Strategy, Legal & Operations

5 perks of connecting your data in the cloud

You know that feeling when you haven’t cleaned out your closet in a while? There’s stuff you don’t wear anymore, stuff you thought you’d wear but never did, and a few items that you’ve officially worn out but can’t bear to part with. Well, I’m willing to bet that your business tech gives you that same feeling. You have a lot of options in your tech stack, but somehow the information you need is still tough to find. It just seems like it could all be…better.

Here’s the good news: it totally can. Just like how a successful shopping trip and a little organizing can get your closet in great shape, it can be simple to get your business running better than ever. It’s all about connecting your business data in the cloud.

Here are some of the perks waiting for you on the other side:

  1. Improved financial forecasts. When you make a sales forecast based on information stored in multiple places, you’re limited. But once you store your financial information in a cloud accounting solution, you have access to way more information, like exactly how many leads your company has generated and how much revenue is coming into your business right then. That means you can have greater insight for the future.
  2. Better protected business assets. Today’s products and apps are often personal choices. In many cases, only key users understand the quirks of a complicated product or app and how they are used to manage customer data. What happens if one of those key members of your company leaves? Their knowledge goes with them, and the information they leave behind becomes irrelevant or unusable. Instead, try connecting your data in one central, secure, accessible location like the cloud—that way your business is protected from the effects of employee turnover.
  3. Fewer surprise setbacks. You shouldn’t have to spend hours preparing a report in order to monitor expenses, see how sales are performing and determine if revenue projections are on target. And you shouldn’t have to wait until the end of the month for reliable and current sales data. With connected data in the cloud, you can see all of this information at a glance and identify priority accounts, opportunities, customers that are at risk, and so on. Though connected data can’t prevent those issues, it will take the surprise out of a setback against your financial targets.
  4. Boosted productivity. When your employees work together using the cloud, your entire company becomes smarter. For example, a sales team member may receive a call from a customer and then update information about this customer from the office. Later on, if another sales team member on the road is about to meet with this customer, they can review the new information using their mobile device. Both team members can collaborate on one account from any location, avoid duplicating each other’s work, and become more productive.
  5. Higher profitability. A 2014 IDG report found companies with more effective data grew 35 percent faster. It’s easier to identify sales patterns and cross-sell opportunities if you have an insight into the volume and value of trade in your business. You can spot customer tail-off and take measures to address this before the business is lost. And you can convert key performance data into easy-to-understand reports and identify opportunities to boost your company’s growth. For example, if you know there’s a delay in your existing inventory, your sales teams can concentrate on selling other products and services unaffected by this delay. Meanwhile, you can focus on improving fill-rates across the company. Together, you and your sales teams will grow your business.