Organizations increasingly find themselves at a disadvantage if they do not adopt cloud technologies. The reason is simple: Cloud migration offers Speed, Agility, Security, and Responsiveness. Businesses that opt to stay off the cloud risk falling behind their competition in product innovation and customer service while also missing out on revenue growth.
Moving to the cloud is not an option for businesses anymore.
Today, more and more businesses are migrating their data and workloads onto the cloud. According to Gartner, over 70% of organizations have migrated at least a portion of their operations onto the cloud.
Cloud has revolutionized the way data is stored and analyzed, enabling real-time business intelligence, decision support and data security for business leaders at a scale and speed that was hitherto unimaginable, and this holds for rebate management systems/programs as well.
Why should you migrate your rebate management system’s data to the cloud?
Organizations find it difficult to manage, track, fetch and validate data held on in-house servers as the volume of data handled regularly grows exponentially. As a result, tracking and evaluating data in real-time is difficult when data is processed manually or when typical rebate management techniques are used.
The solution lies in migrating data to the cloud.
Cloud offers a great deal of benefits for businesses that need access to enhanced features and functionalities. For example, You do not have to “sit back and wait” for your rebate earnings. With just one simple move, your company can have an array of innovative tools at little cost!
The main advantages of migrating your rebate management system’s data to the cloud include:
- Data security: Data stored on the cloud is encrypted and protected with secure credentials, minimizing susceptibility to cyberattacks and security breaches as compared to data stored on-premises, in local servers. Additionally, all major cloud service providers ensure their products are automatically updated with periodic security patches, eliminating downtime required for on-premises patching.
- Cost efficiency: Migrating data to the cloud reduces your spending on IT infrastructure, data storage and resource management. Maintaining and managing in-house servers demand huge capital and resource investments. Most cloud service providers offer pay-as-you-go pricing models that are competitive and allow cost optimization. The average savings from cloud migration is estimated to be nearly 15% of all IT spending, demonstrating the cost efficiency associated with cloud adoption.
- Scalability: You can easily upscale or downscale your cloud storage requirements. This ensures you are not investing in or paying for unutilized storage or computing space.
- Mobility: Cloud services can be accessed from anywhere, anytime. This facilitates remote operations and seamless collaboration between users as they can access information in real-time, on-the-go. Cloud-hosted applications, data and software can be edited by multiple users in real-time, and the changes are saved instantaneously in a single point of truth. On the contrary, data must be manually uploaded onto in-house servers with resources allocated to monitor operations. Also, accessing data from anywhere depends on the licensed software or applications purchased and used by organizations on local servers.
- Data Insights: As data is stored in a single repository, all data-driven tasks such as process tracking, change implementation, and customized report generation are much easier and quicker. Tracking and fetching data to generate the required reports or implement changes is a cumbersome process in a manual process.
Cloud also offers several other data management benefits, including data backup, data recovery, automatic software updates, and data quality assessment, making the cloud an attractive proposition for organizations.
Cloud security for enhanced protection of rebate management system’s data
The data centers are usually purpose-built with security as a priority guarding your data from physical damage (fire and other natural disasters); few authorized personnel has access to these servers; and well-thought-out data management and recovery practices ensure data is adequately backed up, guarding against data loss.
Yet, with the increasing number of cyberattacks and technically advanced ransomware sprouting every day, the fear of exposing sensitive data on the cloud is real.
|According to Gartner, “cloud security is the fastest growing of all information security technology and services, with a focus on aiding digital business acceleration.“|
|According to the 2020 Cloud Security Report by ISC2, data security concerns and risks of data loss and leakage still hold back 35 % of organizations from cloud adoption.|
The answer to this lies in data encryption.
Data encryption offers double-layered protection to your business-sensitive data on the cloud.
Cloud data encryption to secure and streamline data governance
Data encryption is one of the most effective strategies to enforce cloud security. Cloud encryption platforms encrypt data transmitted to and from cloud-based applications and storage and authorized users in different locations.
The input text is encrypted into ciphertext, an unreadable format, using mathematical algorithms before storing it in the cloud. The original text can be deciphered only through an authorized decryption key. Thus, even if data on the cloud is hacked into, it is unreadable and cannot be leveraged by a malicious user.
Implementing data encryption:
- Provides enhanced security: As your data is accessed by people anytime, anywhere, data is processed, uploaded and stored round the clock! Encryption ensures end-to-end protection of all information and data, including customer data. Authorized users with relevant decryption keys can only access the data.
- Ensures data integrity from inside threats: Data alteration by hackers or sometimes, unknowingly, even inside sources is another potential concern. Encryption ensures the data is safe from alterations, and users can check if the data has been tampered with. Businesses often overlook the alteration of data as a source of threat and can be controlled effectively through encryption.
- Offers risk mitigation from insecure APIs: Today, most organizations heavily use API integration. It has become a part of their business strategy. However, APIs with weak security protocols can pose a serious security risk when data is uploaded to the cloud. Data encryption secures APIs by providing an additional layer of security, thereby avoiding the possibility of cyberattacks on sensitive data.
- Ensures compliance: As numerous individuals and groups handle data from various locations, ensuring adherence to security standards is a tough task. A single transfer of sensitive data to an unauthorized third party may lead to data leakage and might hamper the functioning of the entire process. For this, data encryption is a secure solution that restricts data transfer or share unless it complies with the prescribed standard and protocol.
Leveraging SaaS-based rebate management software to secure your rebate management system’s data on the cloud
Tredence leverages Software-as-a-Service (SaaS) technologies to build its rebate management solution utilizing the latest technology in data security and data encryption, keeping your data safe, secure and accessible only to authorized users. SaaS is a cloud-based offering where the organization can pay for the applications they require and use them without having to install, configure, or maintain those applications in their systems. This model
- Cuts down a significant amount of cost spent to purchase and maintain software and hardware required by the organization.
- Reduces time to utilize software as the organization need not install or configure any applications. It also reduces the effort spent on fixing errors occurring during deployment.
- Provides scalability as the organization can upscale or downscale according to business demands, paying only for utilized bandwidth and resources.
- Offers software upgrades and new releases implementation at attractive rates without purchasing and installing software.
- Manages password policies proactively, preventing data breach incidents due to improper password management.
How can a SaaS-based rebate management software empower an organization?
Consider the Endpoint Privilege Manager (EPM) solution from Tredence to bolster cybersecurity and minimize security breaches within the organization. By implementing EPM, organizations can:
- Allow, block, or restrict access to apps to only relevant users based on access needs.
- Block malware effectively to prevent ransomware.
- Restrict access to grey-listed apps to other resources.
- White list applications from trusted sources and vendors to run on endpoints without requesting specific permission.
- Elevate access to a specific application offline using an authorization token.
- Permit Just-In-Time functionality automatically for a stipulated period and revoke when necessary or at expiry.
Organizations can restrict access to applications used for business needs, mitigating risk by reducing exposure of endpoints to cyber threats without hindering end-user productivity.
Rebate.ai: A SaaS-based rebate management software to secure your cloud data and grow your business manifold
With the right data encryption partner, you can leverage your rebate management system’s data to boost your profits. At Tredence, we offer data management services that enable you to strengthen your decision-making capability and fuel revenue growth.
Backed by Microsoft Azure as our cloud partner, Tredence is equipped to be your trustworthy encryption partner by empowering your business with actionable and insightful data that can accelerate revenue growth.
Speak to our experts to know more about our SaaS-based rebate management software and how to convert data into catalysts of substantial business evolution.