Times are changing, and so is technology. Existing enterprise dynamics have undergone a significant change, and the Oracle ERP cloud project implementation has fundamentally altered the age-old conventions that businesses followed. Large and progressive firms are steadily moving towards cloud-based ERP to future-proof their organizations.
According to Statista, the worldwide cloud ERP industry is expected to increase by 13.6 % annually and reach $40.5 billion by 2025. According to Oracle's ERP and ERM Top Trends Study, 79 % of finance departments either are using cloud-based ERP and EPM today or want to do so soon.
Let’s take a closer look at Oracle ERP implementation with a 6-step guide
A business can truly set itself on a path of reinvention and redesign its protocols only when it kicks off the process of ERP implementation. This typically takes a few months and is rather challenging since an ERP system supports and automates a wide variety of tasks.
In this 6-step process, let's understand the important things to do when implementing the Oracle ERP cloud application:
1. Select the ideal Oracle ERP cloud implementation partner
Industry knowledge is critical for ERP implementation initiatives to succeed. Your Oracle ERP cloud implementation partner must have prior experience working on projects similar in size and scope to your business. If your industry is highly regulated or has other peculiar characteristics that require specialized understanding, ensure that your Oracle ERP implementation partner is well equipped to manage these demands.
2. Plan the ERP Project
Breaking down a larger project into smaller goals is easier to document and achieve. So, define and create project categories for teamwork, design, and scope while simultaneously managing a cloud migration project. In contrast to typical on-premises projects, the benefits of a cloud ERP project become apparent straight away, and the evidence is quantifiable.
5 categories may be used to classify a cloud project's components
- Project definition
Understanding the problem areas is critical to the effectiveness of any project. Without clarity, rationale, and interpretation, problems will develop quickly. Determine the aim of the Oracle ERP implementation project by first creating a mission statement and then outlining your goals and objectives.
Business process consultants and data analysts who can set up and implement best practices and define user roles and responsibilities are essential to the success of any cloud project. Analytics and reporting are key aspects of any such project and having the right people behind the scenes can ensure a seamless implementation and integration experience.
The design must incorporate comprehensive data definitions, user requirements, and all the essential business processes. The design document should include the primary outputs: the programs that will be implemented, any third-party software, and relevant integrated systems.
Decide the order in which the different company divisions and geographical regions will be covered. Some features might be kept for a subsequent release after the first go-live. Here, you should specify a few crucial metrics that will be used to monitor and assess your finished product after it goes online.
Collaboration between teams is crucial for the full-fledged adoption of the Oracle ERP cloud. Consider branding your project with a name and logo to raise internal awareness.
3. Prepare for Oracle Cloud ERP implementation
The project design should ideally be implemented once the basic tasks are completed. The cloud project requires considerably fewer resources to implement than a typical on-premises solution.
Five indispensable activities that go by the acronym ‘CIDER’ are often involved in implementing a cloud project:
4. Examine the tasks for Oracle Cloud ERP setup
Reviewing the accuracy and completeness of the project is essential once the implementation is finished. Old data from legacy systems must be preserved or migrated, security must be carefully examined, and all applicable job roles, positions, and titles must be verified. It’s critical to involve stakeholders at this point. They can serve as advocates for good practices and keep the business from deviating from its set course.
5. Implement Oracle ERP Cloud solution
After the verification is complete, make a to-do list and ensure the users are ready. Employees should have their usernames, passwords, and any other relevant information to access the newly implemented ERP solution. To guarantee that the business is ready to embrace and include ERP in its ecosystem, emphasize change management and make your employees familiar with the new Oracle ERP application.
6. Post Go-live Support
Delivery includes launching a product, promoting it, going live and cloud-managed services. Even if there are a few isolated problems, they must be resolved by prompt user assistance. The project team should diligently monitor system performance along with the relevant network and IT infrastructure specialists.
Wrapping it Up
Choosing the right consulting partner for your ERP installation determines if your organization’s digital transformation initiatives will succeed or not. Making the wrong decision leads to a loss in terms of money, effort and time.
Over the years, Mastek has built a reputation within domestic as well as international business circuits - as one of the most reliable Oracle ERP partners. Value creation by streamlining a complex network of operations is a risky task that can quickly go downhill if not handled by an expert consulting partner. Mastering Oracle ERP implementation comes naturally to Mastek, and with our core strengths and experience, we build a resilient future for you.