The term is used when your systems are completely online. Instead of having IT hardware & software such as servers or desktop applications such as MYOB or Quickbooks, a 3rd party hosts your data or the applications you use are on the internet via a client login.
Now, what does this mean for business owners? The advantages include:
- Data that is guaranteed to be backed up and totally secure
- Generally these systems advertise 99.9% uptime
- No large initial capital outlays
- Systems are continuously improved upon as improvements are easily loaded via the internet
- Customer support is generally free
- Simpler, more aesthetically pleasing systems that can allow for real time feedback to the developers
Banks have been using this technology since the turn of the century, surely it's time for other industries to catch up!?