The ERP market has developed rapidly over the past few years! With the widespread adoption of cloud solutions, access to ERP systems has helped companies succeed with suitable and affordable ERP solutions anytime, anywhere. ACCORDING TO DATA BY DEMAND DYNAMICS, the ERP market is in a fast development phase and is expected to reach $78.4 billion by 2026. In addition, a study of companies that effectively executed ERP systems resulted in 82% ROI in their scheduled time frame.
The Rise of the ERP with Cloud
With the transformation towards cloud technologies, most companies are moving to cloud platforms. The global cloud ERP market is expected to grow from $ 45.3 billion in 2020 to $ 101.1 billion in 2025, with Oracle ERP Cloud, SAP, Microsoft, Infor and Workday are the market leaders with a large part of the overall market share. The main factors for the growth and adoption of ERP cloud are the digital transformation, the growing demand to increase operational efficiency, the desire to optimise business processes, and the increasing acceptance of cloud-based solutions.
Benefits of ERP Cloud
Cloud ERP is a strategic choice for growing companies. Organisations that use cloud-based ERP benefit from numerous advantages, such as cost savings in infrastructure, advanced security functions for the secure handling and storage of data, and mobility by providing access around the clock across the globe, fast data recovery in every emergency, and automatic software updates without paying an additional cost.Cloud ERP applications are cost-effective and offer faster time to value, more innovation, and better scalability. Cloud-based ERP applications today deliver end-to-end solutions that have many of the same features and functionality as their on-premises counterparts. Moreover, cloud systems allow the easy integration of other key technologies like mobility, analytics, collaboration, and social tools.
An Introduction to Oracle ERP Cloud
Oracle ERP Cloud is a cloud-based Software-as-a-service (SAAS) application formerly known as Oracle Fusion. To build a top-notch application, Oracle used world-class modules to launch Oracle ERP Cloud. This Cloud ERP offers a complete, advanced, and proven solution from small companies to large enterprises that aim to grow in the digital economy.
Oracle is one of the major players in the ERP market today. Oracle ERP offers a wide range of applications that enable companies to make informed business decisions while increasing performance and reducing costs. With Oracle ERP’s cloud solution, companies can use cloud technology to gain faster time and improve scalability and growth. Companies can implement new features faster and more reliably than with traditional on-premise deployments.
Oracle ERP benefits companies by making reports more manageable and customisable. With the enhanced reporting functionality, companies can quickly identify data requests without relying on an IT specialist or IT department. Finding the best Oracle Certified Technology Partner is the key to a successful ERP implementation.
Below are the Most Common Oracle ERP Modules Beneficial to all Businesses Today:
- Oracle Financial Cloud
As one of the most demanding modules of Oracle Cloud ERP, the Oracle Financial Cloud module offers dynamic and agile finance with well-organised processes, enhanced efficiency, and increased business decisions. It also provides country-specific localisations and offers continuous innovation such as mobile and social features, real-time reporting, integrated machine learning (“ML”), and a modern user experience to find the easiest way next-generation finance and cost-effectively, with low risk.
- Oracle ERP Manufacturing
Another important ERP module that every company needs is the Oracle ERP Manufacturing module. The objective of this ERP module is to deliver complete inventory management as part of the supply chain management system and streamline production cycles. This Oracle ERP module consists of inventory, order import, process manufacturing, discrete manufacturing, and manufacturing intelligence.
The Oracle ERP Manufacturing module provides a comprehensive set of reports and transactions to manage inventory control while compiling and analysing real-time performance data to improve productivity and increase profit margins. Moreover, the process manufacturing vs. discrete manufacturing offering gives organisations the ability to streamline complete production cycles while safeguarding complex shop floor execution capabilities and manufacturing uniformity.
- Oracle Procurement Cloud
This is an integrated solution that provides essential information and control over assessments and risks with suppliers. It helps companies to streamline routine tasks such as creating purchase orders from approved requests without intervention, to standardise and automate their procurement process with the help of innovative technologies.
Users can use electronic communication with suppliers to increase the timeliness and accuracy of purchase orders and their changes. This allows users to spend more time looking for opportunities for savings and adding value to the business.
- Oracle Planning Central Cloud
This module sets plans in motion by providing suggestions to procurement cloud applications. It also includes web, laptop, and spreadsheet access to increase overall efficiency. Planning Central forecasts demand, controls inventory protection, and creates logs for planning materials and resources.
In addition, this module helps to recalculate demand estimates, safety stocks, and demand-driven delivery schedules to account for new orders, supplier deliveries, or inventory movements.
- Oracle Inventory Management Cloud
Intelligent inventory management is the key to the success of any business as it provides effective tools in-built and functional management of fulfilment activities and provides accurate and real-time visibility of inventory balances.
The inventory module also provides visibility into inbound shipments and configurable rules for receiving, inspecting, and disposing of products upon receipt, regardless of whether businesses are receiving shipments directly from manufacturers, third-party providers, other facilities, or consumers.
- Oracle Cloud Quality Management
This provides an enterprise level solution for analysing, defining, identifying and resolving quality-related problems. This module works with R&D, Manufacturing, Inventory, and Quality Assurance and Control to ensure better visibility of quality, insights, and collaboration.
With this module, a quality engineer can describe inspection plans to check the quality and category of the material to monitor a production resource. Organisations need effective quality tools to manage processes and quality controls to implement safe and effective solutions.
Conclusion
The cloud ERP market is overgrowing in today’s highly competitive world, where several prominent players offer enterprise-level solutions to their customers. This market will experience a significant shift in the coming years due to the endless demand and use of new technologies/innovations in this area. Oracle Cloud ERP allows adapting business models, reduces costs, improves forecasts, modernises the overall performance, and takes efficiency to the next level!
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