The Boom of Enterprise Resource Planning (ERP)
The ERP market has been evolving swiftly in the last decade! With the wide acceptance of cloud solutions, anytime-anywhere access to ERP systems have helped enterprises become successful with suitable and affordable ERP solutions. The ERP market is in a rapid expansion phase and expected to reach $78.4 billion by 2026. Furthermore, a study of companies that successfully implemented ERP systems, showed they achieved 82% ROI in their expected time frame.
The Rise of the ERP with Cloud (The Best Combination) and the ERP Cloud leaders
With the movement towards cloud technologies, most companies are transitioning to cloud platforms. The global Cloud ERP market will increase from $45.3 billion in 2020 to $101.1 billion by 2025, and Oracle ERP Cloud, SAP, Microsoft, Infor, and Workday are the market leaders with a large chunk of overall market share. Digital transformation, growing demand for companies to boost operating efficiency, a desire to streamline business processes and increasing adoption of cloud-based solutions are the major factors driving the growth and adoption of the ERP Cloud.
ERP Cloud – Benefits
Cloud ERP is a strategic selection for rising organizations. Companies using cloud-based ERP are experiencing numerous advantages such as cost saving on infrastructure, advanced security features to handle and store the data securely, mobility by providing 24/7 access across the globe, quick data recovery in any emergency scenario, and automatic software updates without paying an extra penny.
Oracle ERP Cloud – An Intro
Oracle ERP Cloud is a cloud-based Software-as-a-service (SAAS) application suite earlier known as Oracle Fusion. To make a World Class Application, Oracle used best-in-class modules to launch the Oracle ERP Cloud. This Cloud ERP offers a complete, innovative, and proven solution to all size organizations that aim to grow in the digital economy.
Some Success Stories
Oracle ERP Cloud software offers a powerful platform to assemble data in a real-time scenario with a sleek inventory management system, and a plethora of other useful applications for customers like lower upfront cost, modern UX, best in-class business processes.
Here are some Oracle ERP implementation success stories.
Success Story 1 - Every week in seven countries, Solistica, one of the largest third-party logistics firms, makes 1,900,000 deliveries. Logistics administrators often had to switch between several systems to keep deliveries on schedule, which was more complicated as the Company expanded. The management team aimed to improve automation and needed a better way to collect and evaluate its operational data to grow further. Solistica increased its on-time deliveries by 20% with Oracle ERP Cloud and strengthened its truck loading capabilities, leading to a 5% improvement in overall efficiency and a 30% reduction in transport costs.
Success Story 2 - To support the demands of the Super Bowl, and take care of hundreds of temporary staff, Atlanta city leaders wanted a new cloud-based financial and HR software. After zeroing in on Oracle ERP cloud, the finance department of Atlanta completed its month-end closing process in five days instead of 10, while the procurement department decreased paper use by 80%. 90% of the processing process were digitised and it took less than 15 months for the whole project to be implemented.
Success Story 3 - EEI , an Industrial construction company, plays an important role in modernizing infrastructure; however, it was struggling to keep track of its large-scale ventures at home, in Asia and the Middle East. EEI could manage 40 projects at once but it took weeks to prepare monthly reports, leaving the company unable to respond quickly to issues it couldn't see.
Using Oracle ERP Cloud, EEI now has timely information on the costs of thousands of activities within each project. The budget can be compared to real expenditures and is noticeable in the entire procurement process. Now, it hardly takes time for EEI to run its quarterly/yearly consolidated financial statement.
For additional success stories read here.
Oracle ERP Cloud Modules
Oracle Financial Cloud: One of the most demanding modules of Oracle Cloud ERP, the Oracle Financial Cloud module offers dynamic, agile finance with efficient processes, improved productivity, and increased business decisions. It also offers country specific localizations and delivers continuous innovation such as mobile and social capabilities, real-time reporting, embedded machine learning (“ML”) and a modern user experience to help find the easiest path to next generation finance quickly and cost-effectively, with low risk.
Oracle Procurement Cloud: This is an integrated solution that offers significant insights and control over qualifications and risk with vendors. It helps organizations modernize routine tasks, such as creating POs from approved requisitions without intervention, standardize, and automate their procurement process with the help of innovative technologies.
Users can utilize electronic communications with vendors to increase the timeliness and accuracy of POs and their changes. This permits users to spend more time searching for savings opportunities and bringing value to the business.
Oracle Manufacturing Cloud: This module is a key component of the integrated Oracle Cloud SCM (supply chain management). Manufacturers must implement up-to-date best practices including IoT and AI. This module allows integration between cloud, tablet, mobile, desktop, scanning, and social technologies.
