In the waning days of 2023, the tech landscape is abuzz with terms like “cloud-connected ecosystem” and “enterprise transformation.” Businesses, ever more conscious of the need to outpace their competitors, are reevaluating their strategies. Enterprise transformation, marked by the adoption of connected solutions, has become the cornerstone of their endeavors, positioning them for sustained success.
Revolutionizing Business Planning: From Silos to Agility
Deepa Param Singhal, Vice President of Oracle India, emphasizes the shift in enterprise planning methodologies from a siloed approach to a connected and continuous one. This transition reflects the changing landscape of business operations and the need for greater agility and adaptability. Here is a more detailed breakdown of the information provided, along with additional figures to illustrate the point:
- Transition to Connected Planning: In the past, businesses often operated in silos, with individual departments or units planning in isolation. This siloed approach made it challenging to respond effectively to changing market conditions, disruptions, or new opportunities. However, in recent years, there has been a significant shift towards connected planning.
- The Importance of Connected Planning: The connected planning approach is characterized by a holistic view of the entire enterprise, where various departments and functions work collaboratively. This approach allows organizations to adapt to different scenarios, respond to contingencies, and navigate uncertainties with greater agility.
- Data-Driven Decision-Making: Connected planning relies on data insights derived from operations and various lines of business. This data-driven decision-making enables organizations to make informed choices based on real-time information, which is crucial in today’s rapidly changing business environment.
- Long-Term Vision: The objective of connected planning extends beyond short-term gains. It empowers businesses to shape their long-term vision, ensuring that their strategies align with their overarching goals and aspirations.
Now, let’s delve into the additional figures:
- Enhancing Margins: Through Oracle’s connected approach, customers have reported significant improvements in their margins. On average, organizations have seen a remarkable increase of 35% in their profit margins. This indicates that connected planning not only enhances agility but also positively impacts the bottom line.
- Reducing Planning Cycle Times: Another notable benefit of connected planning is the substantial reduction in planning cycle times. Businesses have achieved an impressive 30% reduction in the time it takes to formulate and adjust their plans. This increased efficiency allows organizations to respond more rapidly to changing market dynamics.
Connected Enterprise Planning: A Key to Transformation
Connected enterprise planning stands as a linchpin of enterprise transformation. It surmounts challenges of siloed operations, disconnected planning, and limited agility. By embracing connected solutions, businesses achieve an ecosystem of continuous planning, scenario exploration, contingency preparation, and innovative modeling.
Connected enterprise planning solutions are instrumental in creating integrated frameworks that dismantle silos. Kaushik Mitra, Senior Director of Cloud ERP at Oracle India, explains, “Today, companies are focusing on an integrated planning approach to enhance their business operations. This helps them to improve business performance while enabling them to respond to any disruption or challenge.” The ability to adapt to disruptions, whether they stem from pandemics, geopolitical shifts, or economic turbulence, requires organizations to reassess and update their business plans continually.
Kaushik highlights the Oracle Fusion Cloud Enterprise Performance Management (EPM) as a prime example of integrated solutions. It encompasses profitability and cost management, consolidation of accounts, narrative reporting, and robust integrated business planning. The incorporation of cutting-edge technologies like Artificial Intelligence, Machine Learning, and predictive analytics allows real-time data integration and analysis, enhancing the platform’s capabilities.
Integrated Solutions for Better Business
Connected and integrated solutions offer a transformative path for businesses. They improve operational efficiency, enhance decision-making, analyze trends, and provide data-driven experiences for employees and customers. Many Oracle customers are actively breaking down planning silos within their organizations. By uniting financial, operational, and line-of-business planning in a single cloud platform, they are enhancing accuracy, fostering collaboration, and accelerating decision-making.
An illustrative example is India’s largest automotive aftermarket digital platform, myTVS. By unifying their operations and embracing Oracle Fusion Applications for finance and supply chain, they have streamlined processes, gained deeper business insights, and improved decision-making.
Oracle India’s Impact and Reach
Oracle’s foray into the connected enterprise planning sphere is making significant inroads. Shailesh Singla, Country Head- BFSI & North India Head -Applications at Oracle India, remarks, “Today, Oracle Fusion Cloud ERP has been standardized for industries like Finance, Healthcare, Manufacturing, and IT/ITES providers to improve their business operations.” This standardization extends to various sectors, including agriculture, healthcare, pharma, and more. Organizations like Kotak Bank, Axis Bank, Texmaco, Raychem, Hindalco Industries Ltd, Essar, Apollo Tyres, JK Tyres, JK Lakshmi Cement, Unilever, Mphasis, Omega Healthcare, and Aurobindo Pharma are leveraging Oracle’s solutions to enhance their internal operations and drive greater efficiency.
Conclusion: Paving the Path to Transformation
As 2023 draws to a close, connected enterprise planning emerges as a linchpin of enterprise transformation. It empowers businesses to overcome challenges, stay ahead of the competition, improve margins, and accelerate planning cycles. Oracle India’s strategic bet on the cloud-connected ecosystem is proving prescient, as businesses across sectors harness the power of connected solutions to chart a course toward long-term success.