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Advice and Information for Finance Professionals

The Real Value of a Complete Cloud Suite for Finance

Guest Author

By Arun Khehar, Senior Vice President of Applications ECEMEA, Oracle

More and more finance teams are beginning to realize the unique advantages of finance applications in the cloud: always up-to-date with the latest innovations, ease of use, lower cost and security, to name a few.

But what about the benefits of having their finance cloud applications unified with the rest of the business—like HR, supply chain, even customer experience?

In other words, why does a complete, unified cloud matter?

Because a unified cloud can help drive two things that finance teams care deeply about: revenue and strategic insights to impact tomorrow’s business.

One Cloud, One View of the Business

A unified cloud suite provides better insight into company operations and performance across all lines of business. CFOs can use this connected, holistic view of the business to track performance, analyze results, make course corrections, and help guide the future direction of the company.

A good example is KBBO (Khaleefa Butti Bin Omair Group). A leading investment group with a diverse portfolio, KBBO operates in the United Arab Emirates and across the Middle East. Its aim is to achieve global integration and transformation in line with Abu Dhabi’s 2030 Economic Vision.

With a single data model across finances, HR, payroll and purchasing in the cloud, KBBO has been able to standardize financial, supply chain, and HR management processes across the group, increasing management control and offering real-time insights across companies. In addition, group operations are more efficient, with IT staff workloads reduced by 30 to 40 percent.

Improved Customer Retention and Revenue

A unified a cloud also helps to eliminate the disconnected, siloed processes that can cost your business time and money—and cause customers to flee. If your sales, marketing, customer service, and billing departments are all running on different systems, it can create a maze that customers must navigate anytime they’re trying to resolve an issue.

By contrast, a seamless, unified cloud helps to drive efficiencies—leading to lower costs—and helps to improve customer satisfaction, retention, and revenue. 

Tivoli Gardens, for example, is delivering an outstanding experience to its customers. The second-oldest amusement park in the world, Tivoli hosts nearly 5 million visitors per year. With that many customers, Tivoli wanted to be able to pull information from its data warehouse into its marketing cloud so it could deliver the right offers to the right customers, at the right time.

“As Denmark’s #1 tourist attraction, experience is at the center of what we aim to achieve,” said Thomas Erichsen, head of marketing at Tivoli Gardens. With Oracle Marketing Cloud, Tivoli is able to provide a seamless experience to customers across every channel, both online and in person.

“Thanks to the way we are using Oracle Marketing Cloud, we can now tell the Tivoli Gardens story effortlessly and provide a better experience for customers,” Erichsen said.

The approach has paid off: Tivoli’s omni-channel strategy has boosted sales by 41 percent.

“Suites Win”

In a recent keynote presentation, Oracle CEO Mark Hurd predicted that cloud suites will win out over single, “best of breed” applications. The reason is that companies are seeking these better insights and improved processes. And rather than spend additional time and money building integrations themselves, companies would rather rely on a single cloud vendor to provide the unified business flow they’re looking for.

One example is Panduit, a supplier of physical infrastructure to support power, communication, computing, and security systems. Panduit’s products include energy-efficient cabinets, copper and fiber systems, power and grounding solutions, intelligent hardware, control panel systems, high-speed cabling, cable routing, harness systems, and more.

Needless to say, managing the supply chain efficiently is one of the company’s top priorities.

With Oracle Supply Chain Management Cloud, Panduit has consolidated its loads, optimized freight spend and reduced transportation costs by 15 percent. Automated freight, payment, billing, and auditing have helped further reduce transportation-related overheads by 20 percent.

The cloud’s analytics and logistics dashboards improved visibility and operational efficiency, helping Panduit reduce procurement spend by 10 percent.

Better Visibility and Insights

Oracle is in the unique position of being able to provide a common view across lines of business, because we offer the most complete suite of cloud applications available. You can choose where you want to start—whether it’s in finance, HR, supply chain or elsewhere—and then add more cloud services as your company needs them.

Orange, for example, is making ERP a priority. The French telecom provider—with 250 million customers across 220 countries—had different ERP systems operating in different countries. The group decided to consolidate on Oracle ERP Cloud to drive efficiency across its finance function—and expects to reduce costs by 50 percent.

“In my mind, corporate finance is about making sure the transactional aspects of the back office work smoothly so that the rest of the finance organization can focus on value-added activities,” said Christophe Eouzan, chief accounting officer at Orange.

With a unified cloud suite, companies like these can provide the seamless experience that customers expect, and gain insight across the business to uncover new data trends and make better decisions. That’s the value of a complete cloud.

Interested in learning more? Start your digital journey here.

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