Why On Premise Systems Are Fading
The time has come for ERP users to move from on premise to Cloud . It is very clear that on premise systems are not designed for usability and insight, research proves it! 59% of global companies have said that they are being burdened by the ERP landscape complexities that create challenges in IT systems, Business processes, company policies, governance models and data management. Most business leaders have said that it does not meet their requirements and that future plans are let alone. All that the current on premise systems require is a hand full of modernization that will re-establish the business leader’s operating needs. And with Finance being a vital part in a business, modernized ERP systems are becoming essential.
Current Finance Challenges & Disruptions
Organizations are looking to move from operational efficiency to operational agility. And currently, there are three finance challenges that are the driving factors for this paradigm shift.
- Standard Data-driven decisions: The spreadsheet is the default tool that is being used where they proliferate and variations multiply with no control. Decisions become harder to reach and introduce error or doubt.
- Problems with the compliance complacency: There is additional scrutiny required as and when there are new regulations and standards added. Add in a company’s growth into new markets in new geographies and the ability for accurate and meaningful compliance becomes more difficult.
- Complex legacy systems and environment: Legacy on premise software solutions carry high fixed costs coupled to large implementation and maintenance expenses that are heavily weighted toward cap-ex. Delayed on-premises projects have a cascading effect that further impact organizations to move towards data-driven decisions that improvise compliance performance.
These challenges are the reasons for organizations to move to cloud. Cloud unleashes collaboration which in turn offers more business value.
Paradigm shift of finance to the cloud
Everything around us has been changing at a drastic pace, and something in technology that has benefited millions of users is cloud! The rapid evolution of the cloud has completely changed the ERP landscape. Our anywhere/anytime culture is shifting everything to mobile platforms that require modern cloud-based ERP systems which are not dependent on back office and on premise environments. And, that’s why there is a call for modern cloud-based ERP systems.
With modern finance in place, your company’s digital financial data will become a dynamic asset. Organizations will encounter growth, speed, adaptability, collaboration and great analyzation. Some of the reasons for business leaders to adopt modern finance solutions are – For standardizing their accounting processes, enterprise reporting, analytics & analysis, RPA for automating routine processes.
Building A Modern Cloud ERP for Finance using Oracle Fusion
The Modern Cloud ERP will deliver solutions rapidly through the cloud, so if there is any kind of volatility in the market where supporting employees with security, insight and agility is needed, Modern ERP cloud systems will allow organizations to respond to it with ease. This modern ERP is built on legacy, on premise ERP systems, where the need for multi-year projects and heavy customization are eliminated. Some of the capabilities of Modern ERP cloud are – compliance and risk management, management insights and operational agility for a seamless finance management, analytics powered and mobile friendly.
Compliance management increases the bandwidth and flexibility of the financial processes by empowering the internal controls. Operational agility lays a solid foundation for the regional, local and global operational agility hence providing a virtual digital back office to meet millennial business needs. Management insight provides intuitive web interfaces which is fully integrated with office productivity tools to drive management planning, business strategy and execution for quick and scalable management decisions.
Oracle Cloud Finance is an excellent solution to satiate your ERP cloud needs. It is built with a robust set of platforms and applications with a plethora of offerings spanning human resources, marketing, sales, supply chain management and customer activities. It has unique features like a modern economics approach, modern business applications with a modern best practice approach to deliver the expected modern standards.
Hence, Oracle Cloud Finance is the most sought after cloud ERP solution as it is enterprise ready and would empower your business with a disruptive growth trajectory.
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