, mitigate and store the history of risks in real-time.  

We believe Lahebo can help businesses with robust reporting solutions and our simplified dashboard is quite easy to learn and understand. 

Are you ready to take that step towards securing your businesses from risks in real with the help of a cloud reporting solution like Lahebo? 

Contact our team today at support@lahebo.com or book a demo. 

Remember, if you don’t try, you won’t know why choosing Lahebo can be a win-win strategy for your business. 

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