What is Cloud ERP? Best Cloud ERP Software

Are you already familiar with what this software is, but unclear on the differences between products, or how to choose the right one for your company? Many businesses are choosing to move to the cloud. According to Gartner, the worldwide public cloud services market will be worth about $206.2 billion in 2019. But what is this software, and is your business ready for it?

What is Cloud Enterprise Resource Planning Software?

Cloud Enterprise Resource Planning software is a robust suite of applications that enable one source of truth for real-time data and business information. This technology can help you operate your business efficiently – with applications like financial management, logistics, sales, supply chain management, inventory management and more. Cloud ERP provides a great business management solution.

However, this software comes in a variety of forms. When choosing the right system for your business, first consider this: on-premise or cloud ERP software?

On-Premise or Cloud-Based ERP Systems?

Before the shift to this software began, companies utilized on-premise software systems. The term “on-premise” refers to the location of the ERP system’s hardware and its delivery. On-premise systems are installed on-site on physical servers that host business data and run the system.

Today, many businesses choose to run with a new software system instead of on-premise. Simply defined, cloud technology means storing and accessing data and programs over the internet instead of your computer’s software system.

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What Does “True Cloud” ERP Software Look Like?

Cloud software is more than just a solution hosted off-site and accessed via the internet. In terms of deployment, clients can be online fairly quickly and at a lower upfront cost than on-premise solutions. Additionally, major upgrades aren’t necessary because upgrades are automatically pushed out to customers when available.

These characteristics of cloud ERP tend to reduce downtime that customers can experience. When downtime does occur, most vendors offer substantial user support, diminishing the burden on an internal IT support team. In fact, many vendors have a commitment for uptime – NetSuite, for example, guarantees 99.5 percent availability for users and averages 99.96% uptime.

Cloud ERP software is equipped with tools necessary to improve productivity. As a modern technology, this software tends to be more flexible to use without adding customizations. Real-time data provides users with up-to-date business information, maintaining consistency across the organization. The software integrates some or all of the essential functions to running a business, e.g. accounting, inventory and order management, human resources, customer relationship management (CRM), etc. – into one complete ERP system.

Top Benefits of Cloud ERP Software

While you’ve explored the individual benefits of ERP Cloud Software and NetSuite, their software also makes them similar in a number of areas. This software include a number of benefits, including:

Real-time dataWithin a cloud ERP system, data is always up to date for users to access, providing context to business decisions using the most accurate information.
Mobile capabilitiesDue to its use of the internet to operate, cloud ERP software systems and the information they contain can be accessed from any permissible device, including cellphones, tablets and more.
ScalabilityInstead of licensing the full software as with an on-premise system, companies have a choice to purchase just the applications needed to run the business. Whether you decide to focus on your supply chain or streamline your finances, additional applications & software can be purchased and added later as the business evolves.
No upgrades neededNo upgrades needed – as previously discussed, both ERP Cloud and NetSuite are run in the cloud, meaning all users operate on the same version. Upgrades are not necessary to implement new functionality or updates.
Modern user experienceERP Software is now widely accepted as a business tool, but that wasn’t always the case. And while acceptance as such has improved, businesses are still on the road to digital transformation. ERP Cloud Software not only includes mobile capabilities to keep employees connected but agile, real-time analytics provide you with the ability to make informed decisions and personalize the experience for both the employee and customer.

Why Are Companies Choosing to Move to Cloud ERP Software?

Although there can be cost savings associated with switching to this software, cost is not the main reasons companies are moving to the cloud market.

Many business leaders trust cloud ERP software for its security. These Software Systems utilizes up-to-date measures to protect business data stored on its servers, meaning all service users are protected by these security features. However, many times when security breaches do occur, they are preventable – what is crucial is how it is handled. Software Vendors have employees dedicated to rectifying these breaches and recovering any data lost or damaged. This also improves the uptime of enterprise software, which is usually about 99 percent.

The internet has opened the door for numerous capabilities within enterprise resource planning software. Companies operating on cloud ERP software are using or can consider integrating some of technology’s cutting-edge trends, such as artificial intelligence (AI), Internet of Things (IoT), machine learning, mobile access, social media integration and more.

These new technologies not only enhance the workflow of your operations by streamlining business processes and automating manual tasks, but also improve your business intelligence and help modernize how you reach your customers.

There are a few ways people are a factor to many business leaders as they make the move to the cloud.

  • Providing modern, efficient tools for employees. Many CFOs, CIOs and other top executives are pushing their organizations to the cloud in order to provide the best technology and user experience for employees, both new and old. Better user experience aside, cloud technology enables employees to better do their job more efficiently – saving the business time and money.
  • Being able to attract top talent. Today’s IT talent pool is more experienced with cloud technology. These potential employees are keenly familiar with the cloud and how it operates. They expect and want to work with modern technology.
  • Building a technology roadmap fit for the future. Forward thinking executives are building strategies that include digital transformation and a plan to incorporate the latest capabilities into their enterprise tech stack.
Oracle, Oracle ERP Cloud, manufacturing cloud, Terillium

Should you decide to take on a new software, the people you have on your team can bring vital skills to your project.  Evaluate those skills to determine your needs – do I need to add a person to my team who possesses a certain expertise that will help us maximize our use of software? Is it better outsourced to an external resource? Understanding your needs provides more context and value to your business requirements.

