The cloud remains one of the top drivers for business innovation, and for a good reason. Nearly a third of Australian SMEs are now using cloud technology to help run and grow their business, with figures from the latest MYOB Business Monitor showing that businesses using cloud computing are 35 per cent more likely to see revenue increases in the last 12 months than those that don’t.
Cloud is the biggest opportunity for SMEs to come out of the technology sector in recent years. It offers them enormous opportunity to leverage technology to transform their business in terms of productivity, customer service levels and even attractiveness to new employees.
Many business owners work to the mantra of ‘time is money’ and productivity is one of the most obvious benefits cloud computing offers to small businesses. MYOB has leveraged this to provide a faster, smarter way of working. The proof is in the pudding, with research revealing that online accounting reduces the amount of time it takes to reconcile accounts by an average of 10 hours per month.
So, why isn’t everyone using cloud? MYOB’s Business Monitor reveals that while financial and insurance industries lead the pack when it comes to cloud adoption (42 per cent), other industries such as agriculture and fishing are least likely to engage (12 per cent). While it can be assumed that established businesses would have more bandwidth to innovate, it is emerging businesses that are most likely to use cloud (42 per cent), ahead of the 17 per cent of established businesses adopting the technology.