The amount of savings in expenses when using a cloud-based lease management solution can vary significantly depending on factors such as the size of the property portfolio, the complexity of lease agreements, the efficiency of the existing system, and the features of the chosen cloud solution.
Organizations can generally expect to save on the following costs:
- Hardware and infrastructure: By eliminating the need for on-premises servers and hardware, organizations can save on initial investments, maintenance, and upgrade costs.
- Software licenses and updates: Cloud-based solutions typically offer subscription-based pricing models, which can be more cost-effective than purchasing and maintaining multiple software licenses. Additionally, updates are often included in the subscription fee, ensuring that you always have access to the latest features and improvements.
- IT personnel: A cloud solution reduces the need for in-house IT support, potentially resulting in lower staffing costs. The cloud provider handles infrastructure maintenance, security, and updates, allowing your IT personnel to focus on other strategic initiatives.
- Reduced energy consumption: By shifting to a cloud-based solution, organizations can decrease their energy usage, which can lead to cost savings in terms of electricity and cooling.
- Improved efficiency: Automation and streamlined processes can save time and labor costs, reducing the overall operational expenses of managing leases.
- Minimized downtime: Cloud solutions are designed to be highly available and redundant, reducing the risk of downtime, which can be costly in terms of lost productivity and potential revenue loss.
Some studies have shown that organizations can save up to 20-40% on IT-related expenses by adopting cloud-based solutions, although individual savings will vary based on the factors mentioned earlier. To get a more accurate estimate of potential savings, it is recommended to conduct a cost-benefit analysis, taking into account the specific needs and circumstances of your organization.
Try iLeasePro for free right now; https://www.ileasepro.com/signup/free/