Hiring employees with profesional experience, and modern tech, accounting, or software experience in general, can create a positive domino effect. Having people with these capabilities on your team can encourage other employees to take training and gain new skills, and also attract other new talent. Ultimately, these team improvements lead to more efficient processes, cutting costs in the long run.

The Selection Process – Not All Software Services are Equal

As with anything, there are high-quality options and low-quality options. Businesses interested in operating a true cloud software solution should opt for a SaaS product, such as ERP Cloud software or NetSuite.

But there’s more to consider – what are the right software systems for your business? To begin your selection process, determine the answers to three questions:

  • Why are you doing the project?
  • Who will be involved?
  • Who is the best implementation partner for your company?

 

There are a number of reasons your business can benefit from implementing cloud ERP software systems. First, evaluate your company’s main priorities for implementing this system. Major factors include:

  • Business requirements – Understand what you need from your ERP system. Do you require a shorter financial close and improve cash flow? Are you focusing on growth and business expansion? Certain ERP software services are better optimized for specific modules like finance or supply chain, or are more flexible to scale with a growing business.
  • Fit for your company – Once you’ve determined your business priorities for an ERP system, consider your company itself. Business size and industry, for example, may eliminate software from consideration – some are optimized to work best in certain industries while others are better equipped for smaller businesses, rather than larger enterprises.

 

Next, put the right team together. This is not just an IT or software systems project – it’s a business project. Involve people from across your professional organization in the conversation. What departments will use the new system? What do they need from it? How many end users do you have? Ensure employees from a variety of levels are included, from the C-suite down.

Finally, choose an professional implementation partner you trust. Vendors have their own specialties, so choose a partner whose expertise is aligned with your priorities. Also ensure your partner has a methodology for implementation that has a successful track record. While it should be formal, it should also be flexible to adapt to your organization’s needs & software. ERP has come up with various data management ways for any enterprise and to maintain each record efficiently.

Why ERP Cloud is the Future of Business Technology

As you look to the future for your business, ERP software must always be innovating as well. While you rely on analytics to deliver insights on your operations, real-time information provides a clear picture into those processes. Interconnectivity and ease of information sharing encourages collaboration, allowing employees and departments to understand business data faster and better. This technology helps with the full suite of business management applications, from Financials, Project Accounting, and Inventory Management to CRM

Cloud ERP Software Best Practices

Once you’ve chosen your software and a partner, consider some best practices to ensure a successful implementation.

As with any project, start with a plan. Determine your focused, defined business objectives. What are the main benefits you’re looking to gain from your new software? Communicate these clearly to your partner so the team is aligned and the project scope is understood.

As your project progresses, test – a lot. Terillium uses an iterative testing process that ensures the functionality of your software service is operating properly and from end-to-end.

If you’re planning to integrate any third-party software, do it soon and don’t wait to do this later. Integration requires coordination with external sources, which can hold up the company’s timeline and progress.

A good plan is clear and defined, but changes are normal as projects progress. Document everything often and maintain open lines of communication with all involved in order to manage expectations.

Oracle Cloud ERP Software

Cloud services are being used for many types of business applications. In fact, a recent survey by the Oracle Applications Users Group showed that 70 percent of respondents plan to adopt Oracle solutions in the next three years, while 35 percent are planning some sort of Oracle adoption in the next 12 months.

Oracle’s ERP Software as a Service (SaaS) products include ERP Cloud Software and NetSuite – both are great professional solutions built to run your business more effciently. How do you know whether ERP Cloud Software or NetSuite is right for you? Let’s explore.

 

Oracle ERP Cloud Software

ERP Cloud software is a solution known for its scalability and flexible architecture. It’s built to grow with your business by offering a full suite of cloud applications for your most necessary functions, including finance, project management, supply chain, project management, risk management and more.

As with other software, implementing ERP Cloud software means you are always on the same software release as other users – updates and new functionality are distributed automatically. This includes security – Oracle utilizes state-of-the-art security measures to protect data. This can be especially positive for growing businesses that may not have the budget to implement their own strict security features.

 

Oracle NetSuite

NetSuite software is the world’s first true cloud ERP platform and a leading solution for thousands of proffesional businesses. Its “all-in-the-box” nature comes fully integrated, allowing businesses to run their operations entirely on the platform. NetSuite software is an affordable option for smaller businesses requiring a single location for all business data. Accounting for this option is cheaper than other options.

Known for its user-friendly tools, NetSuite software allows users to customize their dashboards in order to personalize their experience with the software and work more efficiently. Companies can automate manual processes using some of their main modules, such as order management, supply chain, production, procurement, fulfillment, finances and more. Its flexibility makes it an effective solution for smaller businesses but is robust enough to grow with companies as they expand.