Built on a modern cloud platform, it offers manufacturing and supply chain materials management with integrated and innovative Cost Management (CM), embedded enterprise Quality Management (QM), analytics, enabling outstanding user productivity and excellent ROI. This module allows for integration between cloud, tablet, mobile, desktop, scanning and social technologies to provide a state-of-the-art solution for manufacturing companies.
Oracle Order Management Cloud: This module is designed to enhance order capturing and fulfilment execution across all the processes up until the time cash is received by providing a centralized order hub for multi-channel environments.
It is a pre-integrated with other Cloud services to enable a set of advanced processes for configure-to-order, drop-ship fulfilment by suppliers and partners, back-to-back fulfilment orchestration, internal transfers, and quote-to-cash.
Oracle Risk Management Cloud: This module applies advanced data science and AI technologies to support design security roles. Oracle Risk Management Cloud users can automate analysis, monitoring, and control of Cloud ERP security, configurations, and routine transactions.
The Risk Management Cloud simplifies risk and spreads risk understanding, transparency, accountability, and collaboration across enforcement processes. Throughout the ERP lifecycle, even after go-live, organizations will constantly track access policies, either onboarding new users, adjusting role assignments, or creating new roles. Access controls, using the embedded graphical workbench, can be easily updated to keep up with evolving processes & function descriptions.
Oracle Planning Central Cloud: This module brings plans into motion by providing cloud application procurement suggestions. It also provides web, laptop, and spreadsheet access to increase overall productivity. Planning Central predicts demand, controls the protection of inventory, and creates minutes of material and resource planning.
Oracle Planning Central Cloud allows individual manufacturing companies to adapt to today's problems in manufacturing and materials management. Multi-channel computer, laptop, and spreadsheet access to increase overall productivity is provided. In addition, this module allows for the recalculation of demand estimates, safety inventory and on-demand supply plans to take account of new orders, supplier shipments or inventory movements.
Oracle Revenue Management Cloud: This module, part of the ERP Cloud Service, enables companies to address revenue as specified in the accounting standards of ASC 606 and IFRS 15. It can import processes and store information relating to the sales cycle. It can operate with any source application and, linked to the sales cycle, can import processes and store data.
Oracle Revenue Management Cloud values performance commitments and produces accounting entries for contract liabilities, contract properties, discount allocation and, eventually, profits. This module uses a comprehensive engine of subledger accounting rules that allows users to create multi-ledger accounting entries, such as main or secondary ledgers.
Oracle Inventory Management Cloud: Smart inventory management is key to any organization’s success. It provides effective tools for intuitive and effective management of fulfilment activities, providing accurate and real-time visibility of inventory balances.
The Inventory module also provides visibility for inbound shipments and configurable rules for the receipt, inspection and disposal of products once obtained, whether organizations receive shipments directly from manufacturers, third-party service suppliers, other facilities, or consumers.
Oracle Cloud Quality Management: This offers an enterprise level solution to analyze, define, identify, and remediate quality related issues. This module associates with R&D, manufacturing, inventory, and quality assurance & control to achieve larger quality visibility, insights, and collaboration.
Using this module, a quality engineer can define inspection plans to check the quality and category of the material to monitor a production resource. In the inspection plan, a list of inspection characteristics with their quality specifications, tolerance percentage and other standards can be set to achieve the desired quality of the material. Organizations require effective quality tools to manage the quality processes and controls to implement safe and effective solutions.
The cloud ERP market is rapidly growing in today’s highly competitive world, where several big players offer enterprise level solutions to their customers. This market will see a paradigm shift in the coming years due to never ending demands and the use of emerging technologies/innovations in this area.
Oracle Cloud ERP gives the power to adapt business models, reduce costs, sharpen forecasts, innovate overall performance, and bring productivity to the next level! The new era of advancements, augmented reality, virtual reality, blockchain, machine learning, AI, and IOT are embedded with Oracle software to make it completely automated, robust, and secure from any cyberattack.
The immense growth in this area will inevitably bring more business and customer focus. If you’re looking to implement Oracle Cloud ERP, please feel free to message me anytime. SoftClouds is a platinum Oracle Partner and has over 15 years of expertise to take your business to the next level. Jump into the digital age before it leaves you behind!
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This post was written by Brian J Friedman, VP Global Strategic Sales at SoftClouds. Brian has a background in technology, business development, corporate management, and sales. Brian has been responsible for the creation and growth of numerous companies developing successful long-term relationships that have resulted in double-digit sales growth and continuing business expansion.
SoftClouds is a recognized leader in CRM/CX transformation with experience in numerous Service Cloud Implementations with pre-configured best practice business processes for multiple verticals/domains.