Though Earth Day 2020 looks slightly different than previous years, it’s more important than ever to consider the impact that the Cloud can have not only on your finance teams, but on the Earth. On-premises data centers, which many companies utilize, are continually proven to produce harmful effects on the environment. However, research shows that cloud computing is a healthier environmental alternative to on-premises data centers and can improve your office of finance’s productivity.
Cuts Down on Environmental Costs
Switching to the Cloud helps alleviate the burden on the environment. Cloud computing is a more sustainable option than housing your organization’s data in an on-premises environment. A research study funded by Google and conducted by Lawrence Berkeley National Laboratory, in conjunction with Northwestern University, found that transitioning to the Cloud from commonly used software applications cut down on energy use by 87%. And, in reducing energy use, businesses saved 60%-85% in energy costs.
Additionally, companies can go paperless by storing their documents in the Cloud. Other studies have shown that the average American uses 700 pounds of paper products, most of which is wasted. And the Environmental Protection Agency states that paper products comprise the majority of what is found in the landfills— more than plastics, metals and yard trimmings. Transitioning your company to the Cloud significantly reduces the amount of paper— and therefore, waste —your company inevitably creates daily.
Virtual Close Capabilities
The Cloud not only alleviates the negative impact your company has on the earth, but it also increases your team’s productivity— especially if unforeseen circumstances arise that force your organization to disperse and work remotely. Your close process must be completed no matter what, and the capabilities that cloud computing provides can ensure that your finance team successfully closes virtually, if needed.
Accountants can access documents from any location, provided they have an internet connection. If your company stores their documents in the Cloud, your accountants have the same access working remotely, as they do in a central office environment. Cloud capabilities also make virtual communication easier across productivity applications, which finance and accounting (F&A) teams require to coordinate the details of period-end tasks. The centralized database location that the Cloud offers equips your office of finance to maintain, if not increase, productivity levels.
Corporate Social Responsibility
Earth Day 2020 marks the 50th anniversary of the day established in 1970 to raise public awareness of environmental issues to preserve the Earth. It is a reminder to consider the opportunities that cloud computing provides to not only benefit your organization, but also alleviate the burden companies place on the Earth. Maintaining corporate social responsibility— whether impacting the environment, communities, or through other ways of giving back— is important.
Written by: Ashton Mathai