The Ever - Growing Impact Of Digitalisation

Pradeep Agarwal, Senior Director - Cloud, Oracle | Tuesday, 15 January 2019, 05:42 IST

Why should CFOs focus on digital development?
The digitalization will enable greater collaboration across the enterprise. Already CFOs are benefitting from cloud solutions that provide a single source of truth for important data and enable secure collaboration. The CFOs will use digital tools to ensure that everyone in the business has ac­cess to the data they need, when they need it. This will enable bet­ter decision making based on deep real-time insights.

Cloud will change how CFOs bring the business together. Cloud applications for  ERP,  EPM, SCM and more are easy for everyone to use and will support diverse members of the company in participating in tan­dem toward a common goal. With more collaborative planning and reporting processes, the CFO and the business can more easily achieve business goals.

Currently, what are the important business trends where CFOs should be focusing on?
In the next few years, millennials of today will become the CFOs. Millen­nials are focused on more innovative ways of accelerating business success. They are not only willing to embrace the tide of digital disruption sweep­ing the profession, some of them are shaping it, and will use it to their ad­vantage – leading their companies on a data-driven business transformation.

The CFOs will do more with less. To get more value from the same level of resources, automation and adop­tion of technology will be necessary – for financial close, planning, budg­eting, forecasting, tax reporting, al­locations, management reporting and so on. Today’s routine finance tasks should be completely automated so that resources can be more effectively used to combat disruption and deal with change.

In coming years, CFOs will be more trusting of technology than today’s CFOs. In a future where the sheer volume of data flowing into an organization will render it impossible for humans to analyze, technology will play a crucial role.

The CFOs, in the future will em­brace alternative work styles, those that incorporate a wider range of free­lance and contract workers. This ap­proach will effectively widen the talent pool and enable businesses in India to address the skills shortage.

How has digital transformation impacted organizations?
Digital technologies, particularly SMAC (Social, Mobile, Analytics and Cloud) and big data are becom­ing formidable combinations and are disrupting all industries. The realities in which businesses function, has un­dergone a sea change. In the digital age, the business model is transform­ing from selling a product, to selling a service. Smartwatch manufacturers are now offering health and fitness services. Telecom providers are moving into home and health moni­toring for the elderly, while software vendors, have moved from selling software to providing a service, delivered via the cloud and billed on a subscription basis.

This overlapping of ERP and IoT seems inevitable. Data from IoT will further enhance ERP systems' efficiency. In­sights from AI and machine learning will further strengthen the ERP systems. This culmination will enable business leaders to take better decisions based on data driven insights. For example, sensors can communicate details about lack of or excess of inventory, allowing supervisors to better manage ordering and replenishment while minimizing the possibil­ity of human error. This parlance can be extended to all the functions of organisations and the advantages that can be reaped are not difficult to imagine. However, there are a few considerations that organisations need to make while opting for ERP and IoT integration. The ERP platform must be able to handle the wealth of information created by IoT sen­sors, in addition to the data it already processes. The data se­curity capabilities in place across both platforms. To support information-driven decisions as well as protection, business­es will need to ensure end-to-end safeguarding, especially as data assets travel from one system to another.

How is Oracle enabling CFOs across industries?
New technologies such as IoT, Big Data Analytics, and Adaptive Intelligence etc. are powerful tools that are help­ing the CFOs in addressing the challenges that digitalization is throwing at them. One of the most lucrative impetus to move ERP and other core applications to the cloud is grow­ing as businesses look to adopt a range of emerging technol­ogies, including artificial intelligence, blockchain, chatbots, and the Internet of Things.

We understand the power of automation in solving busi­ness problems for our customers, so we have integrated it into all our applications. We have applied the same thinking to the cloud upgrade process to create an end-to-end solution that will enable our customers to experience a rapid, pre­dictable, and cost-effective journey to the cloud.  It's now easier to move from Oracle E-Business Suite to Oracle Fusion ERP in the cloud, than it is to upgrade from one version of E-Business Suite to another. Oracle cloud ap­plications will enable such transitions without any hiccup, neither from technology point nor from business practice perspective. All they must do is nothing, because once they have done Oracle Soar and get moved to the cloud, Oracle will take care of any updates for you.

Oracle Soar includes a discovery assessment, process analyser, automated data and configuration migration utilities, and rapid integration tools. The automated pro­cess is powered by the True Cloud Method, Oracle’s pro­prietary approach to support customers throughout the journey to the cloud. It is guided by a dedicated Oracle concierge service to help ensure a rapid and predictable upgrade that aligns with modern, industry best practices. Customers can keep the upgrade on-track by monitor­ing the status of their cloud transition via an intuitive mobile application, which features a step-by-step im­plementation guide indicating exactly what needs to be done each day.

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