While the construction industry has historically been slower to adopt new technologies, the past year has left many rethinking their technology strategy. New ways of working have highlighted just how essential cloud technology is across the industry.

Native cloud solutions are gaining traction as remote access has become crucial to keeping construction companies up and running; however, not all contractors may be ready to make that move. Luckily, there are several options to help ensure that teams have the business-critical information they need – anytime, anywhere.

Understanding the different options available for accessing financial data in the cloud will help CFMs select the best path forward for their businesses.

Cloud Options

Self-Hosted Private Cloud
A private cloud solution option requires the most internal resources, so this may only be feasible for companies with an internal IT staff or trusted IT partner. In this option, a contractor would manage the move to the cloud on their own. All aspects – including updates, maintenance, security, and support – are managed by the internal IT staff. There is a high upfront investment to set up a private cloud, and a business would also be responsible for costs associated with ongoing maintenance and upgrades.

Hosting

A third-party hosting provider allows a team to continue to use a solution that is intended to be deployed on premises, while also experiencing many of the benefits of a cloud solution. The hosting provider would manage the technology, including updates, maintenance, security, and