Many ERM solutions are now offered as cloud-based solutions. This means that the software is hosted on the vendor’s servers and accessed by users through the internet.
Cloud-based solutions offer several benefits over traditional on-premise solutions. They are easier to implement and require fewer IT resources. They are also more flexible and can scale to meet the needs of your organization.
In addition, cloud-based solutions are usually less expensive than on-premise solutions. This is because you only need to pay for software as a service, and you don’t need to invest in hardware or software licenses.
Another benefit of cloud-based solutions is that the vendor updates them automatically. This means that you always have the latest version of the software and don’t need to worry about installing updates yourself.
There are two common approaches to implementing cloud-based ERM solutions:
One approach is to implement the solution in-house. As a result, your organization will configure, implement, and manage the solution. This approach requires more IT resources and is more complex.
The other approach is to use a managed service provider. Here, the provider configures, implements, and manages the solution. This approach is less complex and requires fewer IT resources.
When implementing an ERM solution, there are several things you need to consider:
Your organization’s specific needs: You need to identify your organization’s specific needs so you can select the right solution.
The risks you need to manage: You need to identify the risks you need to manage so you can select the right solution.
The features offered by each solution: You need to consider the features offered by each solution and select the one that offers the features you need.
The vendor’s reputation: You need to consider the vendor’s reputation and select a reputable vendor.
Costs: You need to consider the costs of each solution and select the one that is most cost-effective.
Complexity: You need to consider the complexity of each solution and select the one that is most user-friendly.