By Angela Culver, Oracle GVP Buyer Advertising and marketing & Measurement
In the course of the early days of the pandemic, some firms put digital transformation plans on maintain as they reassessed for the sudden. Others took their cloud capabilities to new heights to fulfill altering demand, accelerating their timeline to change into totally remodeled enterprises.
Now, as the top of the pandemic could also be getting nearer, many individuals are asking: The place’s one of the best place to focus digital transformation efforts in 2021? Based mostly on what Oracle SaaS prospects and business leaders are saying, we anticipate organizations to deal with these 4 areas of their 2021 digital transformation efforts:
Finance: Extra motion from on-premises functions to SaaS
Pandemic disruption made finance leaders notice they should act (and react) quicker than they’ve prior to now. These utilizing on-premises functions struggled to assist their companies be nimble, however firms utilizing Oracle Fusion Cloud ERP and EPM were able to adjust faster using machine learning-driven course of automation, cross-function collaborative planning, predictive evaluation, and situation modeling.
Our prospects have advised us that in the course of the pandemic, they noticed the true worth of those applied sciences for simpler forecasting regardless of volatility and for environment friendly, touch-less interval closes. Matt Bradley, an Oracle Senior Vice President, summed up his observations throughout a five-part webcast series on reimagining agile finance:
“CFOs already in the cloud feel relief that they’ve been able to close the books virtually and collaborate across time zones to rapidly model and adjust scenarios in real-time. Those who haven’t moved to the cloud may be feeling some regret at not moving forward with plans to modernize, especially in areas critical to crisis management, such as strategic planning and scenario modeling.”
Provide chain administration: Modernization will ease disruptions
In 2020, it was extra necessary than ever for organizations to have full visibility throughout their provide community. This allowed them to get forward of provide disruptions and demand swings with fast choices. For a lot of the pandemic was a catalyst, accelerating cloud transformation.
For instance, beloved butter (and plenty of different meals) producer, Land O’Lakes, noticed extra disruption in an eight-week interval in 2020 than it has skilled within the final eight years just because it needed to repurpose meals usually packaged for meals service shops to go to retail shops as an alternative. Consequently, it needed to revise plans every day to fulfill the brand new altering calls for of the market.
The corporate determined to maneuver from an on-premises model of Oracle Transportation Administration to the cloud version, which proved instrumental in serving to it meet unprecedented demand with out lacking a beat.
Land O’Lakes skilled the excessive threat of outdated options for provide chain administration and made a swift change; we anticipate extra firms to observe its lead in 2021.
Buyer expertise (CX): A continued deal with assembly altering wants
Buyer expectations for high quality service had been already evolving earlier than COVID-19. Immediately, their wants shifted dramatically throughout the globe, in all industries, and spanning business-to-business and business-to-consumer gross sales channels. To be able to sustain, Oracle prospects relied on expertise to assist ship on the elevated demand for a memorable and immersive buyer expertise (CX).
For Exelon, a Fortune 100 vitality supplier that considers CX a aggressive differentiator, Oracle Customer Experience (CX) supplied a complete resolution that went far past CRM in an effort to meet their present and long-term wants.
Exelon had already dedicated to digital transformation to remain forward of disruptive rivals earlier than 2020, and when the pandemic hit, it served to underscore the worth of this dedication.
When one in every of Exelon’s greater than 10 million prospects reached out to an agent with a query or downside, the agent might entry a single, 360-degree view of that buyer to ship a extra personalised and empathetic response.
This human-centric functionality continues to be a differentiator for Exelon, and the corporate can be turning into extra environment friendly at customer support. Enhancements embrace a 20% discount in again workplace work and a 10% enhance in on-line invoice cost completions.
Human Capital Administration (HCM): Utilizing AI to enhance worker psychological well being
A brand new Oracle examine of office psychological well being has uncovered a rising want for organizations to assist their workers handle their psychological wellbeing, an space that’s ripe for alternative utilizing instruments enhanced with synthetic intelligence (AI).
The Workplace Intelligence survey discovered that 78% of the worldwide workforce mentioned the pandemic has negatively impacted their psychological well being and that they’d moderately speak to a machine than an individual. In the identical survey, 75% mentioned AI has helped them at work by offering the data they should do their jobs, automating duties, and decreasing stress.
These instruments might take the type of user-facing digital assistants or software program automation that eliminates tedious, unsafe, or time-consuming duties. What’s most necessary is that AI could make the office a safer and fewer irritating expertise.
For instance, Office Depot is utilizing Oracle Digital Assistant pre-built integration with the Oracle Cloud CX Service to attenuate in-person contact when a buyer has a query or service difficulty. As a substitute of coming into the shop, the client can use the Assistant, which robotically addresses primary assist questions, intelligently hands-off assist points to a human agent, after which shares the preliminary dialog thread with the agent. This functionality let Workplace Depot serve extra prospects remotely when fewer of them had been in a position to come to the shop for service points.
Subsequent step: The place are you able to modernize?
2020 compelled many firms to embrace digital transformation quicker than initially deliberate. Like Land O’Lakes, altering demand meant they merely couldn’t wait to broaden their capabilities. For different firms similar to Exelon and Workplace Depot, the time they’d already invested in digital transformation gave them invaluable instruments to serve prospects in new methods throughout a disruptive and making an attempt 12 months.
The lesson for all firms is that the time to modernize is now – it has by no means been extra necessary to be agile and within the cloud.
Modernize with Oracle SaaS functions: Learn More.