In order to stay ahead of their rivals, business leaders are always looking for new ways to gain a competitive advantage. This means both performing their core competencies well and also finding the best, most efficient and flexible platforms for performing the tasks that support core competencies.
The Oracle cloud represents an excellent opportunity for companies to achieve high performance, scalability and agility at lower costs than on-premises solutions. Major firms–from Kraft Heinz to Mazda to Kellogg’s–are moving to the Oracle cloud in record numbers. Below is a breakdown of the key drivers for ROI and a list of important considerations for your cloud migration.
Why Do Businesses Move to the Cloud?
The biggest selling point of the cloud for nearly all business leaders is the immediate cost savings that they can realize. Typically, customers pay a cloud subscription fee rather than the hefty up-front investment of an on-premises solution, which can take a year or more to start seeing any benefits.
Two more highly important advantages of the cloud are flexibility and speed. Cloud implementation partners can meet a company’s needs very quickly, greatly reducing project timelines. Experienced partners such as Datavail have a predefined cloud implementation process and highly skilled EPM resources, allowing our clients to save up to 50 percent in deployment time.
The longer that businesses remain outside the cloud, the more that their IT and finance leaders will continue to be challenged with questions such as:
- Is an on-premises solution truly the best long-term tech asset management framework for our company?
- Will the cloud favorably position us to rapidly exploit the emerging tools, techniques, and technologies that modern organizations use for their financial operations?
When Are You Moving to the Cloud?
By now, it’s no longer a question of whether you should move to the cloud, but rather when you plan on doing it. Recent surveys have shown that roughly 90 percent of businesses use cloud technology in some fashion, which means that you’ll be in good company.
Once you’ve decided to migrate to the cloud, here are some important considerations:
- Applications that are in transition should likely be moved to the cloud first, such as finance applications that are in need of an upgrade or other drastic change.
- Figure out what your expected ROI is before you make the move so that you have a point of comparison afterwards. By checking your software contracts, you may find that moving to the cloud will significantly cut your licensing costs.
- Cloud migrations are an excellent time to reevaluate your use of antiquated software applications, processes and systems. As your business changes over time thanks to growth and M&A, you need different things out of your IT infrastructure. For example, moving to the cloud is the perfect excuse to switch from Microsoft Excel to a world-class financial solution like Oracle EPM Cloud.
Oracle EPM Cloud
Leading the market in EPM cloud solutions is, of course, Oracle. Oracle EPM Cloud offers all the benefits of cloud computing with the security and support of a multi-billion dollar organization.
Oracle EPM Cloud includes seven applications for various financial processes.
- Oracle Enterprise Planning & Budgeting Cloud (EPBCS)
Download our mini white paper to learn more: Cloud Options: Oracle EPBCS.
- Oracle Account Reconciliation Cloud Service (ARCS)
Download our mini white paper to learn more: Cloud Options: Oracle ARCS.
- Oracle Financial Consolidation & Close Cloud Service (FCCS)
Download our mini white paper to learn more: Cloud Options: Oracle FCCS.
- Oracle Profitability and Cost Management Cloud Service (PCMCS)
Download our mini white paper to learn more: Cloud Options: Oracle PCMCS.
- Oracle Enterprise Performance Reporting Cloud
Visit our website to learn more about Oracle EPRCS.
- Oracle Tax Reporting Cloud Service (TRCS)
Visit our website to learn more about Oracle TRCS.
Finance and IT leaders who truly understand cloud technology and the associated challenges and risks are better positioned to plan for and manage the impact of cloud computing on their business. In doing so, they’ll make their processes more efficient and productive and quickly gain an advantage over their competitors.
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Most people will encounter this error when their application tries to connect to an Oracle database service, but it can also be raised by one database instance trying to connect to another database service via a database link.
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