The beauty of a cloud platform is that it runs core, standardized systems and processes, yet can host the functions your business needs to develop and integrate with your core systems.
T he phrase “business best practice” can often raise hackles among entrepreneurs. It smacks of process-obsessed corporates rather than the more agile business that relies on distinct differentiators to grab customer share from larger competitors.
Best practice can deliver radically superior results to those achieved by other means. It is not confined to processes, as many would believe. It can be a visual way of expressing a transaction, or a graphics-rich, single dashboard with analytics and tools to help find valuable information, or even just an approach to the way we write an e-mail.
Adopting best practice saves money and helps your business be more responsive to market trends. Most notably, standardizing on the right best practices will, at a very low cost, establish a foundation that will support the business as it grows.
A good example of how this can work is a financial period close process. As the company accountant sits at the breakfast table and sees the little red icon on his tablet flashing, it can indicate that an action is needed on one of his KPIs. He can start a dialogue around that KPI with people that need to be involved, on a secure social platform on which they can collaborate. After a few exchanges and inputs from colleagues, he decides that a journal adjustment is needed. A year later when the accounts are audited, there is a trail of decisions taken and how those decisions were reached. By having that (internal) social platform on the cloud, alongside financial systems, they have access to rich information as well as verification of the decision-making process.
Oracle’s Software as a Service (SaaS) solutions include all aspects of running a business from HR and supply chain to financials, reporting, supply chain and procurement. We are firm believers in best practice and have saved $1 billion by implementing it ourselves. By no means are the processes so rigid as to lock out what makes our company unique and the same applies to our customers. Modern best practice is tailored by business function and by industry.
Standardising on the right best practices will, at a very low cost, establish a foundation that will support the business as it grows.
A “straightjacket” approach would hinder business growth. The beauty of a cloud platform is that it runs core, standardized systems and processes yet can host the functions your business needs to develop and integrate with the core systems. All this comes at a cost that you can control.
As part of its commitment to enable our customers in transforming their business by adopting the right end-to-end business processes, Oracle has published Oracle Modern Best Practice, an ever-expanding set of next generation best practices enabled by cloud, mobile, analytics, social, big data and the internet of things. Oracle Modern Best Practice is open and easily accessible at www.oracle.com/modernbestpractcie.