With close to 7,000 customers using Oracle Cloud, Oracle understands the factors that drive organizations of all sizes to migrate from an on-premise enterprise resource planning (ERP) system to cloud-based ERP systems. In many cases, access to more sophisticated tax analytics figures prominently among those factors.
Of course, the organizational pursuit of digital transformation also represents a pervasive driver of ERP cloud migration.
Companies commit to digital transformation to achieve strategic benefits, including revenue growth via new business models, product and service innovations, and higher levels of customer centricity. For example, a traditional manufacturing company might pursue the adoption of digital processes by developing new subscription-based maintenance services fueled by a combination of internet of things (IoT) sensors and greater connectivity between backend systems. A modern, cloud-based ERP system enables these types of offerings to be set up quickly, cost-effectively and in a risk-savvy manner.
CFOs and other corporate finance executives also choose to migrate ERP to the cloud to reduce IT infrastructure and maintenance costs. Another driver of this shift relates to tax. Finance and tax leaders increasingly recognize that a modern, cloud-based ERP system—one with tax engine functionality seamlessly integrated into its functionality—provides an opportunity to add value to the company via powerful tax analytics capabilities.
Vertex has been innovating with Oracle for more than 25 years and we’ve seen what factors help companies execute their ERP cloud migrations, and related tax technology integrations, in the most effective manner, as I will discuss in my next post.
PLEASE REMEMBER THAT THE TAX MATTERS PROVIDES INFORMATION FOR EDUCATIONAL PURPOSES, NOT SPECIFIC TAX OR LEGAL ADVICE. ALWAYS CONSULT A QUALIFIED TAX OR LEGAL ADVISOR BEFORE TAKING ANY ACTION BASED ON THIS INFORMATION. THE VIEWS AND OPINIONS EXPRESSED IN TAX MATTERS ARE THOSE OF THE AUTHORS AND DO NOT NECESSARILY REFLECT THE OFFICIAL POLICY, POSITION, OR OPINION OF VERTEX INC.