Why should you read?
Are you managing your forecasting with Excel or an expensive first-generation On-Premise forecasting solution? Are you in search of a Cloud-native forecasting solution?
With Forecasty.AI’s cloud solution - you can increase your business agility to respond faster to changing market conditions. Learn the key differences among Excel, On-premise and Cloud forecasting solutions, and the quick, bottom-line impact they can have for your business.
On-Premise Software is installed and operated from a customer's in-house server and computing infrastructure. It is a traditional licensing model, in which customers take full responsibility for the security, availability and overall management.
Cloud-based Software refers to applications, servers, networks, or other resources that are accessed via the internet and through another provider’s shared cloud computing framework.
On-Premise Software is generally considered a capital expenditure, which requires a large initial capital investment for hardware, servers and installation. As all hardware and software reside in house, highly skilled and technical professionals must be available 24/7 to manage the entire system and fix any issues that might arise. Therefore, if you opt for On-premise Solution, be prepared for an incredibly high cost on operating, maintenance, software upgrades, manpower, and additional infrastructure.
Cloud Software on the other hand, is typically considered an operating expenditure. It is indeed a better choice since it provides a full functionality package at a low entry cost. Thanks to its pay-as-you-go nature of Saas (Software-as-a-service) platform, you will only pay for the exact resources that are utilized, with none of the maintenance and upkeep costs. Plus, Cloud software is priced under a predictable monthly or annual subscription, which already covers extra cost for training, support and updates that will surely save you tons of time and money.
On-Premise On-Premise software takes a long time not only for server and each device installations, but also for software and hardware upgrades, thus consumes countless IT efforts, human resources and money.
Cloud Cloud forecasting solution can be implemented in much less time compared to On-Premise. After signing up for a subscription, users can get started right away in the best possible manner. Cloud based solution is perfect to save time, reduce cost and risk of your project.
On-Premise Enterprises that deploy software on-premise are not reliant on Internet connection and can quickly access their data from the company’s premises. However, a device with the software already installed is always required to access your data. If something goes wrong with the device containing confidential information, your business will be at a huge risk.
Cloud Comparatively, Cloud-based Software offers you a huge advantage of freedom and flexibility to access the desired data any time, from anywhere in the world. All you need is just a device with an internet connection! The updated information syncs across all the devices, from mobile phone, laptop to computer desktop, in real-time so your workflow can be optimized to meet the growing demands.
On-Premise As critical data is kept in-house without the involvement of any third-party, the company can theoretically have full control over who accesses its data. However, recent researches point out that most of the massive data breaches happen as a result of malicious intentions of the internal employees. Hence, sensitive information is always at risk no matter where it is stored.
Cloud High-end Cloud providers guarantee top-notch security and supervision of the servers and network. Multi-factor authentication combined with strong physical security measures are some of the popular methods that ensure a higher security standard than an in-house IT team as of On-Premise. Additionally, data is continuously backed-up, enabling easy access to information as and when needed.
On-Premise Scaling with an on-premise solution requires a long-term planning with costly budget. As your IT staff has to constantly struggle in server management and upgrade loop, this is not the best option for growing your business.
Cloud Generally used on an as-needed basis, cloud solution offers enhanced scalability and agility which allow you to actively scale up or down to suit your customer and market demands. In that way, you can confidently carry out your day-to-day operations with ease.
When it comes to choosing a forecasting solution, Cloud Solution is a clear winner as it offers more advantages than On-Premises solutions in term of deployment, scalability, flexibility, security, backups, near-zero downtime risk, and low upfront costs. Cloud-based solution is vital for business of all sizes, especially for SMBs that have a limited budget on infrastructure and IT staff for maintenance and support.
Forecasty.AI provides a superior cloud solution on which you can access to higher levels of accuracy for business decision making in commodity and related markets.