In the 1990s, the first on premise ERP systems were invented and implemented. Today, the ERP landscape is far more volatile, competitive and complex. The ERP finance climate has especially faced exponential changes in the last few years. ERP finance’s parallel curves of efficiency and agility have begun to diverge aggressively. The drastic changes involving metrics like technology innovation, regulation and competition based on business models far exceed the businesses’ IT capital, infrastructure, business processes and the resources related to the company’s ability to respond.
Such a major disconnect hideously decelerates business decision making as the management cannot leverage real time access to accurate data. It also affects the quantum of financial capabilities of the organization. Hence an efficient ERP system is business critical from a finance and management perspective.
The above challenge can be effectively addressed by migrating from on premise to cloud as it requires lesser infrastructure and resources.
Management Pain Points and Challenges
There are several management challenges which need to be addressed for an effective ERP cloud migration. The significant challenges include,
There is a clear imperative for current ERP systems to support organizational goals, especially in the wake of multiple scenarios like the company’s mergers, acquisitions, legacy ERP upgradation, launching a subsidiary or entity company and movement to a shared services model. Here operational efficiencies has to be given priority to scale up to growing business needs for effective management decisions.
Millennial employees have set expectations high in terms of collaboration and ease of use with an ‘Anywhere Anytime’ attitude which was previously not expected from on premise ERP systems. These expectations are nothing but an ubiquitous reflection of digital technology in their lives. They also require a single source of truth that cascades operational functions, real time analytics, social collaboration, mobile centricity and customized role based dashboards – coupled with agility, ease of use and scalable upgrades. So the digital transformation has a direct correlation with the ever busy millennial business leaders.
Management reporting is critical for board room discussions and effective business decision making. The legacy on premise ERP makes management reporting too laborious and challenging.
When the business is on an exponential growth trajectory, the archaic on premise ERP decelerates organizational growth and hampers the core market growth. This in turn conflicts with an organized management plan.
The dubious distinction of disconnected systems and siloed enterprise data gives conflicting answers to critical questions of business decision making.
These challenges make way for organizations to make the quantum leap into ERP cloud. ERP cloud is a key value proposition for businesses as it drives the management for robust and scalable business decisions.
Today’s ERP cloud solutions are versatile and powered with multiple features like security, scalability, that are digitally driven and with well-rounded package offerings. They seamlessly integrate business, people, processes and vendors, with its on premise ERP systems and third party solutions. The ERP cloud also has real time data access at its financials core to provide analytic insights to the management leaders.
Oracle Cloud, the trusted ERP cloud solution for Management
Oracle’s ERP cloud services for management are versatile, enterprise ready and drives your growing business needs to migrate to the cloud. It’s based on a scalable, robust integration of application, platform and approach using enterprise performance management, procurement, finance and project portfolio.
Its modern standards-based platform offers security, personalization and business development tools powered by global capabilities for effective, ‘business critical’ management decisions.
Its best of breed solution has inbuilt tools like the benefit calculator and Finance Self-Assessment allows us to determine the financial benefits of a successful ERP cloud implementation. In fact, Oracle Fusion affords customers substantial savings in an operating expense rather than the capital expense model.
The wisdom of on premise ERP solutions is also wisely driven into it along with useful add-ons like analytics, reporting and native social collaboration for precise, scalable business decisions. The best part is, for existing Oracle On-Premise application customers; they offer the unique Customer 2 Cloud Program.
When you are finished crafting a well-rounded, mature and comprehensive ERP cloud strategy, it will prove to be the key inflection point for your organization. It will form a steady baseline to make key management decisions and results so that you simply need to look back in order to move forward.
To know more about deploying modern finance ERP for your business from a finance perspective, please click here . I have analyzed insights into finance challenges, its solution and the features of implementing an effective modern ERP finance solution. It hence serves as a business management guide to transition into modern finance ERP cloud.
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