Several companies are using Oracle to provide cloud related solutions. Many of them are availing the offers made by Oracle for adaptive intelligent applications coming in the Oracle Cloud Suite package. This includes Enterprise Resource Planning, Human Capital Management, Marketing, Sales and Supply Chain Management. Oracle Enterprise Resource Planning Cloud is helping to incorporate a collaborative, efficient and intuitive back-office hub integrating the latest mobile and analytics technologies. Regarding the functioning of the top positioned individuals, Pradeep Agarwal, Senior Director, ERP Cloud, Oracle India highlights the fascinating facts. He also informs about the customer benefits and upcoming technologies.
1. Can you please talk in detail about the co-relation between CFOs and CMOs?
One of the most important changes that digitalization has brought in, is the tearing down of silos. There has to be unhindered flow of information and data between all organization function so that every function can take well thought out and insights-based decisions. CFOs and CMOs head two extremely important functions and have been at loggerheads, historically. Lack of an analytical approach has contributed to a barrier between marketing and finance—often leading to difficult conversations.
Today, marketing is looked upon as a revenue generator and not as a cost centre. Modern marketers cannot take solace in just being creative or artsy. They are expected to make decisions based on the insights culled out from the same heap of data, which is available to the rest of the functions including the finance. CMOs must become true collaborators with CFOs and adopt an MROI approach driven by analytics. The good news is that the same mountains of data that can deliver an array of value-creating insights can also help CMOs demonstrate marketing return on investment at a level of detail that the CFO expects. The strongest CMO–CFO partnerships develop when both the conversations are focussed on the metrics, balance short-term and long-term value creation, consider both savings and spending, and seek opportunities to collaborate.
2. Finance and Marketing are two diverse and equally important organisation functions. How can CFO and CMO make sure that there is synergy between the two?
In the emerging market conditions, it has become imperative for finance to understand customer’s expectations and wants. Traditionally, this has not been their role. But to be a better partner internally, finance needs to understand the trends and challenges for their external customers. Often improving customer experience involves making big changes to business models, changes ranging from how products and services are produced, to how customers interact with the organization. Finance teams need to up-skill themselves in analytics and communications, to assist organizations in making well informed, strategic decisions. CMOs and CFOs have to work hand-in-hand with IT and finance teams in order to deliver a higher return on marketing efforts. They will be increasingly seen as game changers as customer experience and data analytics take center stage in business operations.
3. Do you have any customer examples where marketing and finance functions have worked in such synergy?
Bajaj Electricals, one of India’s well-known consumer durable companies, opted for Oracle EPM cloud as part of its digital transformation for internal processes. They were able to consolidate their financial reporting and gained a significant reduction in reporting time, thus enabling greater scalability. It also helped them to drive better insights and controls. The customer is also aiming to create a quick, lean and efficient organization, that can enhance the quality of life of its customers. Hence, in addition to the Oracle EPM cloud, it is also using bots powered by Oracle on its website to address service requests and other queries by end consumers.
4. What solutions does Oracle provide to its customers so that they can get the maximum benefits from ERP and CX cloud?
Oracle Cloud applications offer the most complete application suite with the best technology, enabling fast innovation with a modern UX and customer-first approach. When Oracle CX Cloud is tightly integrated into Oracle ERP Cloud, fast-growing companies can provide differentiated customer experiences. Connecting data from Oracle CX Cloud and Oracle ERP Cloud provides a complete view of the customer. A unified ERP and HCM cloud solution provide insights into how change impacts budgets, forecasts, talent, resource allocation, and more. Our strategic Fusion ERP and HCM SaaS cloud applications suite revenues grew over 50% in the fourth quarter, and we expect continued strong growth from our Fusion SaaS suites throughout FY19.
4. With emerging technologies on horizon, how is Oracle enabling its customers to be on top of their game?
Machine Learning and Artificial Intelligence have become an important part of the conversations and the customer is keen to know more about these technologies. AI & ML are now prevalent in every functional area of the customer starting from marketing & sales till customer experience. Oracle’s approach is to embed these technologies into our solutions, so customers receive timely upgrades automatically, in the cloud. Today, our integrated solutions are helping CFOs & CHROs make strategic business decisions rather than worry about churning out reports manually. AI if used right can empower business functions and employees at large and with such shifts, we foresee a man-machine collaborated workforce rather than any conflict when it comes to the future of work.
