By Amrita Mehrok, VP, ERP/EPM/SCM Sales Strategy, Oracle
Companies are facing myriad pressures that challenge everything from their market position to their business operations. According to research from Aberdeen Group, 30 percent of companies are coping with increased competition, while 27 percent must reduce costs.
To grow and remain competitive, organizations must connect their back-office teams, data, processes, and systems for faster, better decision making. Companies that do this well—those that Aberdeen calls “best in class”—have some key differences, including:
When an organization has these four attributes, they are usually able to respond more effectively to customer and market demands and position themselves better for success.
Having a connected back-office—one that unifies not only finance and HR systems but also supply chain applications, on one shared cloud—can be a critical element in a strategic growth plan. Companies that take this approach benefit from advances in planning and budgeting, hiring the best talent, and inventory management. They also gain a number of critical overall advantages:
Speed: With a connected back office, you can reduce manual tasks and the errors that come with them, ensuring that your teams have access to the most current and accurate data available.
Better data management: Automation and feeds from multiple inputs inside and outside the organization ensure that data is extracted from siloes and available to all of the teams who need it.
Workforce data: When silos are broken down, HR, finance, and other stakeholders can easily see how talent is deployed, where there is a critical need for support, and whether the business has enough talent to support its long-term strategic plans.
Financial insight: Cross-functional dashboards and reports help you understand every aspect of your company’s financial metrics and take action to correct potential problems.
A collaborative ecosystem: Best-in-class companies that employ a connected, integrated suite of cloud solutions are 8 percent more likely to have a unified view of labor costs and workforce data, collaborate more efficiently across departments, deploy talent as needed, and invest in new hires as the company grows to meet business needs.
Higher productivity: Advances in AI and machine learning are also boosting productivity in the cloud. Cloud applications infused with AI can learn as users interact with the systems and start to provide suggested actions. They can also automate manual, rote tasks, freeing up employees for more strategic work and decision-making.
Adopting any new technology can be daunting, especially when migrating to cloud from on-premises systems. However, Oracle Cloud shares a common data model across HCM and ERP, making the migration easier and more seamless. The model’s ease of use can result in reduced training costs, and data migration tools can provide an additional productivity boost. Once you’re in the cloud, you can uptake new capabilities as they’re rolled out; lengthy migrations become a thing of the past because your software is always up to date.