Oracle Cloud ERP Value Realization
When companies transition their enterprise resource planning (ERP) applications to the Cloud, they’re creating a streamlined IT environment in which they have ready access to a broad suite of business tools. This in turn creates numerous benefits for these migrated companies—and, to get a more granular look at key benefits,
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Benefits of the ERP Cloud
At the heart of the migration to the ERP Cloud is the financial benefits that companies can experience. As the Oracle report notes, business operational goals typically include to:
- lower operating costs
- reduce transaction processing times
- improve financial information quality
The ERP Cloud helps companies to achieve this, in part, by automating routine tasks to enhance productivity and free up human resources to focus on strategic tasks that add value to the company.
More specifically, customers have reported the following:
- 31% improved report productivity/efficiency: This has been accomplished through Oracle Cloud’s single-data model. In fact, one national co-op realized reporting time savings by 90% through standardizing their reporting; a process that once took them two hours is now completed in just minutes.
- 23% reduced legacy system maintenance costs: This has been accomplished through companies’ abilities to reduce customizations as well as through cost savings on application support and upgrading. One hospitality industry leader saved $12 million, which was 80% of their hosting costs, after migrating to Oracle Cloud ERP.
- 35% increased staff productivity: Companies achieve this through automating routine tasks, freeing up people to contribute to business functions in more meaningful ways. One public sector organization improved their staff’s productivity by 88% because of standardized processes and ease of access to real-time information.
This report by Oracle contains significantly more data that demonstrates how companies benefit from a migration to the ERP Cloud. Information was collected from interviews with customers and value assessments done, post go-live. Each participant has been using their Oracle Cloud solution for more than six months.
The only constant in today’s business world is change, and successful businesses therefore need to embrace the uncertainties that come their way and navigate them strategically. Factors that can lead to uncertainties include:
- shifting market conditions
- evolving customer expectations
- economic disruptions
- pace of innovation
- changing regulatory mandates
As the Oracle report notes, companies that want to become more resilient and prepared for potential economic downturns or other crises can become stronger and more competitive through accelerated digital transformation.
Discussions with survey participants, coupled with insights provided in recent Gartner reports, demonstrate the following: To become more agile—and therefore more competitive—companies should assess three things about their existing legacy applications:
In response, they can develop a modern enterprise-level Cloud strategy, which can give them advantages in the following areas:
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“The finance function of the future is driven by new technologies that are promising and in some cases already delivering opportunities to liberate the finance team, help drive and realize new business models, automate manual and non-value add tasks and augment the human capabilities with intelligence to drive superior outcomes.”
In other words, the Oracle ERP Cloud allows finance teams to work nimbly, monitor results, and adjust, as needed, to optimal performance. Thanks to the transparency of data in the Cloud, they can provide companies with more in-depth, valuable insights—which in turn can drive improved decision making.
The Oracle report notes how finance teams need to balance two key business factors:
- operational efficiency, with its emphasis on cost and quality
- business agility, with its emphases on workflow and perfecting the processing of transactions
The tools and transparency that are inherent in the Oracle ERP Cloud allow finance teams to provide exactly the information and guidance that companies need to optimize performance.
More About Value-Laden Benefits
Based on information gleaned by Oracle from executive customers, this is the benefit that provided the greatest value for them with a Cloud migration:
- 27% improved closing process: Thanks to a single data model and the ability to always be connected to that data, companies have been able to close their books more quickly. One global technology service provider closed their books in five days, rather than seven, by implementing Oracle Cloud ERP and following best practices.
When looking at what benefit was achieved most quickly next, it’s the following:
- 24% improved accounts payables processes (efficiency and effectiveness): Pre-defined workflows and automated approval processes allow finance teams to save time and reduce average processing costs, while also lowering costs associated with accounts payable dispute resolutions and more.
The Cloud also facilitates a business’s ability to continue to incrementally improve performance. Steps are straightforward and include:
- Measure the company’s current performance.
- Create baselines for desired process improvements.
- Track performance over time and note trends.
- Identify strengths (how can you continue to improve those?) and identify and rectify weaknesses.
In today’s times, financial teams must have streamlined, comprehensive access to enterprise information to strategically facilitate a company’s decision making. Transforming the technology is a key step, with the Oracle Cloud ERP delivering desired visibility to all stakeholders.
Here, you can get a copy of the entire Oracle Cloud ERP Value Realization Report.
How CSS Can Help
As an Oracle Platinum Cloud Select Implementation Partner for solution integration, CSS Cloud consultants combine the very best in Oracle wisdom with hands-on deep industry and application experience. We bring strategic, modern solutions to companies across multiple industries, either as stand-alone solutions or in an integrated environment to create a tailored holistic solution.
We leverage our unique approach while following Oracle’s modern best practices—so, after choosing Oracle, the wisest decision can be to have experienced CSS consultants on your side.
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