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Administering your data and dashboards using Oracle Cloud ERP
The pandemic-induced disruption has led to lasting behavioral changes. Shelter-in-place orders forced businesses across industries to reassess their operations, accelerating the need for digital transformation. In the "new normal," remote work persists, and outdated on-premise technologies, which require significant maintenance and support, are proving inadequate. Conversely, cloud-based tools offer clear advantages, such as virtual maintenance, updates, and enhancements. They provide a modern, consumer-based experience, crucial in a "work from home" world, along with access to data and dashboards necessary for future planning and sustainability.
For many organizations, transitioning to the cloud is inevitable. A recent Baker Tilly survey reveals that 20% of organizations plan to adopt a new ERP cloud (SaaS) solution within the next 1-2 years, while 29% have already initiated or completed the transition. The benefits of moving to the cloud are increasingly evident. Reflecting this trend, Baker Tilly recently hosted a webinar titled “Manage by Exception through Data, Dashboards, and Oracle Cloud ERP.” Led by Brad Fisher, senior manager of enterprise solutions and services, alongside colleagues Ken Fleming, Ben Berlangieri, and Ron Nelson, the panel explored how a unified platform like Oracle Cloud ERP can provide financial leaders with real-time data analytics. This capability helps manage by exception, avoid fiscal pitfalls, make informed business decisions, maintain financial resilience, and grow market share, even amidst a pandemic.
Why Choose Oracle Cloud?
Oracle Cloud enables your entire enterprise to access the same, real-time data on a unified platform. This means that systems used by your sales, human resources, finance, budgeting, forecasting, and supply chain teams can all be streamlined onto a single Oracle Cloud platform. This integration reduces the need for IT support across different systems and allows your organization to be more strategic, as less time is spent aggregating data. With a focus on the entire organization, Oracle Cloud integrates data to enable proper planning, thoughtful responses, and transformation in reaction to internal changes. Additionally, this streamlined approach enhances operational effectiveness, promotes efficiency in common business processes, informs best practices, and can reduce IT integration costs.
Features of Oracle Cloud Highlighted by Baker Tilly:
CFO dashboard: Traditionally, management faces challenges with data management, as necessary data is often either inaccessible or slow to reach the C-suite due to inter-departmental delays. Oracle’s CFO dashboard offers real-time, consolidated access to data, providing several benefits:
- Real-Time Data Analysis: Data can be analyzed in real-time without manual aggregation, allowing the focus to shift to addressing issues rather than manipulating data between platforms.
- Enhanced Employee Satisfaction: Financial analysts, previously burdened with manual spreadsheet tasks, are now equipped with modern tools, enabling their roles to become more strategic and fulfilling.
- Immediate Financial Visibility: Management gains real-time access to financial data, including cash flow, which is particularly valuable during uncertain times when businesses need to pivot quickly to maintain operations.
- Continuous Monitoring: Real-time data monitoring allows businesses to quickly identify anomalies, spot errors, and mitigate issues earlier than with traditional databases.
In essence, Oracle Cloud not only integrates various departmental systems into a cohesive platform but also enhances strategic decision-making, operational efficiency, and overall organizational responsiveness.
Ability to drill down
Oracle's platform enables users to drill down into data in real time, allowing management to quickly identify what is working and what needs improvement. This capability assists in answering critical questions such as:
- Should we leverage our balance sheet for mergers and acquisitions?
- Are we regularly evaluating data to identify future-impacting patterns?
- Do we have insights on industry trends that could help us consolidate suppliers?
Modeling and forecasting capabilities:
Oracle Analytics Cloud (OAC) empowers users to integrate multiple external data sets to forecast upcoming challenges and trends. For instance, a higher education institution can use historical application data to project future application trends based on different program mixes. Key benefits include:
- Simplified Historical Data Usage: OAC streamlines the use of historical data, allowing flexibility in applying the most relevant information.
- Scenario and Sensitivity Analyses: Users can easily run "what-if" scenarios to understand the impact of various decisions.
- Unified Financial Analysis: Accounting functions can consolidate financial information in one place, enhancing budget analysis and decision-making.
Responding to Disruption with Innovation
Modern cloud-based tools enable organizations to not only survive uncertainty but to also respond to disruptions with innovation and strategic thinking. This approach can drive transformative outcomes for years to come. Baker Tilly professionals are prepared to help you leverage and implement a consolidated data platform like Oracle Cloud ERP or Oracle Analytics Cloud. For more information on this topic or to learn how we can assist you, please contact our team.
