A survey by Forbes revealed that 74 percent of tech chief financial officers say cloud computing had the most measurable impact on their businesses. That’s no surprise considering the growth of cloud-based software over the past decade. Consider these statistics:
- Public cloud platforms, business services and applications will reach $236 billion by 2020, having grown at a 22 percent CAGR since 2015.
- The cloud application market will grow even faster, with the 2020 total being 17 percent higher than the 2014 projection.
- Cloud computing spending has been growing at 4.5 times the rate of IT spending since 2009 and is expected to grow at better than 6 times the rate through 2020.
- More than half of IT spending is cloud-based as of last year.
- Spending on IT-as-a-service for data centers, software and services were projected to hit $547 billion by the end of 2018, according to Deloitte.
There are plenty of factors pushing the growth of cloud-based software solutions, including in the payroll field and particularly as payroll and human resources functions increasingly integrate.
“Twenty years ago, payroll was just payroll, HR was HR,” said Wes Muschara, Apex HCM’s Vice President of Product Management. “Tech has broken barriers across all those different functions, especially with GenXers and Millennials being digital natives. They expect to have a seamless experience across everything.”
Other top benefits of payroll in the cloud include:
- Cost savings: Switching to cloud-based solutions affords payroll firms and their clients significant direct savings in hardware, software, network management and overall technology expenses.
- Resiliency: Cloud-based solutions mean that your payroll clients’ data is stored in remote, highly secure data centers, removing the space, time and effort burden of on-site technology and assuring quick and complete disaster recovery when necessary.
- Scalability: Cloud-based platforms allow payroll service bureaus and their clients to scale their business needs seamlessly as they grow. No need to purchase new hardware or software. Rather, provision and implementation of added and updated solutions and services are completed on demand, cost-effectively and with little or no downtime.
- Mobility: Payroll/HCM software in the cloud means your clients and their employees can access information from wherever they have an internet connection – at the office, at home or on the go. It’s a must for today’s increasingly tech-savvy workforce.
- Leveling the playing field: Cloud computing allows even small payroll software and service bureaus the ability to compete more effectively with larger established firms. Paying only for usage affords access to the same tools that the giants of the industry use.
“Apex HCM provides a state-of-the-art software platform allowing you to take full advantage of the benefits cloud computing technology offers,” said Kevin Lenahan, Apex HCM’s Chief Information Officer. “We help organizations to escape the bindings of traditional software, including the hidden costs of protracted implementations. All the while we provide the infrastructure and software without the worries of managing your infrastructure, data security, software upgrades, and everyday technology needs. Organizations leveraging cloud computing are enabled to focus on their core business, concentrating on service delivery and customer acquisition.”
To learn more about how Apex HCM’s suite of cloud-based payroll, HR and time and attendance software solutions can help attract clients and promote your payroll business, call 877-750-2739 or visit us online and request a software demo today.