SMEs fail to grasp cloud
New research from specialist accounting software firm, MYOB suggests small to medium-sized businesses (SMEs) that use cloud computing are more likely to experience positive financial and operational results.
The research, released this week, found that those using cloud technologies for business were 53 per cent more likely to see a revenue rise in the past year – something the company claims indicates that rewards are waiting for those who are ready to embrace cloud computing.
MYOB is using the research to back the promotion of its MYOB Live suite of cloud solutions after having commissioned independent market research firm, Colmar Brunton, to conduct a nationally representative survey of more than 1,000 SMEs.
Of those surveyed, 14 per cent said they used the cloud for business, 79 per cent said they did not use it, and 8 per cent did not know.
MYOB chief executive Tim Reed said this result raised questions about whether their sector’s information needs were aligned with the technology industry’s educational desires.
“Despite the technology industry’s best efforts to teach others about the concept of cloud computing, our research shows a disconnect between SME cloud usage and their understanding of it,” he said.
“I question whether we need to rethink our educational direction when encouraging their move to the cloud,” Reed said.
“Four in five say they don’t use the cloud for business. This is surprising given the prolific use of internet banking and email, to give straightforward examples,” he said.
“Many more business operators leverage cloud technology than give themselves credit for – they just don’t realise.”
He claimed the key to encouraging mass adoption of newer and more advanced cloud products and services was to advocate the productivity and financial benefits to a much greater extent than the technology behind it.
Recommended for you
Insignia Financial has reached a major milestone in completing the separation of MLC Wealth from NAB, having acquired the firm back in 2021.
There could be changes ahead for how ASIC requires licensees to handle conflicts of interest as the corporate regulator announces it will be meeting key stakeholders next year to update guidance.
Proper recordkeeping has been described as the “mortar between the bricks” of the advice process and critical to an FSCP decision as an adviser is suspended for failures in this area.
As investors increasingly seek to embed ESG considerations in their portfolios, a specialist adviser has offered tips for financial planners who may feel overwhelmed in tackling these complex topics with clients.
