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Advice and Information for Finance Professionals

Top 10 signs that it’s time for modern cloud applications

Guest Author

By Yaldah Hakim Rashid, Director, Cloud Applications Product Marketing, Oracle

Previously posted on the Oracle Cloud Applications Blog.

It’s an understatement to say the global pandemic accelerated the pace of change and altered our lives—from the way we work, to the way we interact with others. Many businesses around the world were turned upside down, and others scrambled to keep up with the all the changes in technology. 

Now that we are seeing signs of economic recovery in many sectors, we need to ask this key question: How can we build a resilient business that’s ready for whatever comes next?

Business growth, agility and a focus on innovation

In times of crisis and drastic change, businesses tend to focus on solving the urgent issues right in front of them. Yet many companies are taking a different approach, turning disruption into opportunity by starting a digital transformation. By partnering with a solution provider with a customer-first mindset and the latest technology and capabilities, you can weather difficult conditions and establish a solid foundation for the future.

Organizations are finding they need modern cloud applications to help them respond quickly to change and to focus on innovation and growth. Part of the growth process is rethinking your current business model, processes and the way you serve your customers. That’s how you can pivot forward so that your business can survive and thrive.

What are “modern” cloud applications and why do you need them?

Modern and connected cloud apps “talk” to each other, making it easier to share information and collaborate across the business. And you gain access to the right data at the right time to help you make better business decisions— a key benefit for companies that need to move fast.

Modern cloud applications are complete and connected and built on a common data model. Whether you are focused on one functional area (finance, HR, supply chain, etc.) or looking to modernize your whole business, a modern cloud provider has it all and it all works together. There are many benefits to a common data model – you don’t have to manage separate clouds and you have a consistent user experience and workflow across the entire business- allowing you to get work done faster and more effectively.

Here’s a quick checklist to consider when evaluating software as a service (SaaS) applications for your business:

Your organization may be ready for modern cloud applications if one or more of these conditions is present.

  1. You need an on-premises upgrade

    Customizations are a very real issue with legacy applications. Many customizations aren’t “upgrade safe,” and every customization or upgrade in your on-premises system incurs extra costs and involves extra time to test.

  1. Your data security is out of date

    You’re unable to keep up with the latest security threats.

  1. Taking advantage of new technologies is increasingly challenging

    You struggle to apply emerging technologies, such as AI, to your business processes.

  1. Your on-premises systems need new hardware

    Your company’s physical infrastructure is past due for an expensive capital replacement.

  1. Your on-premises maintenance costs are increasing

    Your system fees and services costs are increasing annually.

  1. The number of disconnected systems and data silos is increasing

    Growth in disconnected systems and data silos results in conflicting answers to key questions, added costs, and increased security risks.

  1. You’re experiencing rapid and global company growth

    International expansion, mergers, acquisitions, and divestitures are hampered by your applications.

  1. You’re faced with new compliance requirements

    Increasing financial and compliance requirements impact your business.

  1. Your business demands are increasing

    Your business cannot keep up with increasing demands from customers, partners, and employees.

  1. Your business is facing economic uncertainty

    Your existing business model and processes aren’t fast or agile enough to address remote work, virtual connections with customers, or volatile supply chains.

The tips above are great starting points but your unique business requires its own distinct cloud strategy depending on your business objectives and short- and long-term goals.

Regardless of where you are in your cloud journey- whether you are in the early evaluation stages or have already adopted SaaS applications for one part of your business and are looking at additional business processes to improve, one thing is clear- a complete and connected suite of cloud applications can help you achieve your business goals fast. 

Plan for the future of business

Oracle Fusion Cloud Applications is the world’s most complete, connected SaaS suite. It delivers a modern user experience and continuous innovation, with quarterly updates across your entire business (finance, human resources, supply chain, manufacturing, advertising, sales, customer service, and marketing). And we’re committed to your success.

To learn more about Oracle Fusion Cloud Applications and how they can help your business recapture growth and plan for the future, click here to read the eBook.

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