Organizations across the globe are migrating to the cloud to enjoy benefits like agility, flexibility, and scalability. This is evident from Gartner’s recent research that forecasts cloud adoption will grow from 21.7% to total $597.3 billion in 2023, up from $491 billion in 2022. Among some of the most popular cloud enterprise applications, Oracle Cloud has gained significant name and fame in the enterprise world. One of the biggest reasons is Oracle’s commitment to continuous innovation.
In this blog, we’ll discuss why organizations are migrating to the cloud, what Oracle Cloud is, and how Oracle is supporting continuous innovation.
Top benefits of migrating to cloud
- Cost Savings: One of the biggest reasons why organizations are moving to the cloud is that it helps them save money. Unlike in case of on-premise ERP, where infrastructure is managed by the company internally, in Cloud ERP, the infrastructure is managed by the vendor. As organizations don’t need to invest in hardware and IT, Cloud ERP proves cheaper as compared to on-premise applications. In the case of Oracle Cloud Apps, Oracle is responsible for managing the infrastructure.
- Scalability: Each organization has its own requirement. For example, an organization with 500+ employees has different requirements as compared to a start up. Cloud ERP provides you an opportunity to pay as you want.
- Continuous Innovation: Cloud ERP applications refresh and update themselves automatically. Thus, your IT doesn’t need to put efforts in manually updating ERP systems. This saves valuable IT staff time which can be used in other productive work.
Let’s discuss continuous innovation in detail. But before that let’s discuss Oracle Cloud Apps.
What are Oracle Cloud Apps?
It is a suite of cloud applications offered as software as a service (SaaS) by Oracle. These applications help in streamlining mission critical business processes – enterprise resource planning (ERP), supply chain management (SCM), and human capital management (HCM). By deploying these applications, organizations can centralize their corporate data and use it for well-informed decision making.
As it has already been stated that Oracle remains on the forefront of innovation, let’s discuss the key points of Oracle Cloud Readiness 23B release.
Key Highlights of Oracle Cloud 23B Release
Oracle rolls out new updates every quarter. This means every three months you’ll get new features, functionalities and enhancements. Let’s discuss key features of the Oracle Cloud 23B release.
- In the financial module, under payables and expenses, 23B allows employees to select a cash advance payment method. It means that employees can select their preferred payment method as part of the cash advance request process.
- Another important feature that comes with the Oracle 23B update is that users don’t have to manually release duplicate holds after making the necessary updates to an invoice.
- The latest addition in Oracle 23B introduces an automated solution for resolving cross-validation combination violations. The feature enables the Manage Account Combination Validation Rules to autonomously handle and modify account combinations according to the suggestions provided in the Cross-Validation Combinations Violation report.
- Within the SCM module, users have the option to utilize the Order Date for establishing purchase order prices, instead of relying on requested delivery or shipment dates. Additionally, users now possess the capability to set up blanket purchase agreements, enabling the pricing of purchase orders to be aligned with the order date.
These are the key highlights of the Oracle 23B release. To get full details of the updates, you can visit Oracle’s official cloud readiness advisory.
As you are now aware, the benefits of the cloud are numerous. However, you need to understand that migration to the cloud is a daunting task and requires a robust strategy. In that strategy, a special privilege should be given to the cloud testing. It ensures that your Cloud ERP is properly configured and is able to handle your critical business processes.