Cloud-based solutions have revolutionized business operations by enhancing agility and user experiences. This transformative shift is evident as businesses increasingly embrace Software as a Service (SaaS) applications for diverse functions. Oracle stands out as a leading provider of cloud technology offers an extensive suite of cloud solutions. This strategic adoption of cloud solutions empowers organizations to digitize their processes, fostering efficiency, scalability, and innovation in the rapidly evolving digital landscape. Rajeev Ranjan, Editor, Digital Terminal recently held an exclusive interaction with Kaushik Mitra, Senior Director, Cloud ERP, Oracle India. He shared insights about market trends, their offerings, cloud adoption and etc. Read below the excerpts:
Q: What are the anticipated growth trends for the applications market in India, and what factors underpin these projections?
A: The applications market has witnessed significant growth in recent years. According to the IDC, digital transformation spending in India is expected to reach $85 billion by 2026 as IT modernisation has been on top of the mind of Indian organisation In fact, the same survey states about 3/4th of the respondents indicated that they plan to spend more than what they have spent for DX initiatives in 2021. As companies aim to improve efficiency, strengthen security, and enhance customer experiences through technology-driven transformations, there is a growing trend that is gravitating towards investing in cloud-based solutions, AI, automation or other advanced technologies. The same report by IDC indicates key industries at the forefront of these digital investments in India which includes manufacturing, professional services, banking, government, retail, and telecommunications.
Here are some of the recent trends and advancements that we have seen: -
Boost Revenue Growth – Project-centric companies, particularly those in IT/ITes, can now monitor the immediate impact of inventory cost and valuation in real time. This empowers them to fine-tune their financial approaches, navigate complex billing scenarios, predict revenue, and pre-empt revenue leaks from overlooked change requests. This automation streamlines the entirety of their project-driven financial insights.
Embrace Industry 4.0 – The adoption of Industry 4.0 transforms key industries such as Manufacturing. Finance departments gain real-time insights into Inventory Cost and Valuation, allowing for optimized financial management.
AI, ML, and Risk Management – Financial systems increasingly integrate AI and ML to automate tasks, enhance period close processes, refine risk assessment, and improve fraud detection. These technologies streamline operations for financial institutions, facilitating more personalized services.
The Latest Enhancement - Numerous customers are now opting for cloud-based solutions to modernize their operations. They are willing to shift from traditional legacy systems to contemporary cloud solutions, aiming to eliminate manual processes and automate administrative tasks.
Analytics – Institutions are increasingly incorporating advanced analytics to gain profound insights into customer behaviour, market trends, and risk assessment. Making decisions based on data empowers them to provide personalized products, streamline operations, and pinpoint potential risks.
Q: Why is there an increasing demand from organizations to employ cloud-based application technologies to standardize, personalize, and modernize their business operations?
A: Cloud-based solutions bring agility and elevate user experience through the integration of AI and ML. Many businesses are adopting these solutions to digitize their operations, employing SaaS applications across various business functions, from enterprise resource planning and supply chain management to human capital management, advertising, and customer experience. These applications contribute to improved customer engagements, heightened business agility, and faster adaptation to change. Oracle distinguishes itself by offering a comprehensive suite of cloud offerings coupled with cutting-edge cloud infrastructure. This unique combination powers traditional and generative AI features that are embedded within Oracle Fusion Cloud Applications and creates a continuous feedback loop that drives the fastest innovation cycle in the industry.
Oracle's Fusion Applications Suite meets the specific needs of organisations as per their current business requirements. For instance, Shri Ganga Ram Hospital in healthcare sector highlights the benefits of Oracle's ERP and HCM solutions in enhancing scalability, flexibility, and process efficiency. HCM was implemented from the perspective of digitizing the complete HR functioning right from the biometrics of the employees. So here complete digitization means any new joinees' complete details including demographics, dependents, qualification experience, and certificates get recorded into the system. Subsequently, his or her promotion date, increment date, set leave arrangements, etc. gets monitored through a system. In finance and supply chain, myTVS, an automotive aftermarket digital platform and part of the US$2 billion TVS Mobility group has successfully integrated and digitized processes, enhancing business insights and decision-making to support future expansion. myTVS’ finance and operations data was earlier dispersed across multiple siloed on-premises applications.
In summary, Cloud-based solutions furnish the tools and infrastructure essential for accessing real-time data, effective collaboration, and leveraging advanced analytics. This culminates in improved financial decision-making, heightened agility, and overall enhanced financial performance for organizations.
Q: Why is there a growing need for organizations to standardize, personalize, and transform their business operations using cloud-based application technologies?
A: To achieve cost effectiveness, operational visibility and enabling better-informed decisions, organizations need cloud-based applications. Cloud based applications) help in eliminating manual process and automating administrative task. In India, Oracle caters to many Financial Services, Healthcare, Manufacturing and IT/ITES providers who’ve standardized on Oracle Fusion Cloud ERP.
For example, a prominent fertility clinic chain, Indira IVF leveraged Oracle technology to overcome challenges such as manual reconciliations and high costs. Besides, IFFCO eBazar partnered with Oracle to unify its finance operations and drive greater efficiency and productivity.
Q: How is Oracle actively contributing to the success of the healthcare industry by adopting a connected data approach?
A: Oracle is committed to providing customized solutions tailored to specific needs. Our healthcare solutions have been instrumental across the industry, trusted by prominent players like Apollo Hospitals, Shri Gangaram Hospital, Indira IVF, and others. Recently, we announced enhanced capabilities around workforce management within its Oracle Fusion Cloud HCM. These new features, Oracle Workforce Scheduling and Oracle Workforce Labor Optimization are designed to facilitate seamless connectivity between business and electronic health record (EHR) data on a unified cloud platform. Emphasizing a connected approach, we offer secure and reliable healthcare solutions that seamlessly integrate clinical, operational, HR, and financial data. This integration is designed to improve care quality and support informed decision-making for the overall well-being of individuals. Enterprises have already begun to turn towards consolidation and integration of their processes, and hence breaking down silos remains an essential factor for businesses - both globally as well in India. This connected enterprise strategy is working well for our customers.
Q: In what ways can cloud-based application technologies empower healthcare organizations in India to optimize operational efficiency and overall performance?
A: Healthcare institutions continues to face challenges with persistent staffing and workforce flexibility challenges, significantly impacting patient care. The integration of new-age technologies like AI, ML, and cloud solutions by providers aims to harness their potential for more efficient service delivery, addressing issues such as unpredictable demand and escalating administrative costs. They can explore financial scenarios to stay ahead of change. The healthcare institutions can effectively, reduce cost of care, and build a more responsive supply chain using cloud and can implement new business models such as value-based healthcare more easily and adapt faster when your business environment changes. Additionally, it can simplify supplier management, enforce compliant spending, and improve profitability.