Expert Advice for Medium and Midsize Businesses
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Finance
April 23, 2019
How to Boost Operational Excellence with Oracle ERP Cloud
Our customers (and their business processes) are our focus. Our goal is to make sure that the decision to migrate to a modern Oracle ERP Cloud is the right one, with the right return. When you brush away all the marketing- style jargon, we feel that we are responsible for the success of our high-growth company customer base. The key to facilitating success is helping our small-to-medium business (SMB) customers achieve measurable business outcomes.
Therefore, we gathered up some of these tangible results for Oracle Enterprise Resource Planning (ERP) Cloud. Based on customer evidence we have collected, first-year improvements―in terms of operational excellence―from their implementations of Oracle ERP Cloud were impressive.
The Results
With a modern ERP Cloud, our customers have transformed their businesses by increasing efficiency.
Streamlined and automated processes are the key; they reduce personnel, enable faster deployments (which enhances agility), makes for smoother upgrades, lowers maintenance, and provides fewer customizations. The benefit to Oracle’s customers? Reduced costs and improved service quality.
But let’s dig into some of the details:
- Improved Closing Process – Our customers have improved the speed and accuracy of all aspects of the extended financial close and improve the closing process by 50% (on average).
- Reduced Financial Decision Support Cost – By adapting quickly to ever-changing business requirements and delivering faster and more accurate insights to stakeholders, financial support costs (in terms of the number of full-time IT employees support financials) were reduced by 23%.
- Reduced Planning and Performance Costs – Customers interviewed were not forced to “throw away” legacy IT assets. They were able to continue leveraging those assets and optimize their new investments by integrating Oracle ERP Cloud with those systems. These hybrid implementations reduced planning and performance costs by approximately 17%.
- Reduced Account Receivables Cycle Time –The invoice-to-receipt process and days sales outstanding (DSO) was radically streamlined with Oracle ERP Cloud, reducing account receivables cycle time by 30% and ensuring better cash flow management (with is crucial to profitable growth).
- Reduced Outstanding Payables – Our customers have been able to receive invoices, pay suppliers quicker (thereby reducing days payables outstanding [DPO]), and improve the accounts payables processes by 55%.
- Reduced Maintenance Cost of Legacy ERP Systems – With the move to Oracle ERP Cloud, the need for customizations were reduced, which saved money in terms of application support. In addition, the costs to upgrade, and IT maintenance staff and infrastructure costs were all reduced by an average of 40%.
But that is not all. Our customers also reported reduced audit, risk, and compliance costs, thanks to less time needed for financial audit and compliance activities. In addition, many professional services firms and other companies with large percentages of knowledge workers, reported improved expense reporting, due to their ability to increase the number of expense reports processed and reduce the average expense report processing time.
Conclusion
Finance plays a crucial role in the SMB modernization. It is the foundation that everything else is built on. Operational excellence refers to improvements in quality and responsiveness as well as reductions in production costs and processing time. All are crucial to flexibility, agility, and competitiveness, and a modern ERP Cloud is the platform on which operational excellence is built. With Oracle ERP Cloud, our customers gained double-digit improvements in time and costs. This lead to better access to data, more accurate decisions, and improved performance.
Learn the benefits your company can expect to achieve from the implementation and adoption of Oracle ERP Cloud. Download the report.
