Oracle hosted an Oracle Partner Network (OPN) webcast yesterday with some exciting updates to Oracle Cloud ERP and EPM.
Market Highlights include:
- ERP SaaS market will reach $23.8 Billion in 2018 for 17% CAGR since 2013 (IDC); ERP includes accounting & finance, procurement, supply chain, and HR
- Accounting and Finance was ~25% of the ERP market in 2016 (BCC Research)
- Procurement Market (full Source-to-Pay) is growing rapidly with total revenues of $7.9 Billion in 2017 for 13% CAGR (Forrester)
- Mid-size companies are expected to make up the majority of cloud customers
- Oracle has around 10,000 E-Business Suite customers, of which over half are mid-size
- Organizations are reducing their TCO by over 50% and increasing their ROI by 3.2 when moving to Oracle Cloud
- Simultaneously access real-time financial data & automate processes
- Improve cash inflows and manage cash positions across the enterprise
- Reduce transaction processing costs, data entry errors, and delays
- Comply with global accounting standards, legislative, & industry requirements
- Modernize, simplify, and accelerate project planning and execution
- Improve collaboration and productivity among project teams and managers
- Realize maximum savings and simplify purchasing with self-service procurement
- Standardize and streamline sourcing negotiations and contract creation
- Ensure contract compliance by monitoring for standard language deviations
- say staying current on technology is a top benefit of ERP Cloud (ERP Trends)
- Average age of ERP systems nearing 20 years (ERP Trends)
- Average lifespan of an ERP system is from 10-20 years (e2bteknologies)
- ERP performing more routine, core processing typically done in Excel (CIO.com)
- Compliance with SOX, GDPR, etc. becoming more critical for ERP (CIO.com)
For more on Cloud ERP, visit Elire’s Cloud Services Page here.
