Cloud ERP is now a popular choice for companies looking to streamline business processes. It delivers results and beats legacy rivals for flexibility and speed. Common Oracle Financials cloud implementation involves accessing tasks that are available in multiple offerings (or products or product families) to manage process flows.
Example: Using the Financials Cloud, your enterprise can configure how you manage financial flows, including assets, ledgers, cash cycle etc. Enterprise Resource Planning (ERP) software has evolved over the years to include functionalities that can allow even the most inexperienced users to improve their decision making.
Let’s dive into details and understand what benefits Oracle ERP Financials Cloud can bring in:
Accessibility of Features
Oracle ERP Financials Cloud can be accessed via the internet anywhere, anytime and works on any laptop as well as mobile devices such as smartphones and tablets. This is particularly useful when employees desire flexibility in their schedules and work environment. Managers of finance and accounts at many organizations, especially the small and medium ones, have spoken about the unprecedented operational hurdles they faced during the COVID-19 induced lockdown. Organizations with Oracle Financials Cloud could seamlessly manage their “Finance” function while working remotely.
Since updates are faster, more features are implemented with every update, therefore enhancing the system frequently and increasing the ERP systems functionality. What’s more, you can always have access to the most recent updates as you are accessing it directly on the Cloud.
Also, the global presence through the Cloud gives you the ability to do business in multiple languages, across many countries, and comply with regulations in every region – all factors that are critical for business success in a global organization.
Data and Integration Enhancement
With cloud-based ERP systems being web-oriented, integration and data accuracy improves greatly. Advanced technology can take over older on-premise ERP systems that lack data accuracy and overall system integration. Built-in analytics gives business owners access to their own data, presented to them in formats they can use, in real-time. In addition, there is an option to upgrade to predictive analytics, which can fuel entirely new business models and support better performance.
Scalability and Integration
SaaS solutions exist in Cloud environments that are easily scalable and have integration with other SaaS offerings. Oracle ERP Cloud is engineered to enable a wide range of application integrations and provides this capability in a reliable architecture. Oracle Fusion Cloud Financials supports complex integrations as well as bulk data movement.
Cost Savings in Operations & IT
Organizations that implemented on-premise ERP incur massive expenditure for one-time software license purchase and have to employ technical resources to maintain the software. Besides, current ERP systems are too expensive to upgrade to the latest versions. However, Oracle ERP Financials Cloud cuts down the expenditure as it is a SaaS product and lowers dependency on IT.
The subscription model for software as a service (SaaS) makes it more cost-effective – turning ERP from a capital cost into a monthly charge. Costs are usually calculated on a base package, user types, and the number of users. You can easily scale and add more users as the organization grows, thus making it the ultimate scalable solution.
Support Next-Generation Employees
An underlying principle of Oracle ERP Cloud is to address the experiences, education, and expectations of next-generation employees. As organizations compete for talent, especially for hard-to-fill positions in finance and other core business operations, the use of consumer-like applications that work with mobile devices and enable a work-anywhere, anytime, will often drive talent acquisition, employee productivity, and career satisfaction.
Oracle ERP Cloud features a complete redesign which makes the applications more streamlined and user-friendly. Cutting-edge web technologies result in a simple, intuitive experience that makes it quicker and easier to perform most back-office functions.
In a nutshell, Oracle ERP Cloud offers excellent opportunities for enterprises to transform their business processes and be a part of a cloud-first strategy. Current customers are contented with the ERP Cloud capabilities and are optimistic about tighter integrations of the product with other application sets.
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