Enterprise resource planning (ERP) software is key for the successful management of your business processes. These increasingly sophisticated systems have allowed organizations to improve efficiency, data management, collaboration, and customer service—all while reducing errors and expenses.
Today, it’s estimated that 95% of organizations using enterprise resource planning software achieve valuable business outcomes. But certain frustrations continue to plague ERP systems. In this article, we discuss some prevalent ERP issues and explore how Oracle Fusion Cloud ERP is changing the game.
4 Issues With Your Existing ERP System
To see what makes Oracle Cloud ERP such a promising ERP solution, we need to understand the issues businesses face with their existing digital systems.
1. Limited Flexibility and Customization
One of the most common complaints businesses have with their ERP systems is the lack of flexibility and costs associated with customization. In the absence of these essential features, many companies are forced to compromise, creating disruptions and lengthy work-arounds.
2. Inefficient Data Management
ERP systems effectively streamline your data management. Unfortunately, a lot of legacy ERP systems struggle to properly capture data.
Over time, old ERP systems fail to accurately collate, categorize, and report data due to a variety of factors, including a dependence on manual processing, reduced software performance, and weak security features. All of this leads to serious inefficiencies like data duplication and inconsistencies.
How Well Can Your ERP Handle Big Data?
3. Security Risks and Reduced Support
The security of your ERP system is essential to the safety of your data, workflows, and operational assets. That’s why your ERP vendor will continue to release patches against newly uncovered vulnerabilities.
But, as aging ERP systems near the end of their life-cycle, critical cybersecurity updates will soon taper off and eventually, the system will stop being supported by their vendors.
So, if your ERP software has been (or will be) discontinued, it’s time for a change. The longer you wait, the more at-risk your digital assets become. Making the switch now ensures you can safeguard your company against cyber threats.
4. Lack of Advanced Features
Innovation in the ERP industry is lightning-fast. For most businesses, simply keeping up with all the latest developments is a herculean effort; tools considered essential today are deemed obsolete tomorrow.
To get the most out of any ERP system, opt for software that is agile and scalable. Look for things like cloud connectivity and machine learning, as well as loads of flexibility, customizability, and scalability.
What Is Cloud ERP by Oracle?
Oracle Fusion Cloud ERP is a cloud-based software designed to help companies manage their core financial data and processes, supply chain operations, human resource documents and more. It boasts real-time data insights, automated workflows, and can be fully customized to meet your business needs.
Featuring the latest in both AI and machine learning capabilities, Oracle Fusion ERP Cloud can radically improve operational efficiencies, reduce costs, and enhance customer experience.
6 Reasons to Consider Oracle Cloud ERP for Your Business
Now that we recognize the limitations of many existing ERP systems, let’s look at how Oracle’s cloud-based ERP offering can help.
1. Comprehensive Cloud Infrastructure
Unlike other enterprise resource planning software, the Oracle Fusion ERP cloud platform is capable of handling the full array of back-office tasks.
This includes things like your finance and accounting, inventory and procurement, supply chain and order management, risk management, revenue management, and more.
2. Better Price Performance
Research shows that running an on-premise ERP system is twice as expensive as running Oracle Fusion ERP Cloud. Even ​​when compared to other leading cloud ERP vendors, Oracle is 16% less expensive.
If you’re switching from an on-premise ERP, expect to save around 60% in initial implementation costs. For those switching from another cloud provider, you’ll save an average of 24%.
Plus, ERP Cloud’s pay-per-use pricing enables businesses to pay only for the computing resources they use.
3. Improved Security and Governance
Oracle ERP Cloud provides robust security features to protect your company’s most sensitive data.
The software suite includes tools like Oracle Identity and Access Management, which provides user authentication and authorization. You also get access to Oracle Data Safe, which helps you manage and protect your data.
4. On-Demand Scalability
As your business needs change, storage becomes a primary concern. With Oracle ERP Cloud, you can scale up or down in real-time with their on-demand, pay-per-use options. Plus, there’s no need to invest in new hardware or additional infrastructure.
5. Easy Deployment
Oracle Fusion ERP Cloud allows you to quickly install and update applications through your internet-connected enterprise devices.
This is both fast and effortless compared to traditional on-premise systems, many of which require that apps be physically installed on each server and system. Cloud ERP means less downtime, stronger security, and a better user experience.
6. Flexibility
Oracle ERP Cloud offers a flexible deployment model, allowing you to choose the modules and features that best meet your business needs—especially compared to other leading products like SAP S/4HANA and Microsoft Dynamics.
Plus, the broad cloud services and partner ecosystems give you the tools you need to build native cloud applications.
3 Things to Consider Before Choosing Oracle Cloud ERP
There’s no doubt that Oracle ERP Cloud is reshaping the future of ERP systems. Nevertheless, it may not be the right solution for every business. Before making the switch, consider these potential challenges and limitations.
ERP System Maturity
Cloud-based ERP systems lack the market maturity of comparable on-premises ERP systems.
But, unlike the promises that other cloud ERPs offer, Oracle Cloud has been developing and refining its cloud ERP software since 2010, through their never-released Cloud Fusion project. This is a massive head-start over competing cloud-based solutions.
Complexity and Cost
Because Oracle ERP Cloud was designed for large organizations, the product itself can be both complex and expensive for SMBs to implement and operate.
Large enterprises will enjoy Oracle ERP Cloud’s robust feature set and scalability. But, for SMBs, Oracle Netsuite’s multi-tenant, software as a service (SaaS) solution may be a better fit.
Implementation Challenges
Oracle ERP Cloud implementation often requires overcoming challenges. This has less to do with the product itself, and everything to do with the organizations attempting to implement it—many of whom are small or inexperienced.
For best results, partner with an experienced ERP implementation provider. At NexInfo, we can help you decide if Oracle ERP Cloud is right for your business.
Get the Power of Oracle’s Cloud-Based ERP Solution, With NexInfo
Legacy ERP systems are quickly becoming a thing of the past. To keep a competitive edge in your industry, you need a cloud-based ERP solution. Oracle ERP Cloud represents one of the most promising next-gen ERPs on the market today.
Looking to streamline your business processes, improve collaboration, and optimize analytics? NexInfo is your trusted implementation provider. Contact us today to get started.
