asset finance business

Adopting cloud for your asset finance business? Here are the top cloud concerns demystified

by ghiselle rousso

Despite being a technology that has been around for more than a decade now, the cloud is seriously misunderstood. While many companies are leveraging the multiple benefits that the cloud brings in, some have apprehensions about some of the cloud’s applicability and feasibility.

A lot of these apprehensions are a result of some common misconceptions that have somehow managed to stick around since the initial days when the technology was new, and its benefits were not industry proven. Today we delve deeper into some of these myths and break them down for you. 

Cloud only makes sense for larger organizations

A lot of small and medium businesses often estimate that the cloud is made for larger organizations with the scale and budgets for the cloud. Small and medium businesses often estimate that they lack the technical expertise, volume, or budget to take advantage of cloud-based platforms and SaaS applications.

SMEs have much to gain from the cloud advantage. Cloud-based asset management software is a viable option for any sized asset finance organization in the secured finance space. SaaS solutions, and cloud platforms in general, are designed to be flexible, scalable, and scalable as your business grows with near-on-demand scalability. 

For SMBs, the cloud is especially relevant, since smaller organizations experience more dramatic fluctuations with much higher risks. Cloud computing overcomes this barrier by enabling SMBs to scale their capacity according to their current needs without having to predict the future. With the cloud, SMBs can get access to a standardized, modern tech stack without worrying about the upfront investment or resources that larger organizations need to invest to achieve the same level of digital savviness. You improve efficiency, reduce the load on your existing lean teams, and save money at the same time.

Taking advantage of SaaS benefits doesn’t depend on an organization’s size, geography, or even its digital maturity. 

Oh! But what about security? 

One of the biggest concerns around the cloud since its heyday has been security. And it makes sense that asset finance businesses would want to make sure their data and the platform and SaaS applications they leverage adhere to the highest security standards, especially since these organizations handle a lot of sensitive financial data for their customers. 

However, the assumption that cloud-based platforms (and SaaS applications) are insecure or data security in the cloud is unproven is outdated and doesn’t hold good anymore.

From fulfilling our everyday needs, be it ordering online groceries or hailing a cab to business applications and collaboration tools, we are using a cloud service inadvertently every minute of our life. The cloud is the preferred solution for most digital native start-ups today and its security has been industry-vetted and proven.

Moreover, technology partners are also investing in processes and standards to ensure that their cloud customers don’t have to worry about security. Technology providers like Odessa are 27001 and SOC certified. Developed by the American Institute of Certified Public Accountants (AICPA), SOC guidelines ensure the security, availability, confidentiality, and process integrity of financial organizations. 

Adhering to these security standards means that the company is committed to protecting your data as a SaaS provider with rules that enforce SAML or SSO and robust compliance programs.

Sure, but isn’t deploying SaaS complex? 

You don’t need to be technically savvy to benefit from a cloud platform that delivers SaaS solutions. Cloud-based digital asset management platforms like Odessa Platform have been designed on open principles to enable you to deploy SaaS with simplicity and ease. From tech infrastructure to ongoing deployments to leveraging ready-to-use features and platforms that continuously innovate without interfering with your operations- our SaaS services are modelled for continuous improvement and adaptability.

It’s easy to get your team up and running with SaaS – and with minimal onboarding – so they can add more value to your business. You’ll experience a faster time to value with a simple-to-use SaaS solution delivered via cloud-based asset management software.

With 24/7 access to critical business resources, the cloud makes it easier to extend flexible work environments to your virtual and remote employees, a non-negotiable with the digital workforce of today.

SaaS also allows for easy pricing since you only pay for what you use. The subscription-based model helps you determine how much you are willing to invest upfront. A reliable SaaS partner will be open and transparent about pricing with no hidden charges. At Odessa, we encourage our customers to ask us as many questions as possible so that they are clear about key parameters like TCOs, expected ROI, and SLAs. This helps them understand the benefits of a cloud-based model and how it makes sense for your business today and in the future.

The SaaS platform approach provides core services along with pre-built integrations to speed-up time-to-value. Furthermore, SaaS applications can be quickly deployed, upgraded, and maintained using this approach.

Good. But why should I go for SaaS when I can opt for a private cloud?

Sure, the private cloud has its benefits. It provides you with much more control and security over your environment. 

 However, as an SMB, you will need to find the perfect balance between overall TCO, resources and manageability, while trying to leverage the flexibility, efficiency, and scalability offered by the cloud. 

Chances are that with a privately hosted cloud, you will end up being responsible for some part of the infrastructure and in-house operations. That negates the whole point of shifting to the cloud and of your need to be lean and agile. 

True SaaS-based platforms provide proven, ready-to-consume software that is web-enabled, secure, and fully managed by a team of highly skilled experts. As a SaaS platform, new and innovative technology is deployed on an ongoing cadence, benefiting both business and end-users

In the end, true SaaS loan origination solutions in the cloud enable you to deliver better competencies to your stakeholders, deliver a delightful customer experience, pivot easily as the markets and business demands change dynamically, reduce your operational costs, speed up decision-making, and lead to happier employees.

About Odessa

Headquartered in Philadelphia, USA, Odessa is a software company exclusively focused on the leasing industry. The Odessa Platform powers a diverse customer base globally, providing end-to-end, extensible solutions for lease and loan origination and portfolio management. Odessa facilitates business agility through rich feature sets including low-code development, test automation, reporting and business intelligence to ensure organizations can more effectively align business and IT objectives.

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