Here at Oracle, we make our customers (and their business processes) the focal point of our business. When you brush away all the jargon and technical-speak, we feel that we are responsible for the success of our high-growth company customer base. And the key to facilitating success is helping our small-to-medium business (SMB) customers achieve measurable business outcomes.
Therefore, we struck out to gather some of these tangible results for Oracle Enterprise Resource Planning (ERP) Cloud. Based on customer evidence we have collected, first-year improvements from Oracle ERP Cloud – in terms of modernization, improved insights, and agility – were impressive.
The key capability that derived the greatest value for customers with an Oracle ERP Cloud implementation was an improvement in “financial reporting productivity.”
With Oracle ERP Cloud, customers were able to provide a consistent reporting environment, improving reporting productivity by 51 percent on average. Specifically, our customers realized an almost instant boost from their ability to speed the financial close and reporting process (i.e. they closed their books faster). Analyzing data and performing what-if scenarios helped these growing companies not only cut costs, but also provided new data-driver insights and uncovered new business possibilities. This was a huge benefit, as all interviewed customers realized the enormous amount of value that data-driven decision making provides. No more guessing. No more hunches. No more depending on past actions to predict future moves.
In fact, all customers we interviewed stated that they plan to continue working to gain even more insights through data with planning, forecasting, and predictive analytics; simplify and improve purchasing decisions with Oracle Procurement Cloud; and integrate Oracle ERP Cloud with other areas to derive cross-functional insights
One last key business benefit achieved almost instantly, thanks to Oracle ERP Cloud, was ‘Account Payables Related to Vendor Management.’ In addition to cost savings (in terms of discounts, better pricing, and beneficial payment terms), optimizing account payables helps free up working capital which (in turn) fuels growth.
Customers were able to reduce labor hours spent on routine finance activities; thereby enabling staff to have greater focus on strategic activities like spend analysis, supplier development, sourcing, contract negotiation, and supply optimization. Staff productivity increased by 26 percent on average.
Customers interviewed were able to scale also by 26 percent from a single unified financial platform that facilitated topline growth and enabled corporate transactions (specifically mergers, acquisitions, and divestitures) without the need to increase headcount. A scalable business is a profitable, growing business. If you can maintain or improve profit margins while sales volume increases, you have a clear competitive advantage.
Customer evidence shows that finance plays an increasingly critical role in driving transformational strategies—as well as supporting the more traditional aspects of supporting the business. With Oracle ERP Cloud, customers gained access to more information across the enterprise, greater analytical acuity, and real-time reporting that resulted in improved end-to-end financial management processes.