Around 31% of both small and large financial services organisations have moved, or are in the process of moving, all or part of their enterprise resource planning (ERP) systems to the cloud, according to a new Hitachi Solutions Europe survey.

The study also showed that although 69% of respondents have not yet moved their ERP systems to the cloud, 44% are considering moving to the cloud in the future. Of that 44%, two thirds said they would contemplate moving in the next two years.

According to 30% of respondents, the main benefit of migrating ERP systems to the cloud is that it is easier to access information. Other respondents cited reduced operating costs and improved ERP performance as top benefits.

“While in some areas movement to the cloud has been quite rapid, because ERP is seen as business critical and inherently complex, it has been slower to move to cloud,” said Tim Rowe, director of Hitachi Solutions Europe. “Now, however, we are starting to see a shift as the benefits start to outweigh the perceived risks.”

However, there are still concerns about moving ERP to the cloud. Around 38% of people ranked data security and privacy risks as the main concern, while 35% said connectivity and dependency on a third-party provider was the biggest risk.

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