Organizations are being forced to make transformative decisions regarding back-office application infrastructure. Legacy applications need to be upgraded, and on-premises users are likely starting to see the benefits of moving to a cloud-based software solution. Due to remote work, the pressure is on to manage company resources efficiently from a distance.
We’re seeing organizations start to put serious effort into determining the best enterprise accounting and financial management solution that meets their organization’s needs. Different vendors and erp systems offer a myriad of benefits and drawbacks. Here, we’ll compare and contrast two solutions, Oracle Cloud Financials (ERP Cloud) and Workday so that you can make an informed decision regarding the enterprise software solution that best fits the needs of your organization.
Oracle Cloud Financials
Financial professionals expect a modern back-office solution that provides everything in one place which will enable better decision making, offer an intuitive user interface, and makes the day-to-day workload easier.
Oracle Cloud Financials offers a single stack solution to it users, creating a secure and vertically integrated solution hosted on Oracle’s very own servers. For customers wanting a single stack and single tenant application/ERP solution, Oracle ERP Cloud is the only solution on the market. It’s built on best of breed on-premise applications but offers the convenience of the cloud. What’s more, Cloud Financials is FEDRAMP certified which meets United States government security requirements.
With embedded AI and machine learning capabilities, Cloud Financials users are able to see improved usability and efficiency while also reducing human error through automation of core processes and providing guided actions for users. Along with all self-service screens being mobile responsive, ERP Cloud users can configure notifications to send and receive SMS text, push notifications, and approvals by email. Cloud includes mobile support with Microsoft Teams and Slack as well.
Workday offers a single system that supports financial transaction processing, multidimensional reporting, consolidation, planning, and compliance while ensuring a consistent user experience accessible from both desktops and mobile devices. The Workday Financial Management system is built on an adaptive foundation that provides organizations with the financial management capabilities users want in a cloud-based application.
From the financials side of the house, Workday offers native payroll for the United States, Canada, United Kingdom, and France, with the option to connect to other payroll providers in order to manage global payroll. Human resources professionals can use dashboards that show payroll by groups as well as individuals to understand overview and drill-down metrics.
From a maintenance perspective, Workday utilizes a weekly downtime schedule with customers experiencing 300+ hours of maintenance downtime in a normal year. With both of these cloud-based solutions, you’ll see benefits such as being able to quickly gain a more complete and accurate picture of your organization, while also equipping your executives and managers with relevant, contextual financial insights. Diving into the unique needs of your organization and assessing which tool makes the most sense for your organization can be a daunting task.
The good news is you’re not faced with making this decision alone. Our team of Elire Experts are here to help. Reach out to [email protected] to set up a time to discuss how our team of trusted advisors can help you throughout every step of your ERP implementation journey.