Every year, Epicor surveys thousands of global leaders in the manufacturing, distribution, automotive, building supply, and retail industry, about the key factors that contribute to their business growth, the potential barriers they face, and the future technology in which they plan to invest.
Compared to last year’s findings, the 2021 Industry Insights Report reveals that priorities have changed. 2020 was more about survival, with only 25% of businesses placing cloud as a strategic priority, while in 2021, 94% of businesses have declared significant interest in cloud-based solutions in the next year.
Furthermore, surveyed businesses highlighted 4 key characteristics when it comes to the Cloud:
- Adaptability: Cloud delivers the flexibility to keep technology ahead
- Security: Improved security is the top recognized benefit of migration to the cloud.
- Future-Proofing: Cloud increased businesses’ opportunities for more agility and resilience.
- Partnership: Thekey to a successful cloud migration and implementation relies on working with a dedicated and experienced partner.
The 2021 edition surveyed 1250 businesses and the key insights are:
- Over the next year, 99% are currently planning to migrate business solutions to cloud-based solutions
- 94% believe that technology is critical for expansion
- 34% operate a hybrid solution, with 9 in 10 having some cloud
- 36% were negatively impacted by the pandemic, with on-premises businesses (48%) suffering more than the ones on cloud (31%)
- 33% recognize improved security as the most important benefit of moving to cloud. Other praised cloud benefits included Quality Control (29%), Increased Collaboration (25%), Flexibility (25%), Staying ahead of Technology (25%) and Always up to Date (24%)
Last but not least, Epicor challenged four common misconceptions that make business businesses hesitant about migrating to the cloud, and compared them with actual realities deriving from the 2021 report:
Myth: It’s difficult to migrate cloud into existing systems
Reality: 77% of those mostly on cloud say cloud is easy to integrate, with the right partner
Myth: It’s not as secure as an on-premises solution.
Reality: Almost 9 in 10 businesses believe data is safer in cloud-based solutions.
Myth: It’s not always flexible and may not meet business needs.
Reality: 93% of those mostly on cloud say it’s flexible enough to meet their business needs.
Myth: It can’t help my company comply with data regulations.
Reality: 86% of those mostly on cloud say cloud solutions help them adhere to government data regulations.
This report shows that decision-makers are thinking about the cloud differently and that they are escalating migration to achieve their business goals. As Steve Murphy, CEO at Epicor Software Corporation mentions “Businesses now have a better understanding of cloud. Although cloud maturity varies across industries, decision-makers feel overwhelmingly optimistic about its capabilities, because it’s helped them recover more quickly from Covid-19. And now they’re discovering cloud’s many other benefits, such as how it increases collaboration, improves flexibility and security, and frees up resources to focus on initiatives that grow the bottom line.”
Epicor, the leader in industry productivity solutions for medium-sized businesses, delivers a comprehensive set of global functionality – enabling businesses to move their industry productivity solution to the cloud, with an expert partner like Athens Technology Center to support them every step of the way. Contact us to learn more about how Epicor ERP, a visionary blend of agile technology and global functionality, can help you optimize your performance, whether you operate on a local, regional, or global scale.
Download the complete report here!