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Top 8 Reasons to Consider Cloud Enterprise Resource Planning (ERP)

Posted by Jamie Carpentier

Jan 11, 2017 11:05:42 AM

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Here is what you should know about Cloud ERP:

  1. Organizational Efficiency – You have lots of different software for different processes. The legacy systems you are using as a “system of record” don’t have the same data structure, so the data doesn’t easily work together. Cloud ERP integrates these systems so that every business function references the same consistent data model. That means a single, unified systems platform to execute business processes against to train on, and to efficiently leverage throughout the business.
  2. Accurate Records – Many companies still suffer from having “multiple versions of the truth” – incorrect and inconsistent information across the business. This can lead to significant operational inefficiencies across the business, customer satisfaction and retention issues and can have a negative impact on overall corporate financial performance.  Cloud ERP integrated reporting addresses this issue by leveraging an integrated suite of reporting and analytics tools to provide real time visibility to up to the second enterprise performance metrics allowing organizations to respond to complex data request more quickly and accurately. The uniformity of record data in an ERP system helps ensure that records are more accurate, which increases process accuracy.
  3. Reporting and Analytics – What tools does your current system provide to dive into the data? Your decision-making process is only as good as the quality of the data coming from your reports and analysis. Cloud ERP provides a single, unified platform with several powerful reporting tools built in. End users can generate and maintain their own detailed reports and analytics, without having to rely on IT. Efficient access to tools that enable smarter decision making means more success for your business. Cloud ERP gives you that.
  4. Financial Close – Takes too much time! The system components don’t work nicely together and legacy processes inhibit a timely financial close. Cloud ERP can decrease the time it takes to complete the monthly and quarterly financial close processes. Leveraging tools and processes that are deeply embedded across the entire system all the data and the task that are needed to efficiently execute the close are organized for action through a series of visual system indicators and notifications. With all financials accessible across a single integrated platform, accounting staff won't have to spend hours cross-posting information, rekeying numbers, or reconciling data manually.
  5. Financial Controls and Governance – With legacy systems, it can be a challenge to validate the effectiveness of financial controls. Cloud ERP has a full module that monitors and automatically reports against compliance with implemented financial controls such as SOX.
  6. Customer Satisfaction – Your customers want to know when their order will ship, or you need to know whether you have enough of a critical component to accept a rush order.  ERP gives you real-time visibility into your operations and your supply chain, and staff in every department will have access to the same, up-to-the-minute information. You can provide high-quality customer service as relationships are improved through faster and more accurate access to customers' history and information.
  7. Controlled Costs – The most efficient way to stabilize your business during varying market conditions is by reducing costs and maintaining the profitability that allows continuous business development. Cloud ERP is designed for rapid deployment into the organization and the intuitive user interface design allows for rapid adoption and high utilization across the enterprise. This results in a lower cost for initial implementation and an overall lower operating cost over the lifetime of the solution deployment.
  8. Complex IT - Having multiple systems across your business means that IT is responsible for customizing and integrating them, and maintaining them with patches and upgrades. This can be complex, costly and requires critical time and resources. Cloud ERP can give you the agility to respond to changing business needs rapidly and at a lower cost basis. The cloud solution also significantly reduces the traditional complexities associated with updating the system and adding new functionality.

If you’re struggling with issues in your legacy systems, it’s time to consider ERP.

Learn more about implementations of Cloud ERP here.

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Topics: consolidations, financial reporting, Cloud Hosting, Hyperion, oracle, erp, cloud erp, enterprise resource planning