Preparing to Adopt ERP Cloud - A Step by Step Cloud Migration Checklist

In the past, migrating to the cloud was reserved for larger companies operating in multiple locations; however, whether companies of various sizes will migrate to the cloud is no longer a question of 'if', but 'when'.

Facts to Think About Before Moving to ERP Cloud

  • Current Trend: The cloud-based ERP market size is increasing, and it is projected to grow up to $37 billion by 2024.
  • CFO's Trust: Most CFOs are looking for cloud ERP with features like a comprehensive global solution designed for organizations of any size and industry. Finance and IT leaders who truly understand cloud technology know that Oracle Financials Cloud has a complete solution like security, uptime, remote access, revenue recognition standards, governance, and risk management tools.
  • ERP Cloud - Need of the Hour: Almost every organization has at least one application in the cloud. However, now that numbers continue to grow, and organizations are moving their critical applications to the cloud, they are also aware of the associated challenges and risks of it. To manage this, CFOs choose the right Oracle Cloud partner to position better themselves and manage the impact of cloud computing on their business.
  • Cost Effective: After moving to the cloud, it becomes less expensive to run rather than a hybrid of on-premises and cloud operations. Many organizations are moving towards the cloud as the total cost of ownership for cloud ERP is comparatively less than an on-premises solution.
  • Business Impact: The processes are more efficient and productive.
A Guided Journey with Oracle Consulting: Key deliverables commonly included when moving Oracle Applications to the Cloud
Steps Involved in Oracle ERP Cloud Migration

  • Planning: Any good plan will always start with brainstorming. The major challenge has always been understanding what opportunities or limitations the migration will bring to the business table. Ensuring you have expert help right from the start is important if you want to develop an effective strategy that is tailored to meet your organization's needs.
  • Choose a partner: Hiring experts to assist you through the project will give you access to years of experience. You will have professional guidance to ensure you choose solutions that meet your needs while remaining compliant with industry standards.
  • Journey to the Cloud: The best way to develop an effective roadmap for your ERP Cloud migration is by understanding where you are and determining where you need to go. This means carrying out an assessment of your current processes - a comprehensive audit will help you identify opportunities.
  • Implementation Steps: A comprehensive audit will also help you determine what solutions would be beneficial and how to implement them. This helps you make better use of current resources, change management, process navigation, and project guidance
Do you have an effective cloud migration strategy? Consider the tips above in developing your strategy for a smooth transition.

Conclusion:

Failing to adhere to processes and protocols can result in serious consequences for your organization, such as loss of your license.

If you're considering migrating to the ERP cloud, consider seeking a qualified and experienced partner to guide you through the process to reap the benefits in areas like financial planning, analysis reporting, subscription billing, and revenue recognition.

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