From Legacy to Cloud: How Oracle ERP Cloud Implementation Services Can Help You Make the Move
Many firms with on-premises financial systems are assessing the capabilities of cloud solutions and determining when to migrate to the cloud. They are looking for solutions that can provide capability comparable to on-premises counterparts.
In many cases, they discover that the capabilities of modern cloud apps such as Oracle ERP Cloud outperform those of on-premises systems.
When you’ve decided to upgrade your financial systems and procedures, you should consider whether switching to Oracle ERP Cloud is the best solution for your company.
In this piece, we’ll explore how Oracle Cloud implementation services can assist you in transitioning to “blog” and explain the best practices for moving to Oracle Cloud ERP.
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Benefits of Moving to Oracle ERP Cloud
1. Global Presence
A global corporation must be able to conduct business in many languages across numerous nations while adhering to regulations in each region.
Oracle cloud implementation services combine the strength of a global ERP suite with transactional and reporting capabilities across many business flows and countries. This is especially significant for multinational corporations.
2. Lower TCO
One of the primary reasons for migrating any process or application to the cloud is to save money. Moving to Oracle ERP Cloud is far less expensive than staying on-premises.
When Nucleus Research examined software, hardware, personnel, and training costs over three years, it discovered that beginning expenditures for on-premises ERP were 2.4 times higher than Oracle ERP Cloud.
3. Continuous Innovation
Blockchain, artificial intelligence (AI), machine learning (ML), cognitive computing, intelligent process automation, and the Internet of Things (loT) are among the emerging technologies poised to disrupt banking.
Every quarter, Oracle ERP Cloud is updated with the newest emerging technologies, use cases, and best practices embedded into the program, ensuring it is always up to date.
According to Oracle’s ERP trends research, the ability to keep current was rated as the top benefit of Oracle ERP Cloud by 81% of Finance leaders. Organizations primarily moved to the cloud for economic reasons, but once there, the competitive advantage provided by new technology surpassed all else.
4. Deeper Insights
Oracle ERP Cloud can collect critical data from various sources and present it to your decision-makers in an easy-to-understand analytics dashboard.
When you mix data from several applications, you can gain deep, essential insights that will allow you to make more informed decisions in less time.
5. Leading Product Capabilities
Gartner has designated Oracle ERP Cloud a Leader in its 2019 Magic Quadrant for Cloud Core Financial Management Suites for Midsize, Large, and Global Enterprises for the third year.
Because of its comprehensive and deep financial management skills, multinational capabilities, and strategic focus on selling and marketing the system in all countries, Oracle ERP Cloud is a Leader.
Furthermore, Oracle ERP Cloud was rated above average in all areas of functionality by Gartner’s Critical Capabilities study, with increased year-over-year rankings in financial analytics and reporting, accounts receivable, and general ledger code structures.
Moving to Oracle Cloud ERP: Best Practices
With built-in security, quick data access, and native reporting tools, Oracle Cloud ERP enables enterprises to exploit the potential of the cloud.
This ERP provides scalability, security, and improved visibility into your organization’s information, among other advantages.
But where do you begin when transitioning to a cloud-based ERP system? Below we will review the top five best practices for migrating to Oracle Cloud ERP.
1. Plan a Migration Strategy
Every company’s cloud migration strategy is unique. It could take as short as 2-4 months if you already have an on-premises Oracle ERP.
However, if you’re starting from scratch, it can take anything from 6 to 23 months to fully transition. Each company’s cloud migration will be unique, but planning ahead of time will make the process go more smoothly.
When developing your cloud migration strategy, consider the following steps:
Determine how much of your company’s data will be stored in the cloud – will it be entirely cloud-based or a hybrid?
Data backups and reporting should be automated.
Provide personnel with training on how to make the most of your cloud-based EPM or solution.
Throughout the implementation process, continue to plan.
2. Establish KPIs
What constitutes a successful cloud migration? Identifying KPIs during the planning stages will assist you in determining what this implies for your organization. The signs will differ depending on how your firm functions, but here are a few that will offer you a clear direction before migrating:
- Transition time
- Impact on the business
- Improvements to user experience
- Application performance
- Cost of migration
3. Prepare Your Data
Before migrating to the cloud, ensuring that the information you protect is in sync is critical. When your firm stores data in various systems and reports, its presentation will always have discrepancies.
Before you switch, ensure your data is in a consistent format. Make sure your columns in your Excel reports, for example, display in the same order across the board, as in “name, address, city, state.” When you migrate to the cloud, you can search for and access crucial information more easily.
4. Streamline Reporting
Because every organization is different, special reports that do not come out of the box are frequently necessary – and no single Oracle ERP cloud reporting tool can cover all of the finance needs.
Creating bespoke reports or making modifications is complex and requires IT knowledge, which slows the reporting process and makes meeting important deadlines like period-end close more difficult.
According to insight software and Hanover Research’s 2022 Finance Team Trends Report, 80% of decision-makers admit that the finance department is overly reliant on IT. Adopting technologies such as Spreadsheet Servers decreases reliance on IT by enabling finance and accounting departments to build unique and ad hoc reports.
5. Prioritize User Training
During the migration process, it is vital to teach people so that they are comfortable dealing with Oracle Cloud ERP.
Moving from an on-premises ERP to the cloud is a significant transition that can be tough to adjust, mainly when finance and accounting teams are accustomed to clumsy and time-consuming processes. User education can:
- Maintain productivity during the transition
- Ensure independence and confidence when working with new systems
- Encourage employee engagement in your cloud migration
- Make cloud migration easier
Bottomline
Using Oracle Cloud as your cloud computing platform would be best for numerous reasons. Oracle Cloud provides many cloud services, such as Infrastructure as a Service, Platform as a Service, and Software as a Service.
You can rent infrastructure resources such as CPU instances and storage volumes using IaaS. PaaS allows you to deploy Oracle-managed platforms, such as Java EE applications on WebLogic Server or Node.js apps on Oracle Application Container Cloud Service. You can also subscribe to and use Oracle-managed applications through SaaS, such as Oracle Sales Cloud or Oracle Marketing Cloud.