As the pandemic is forcing people to work from home, cloud-based enterprise resource planning (ERP) is a crucial element that allows people to securely access resources and data remotely from anywhere, says US computer tech powerhouse Oracle.
According to global research firm Gartner, IT spending through 2022 for cloud-based offerings by enterprises will grow faster than non-cloud IT offerings, making cloud computing one of the most disruptive forces in IT markets.
There has been a substantial increase in requests for cloud solutions among end users, while inquiries for on-premise or hosted solutions have fallen dramatically, said Gartner.
IT spending by enterprises increased following the emergence of Covid-19 last year as businesses are gearing up for digital transformation.
The IT budget of business is expected to rise 2% from 2020-2021, according to Gartner's global survey of 1,877 chief information officers.
IT spending rose among the retail, bank, insurance, consumer goods, utility, heavy manufacturing and government sectors.
Oracle said its Oracle Fusion Applications, an ERP suite, meets business operation requirements and improves business performance.
Cloud computing is considered one of the most disruptive forces in IT markets based on growth trends.
Wallapa Piemnoppakao, general manager and head of applications for Oracle Thailand, said key challenges enterprises face with traditional applications is how to respond to changing market conditions, the pace of innovation, inflexible systems and predictability of costs.
"Running business through cloud services ensures enterprises in Thailand and Asean can operate at the same pace and deliver the same speed of innovation as other global markets," she said.
Oracle provides updates for Oracle Fusion Cloud ERP and Oracle Fusion Cloud Supply Chain & Manufacturing every year, said Ms Wallapa.
More than 13,000 of its Fusion Cloud applications customers are on the same version and get access to all the latest features and functions, she said.
Oracle Fusion Cloud is a complete suite of applications built to work together with no integration required and flexible adoption.
The latest updates on Oracle Fusion Cloud ERP help customers take advantage of new growth opportunities by applying touchless processes that enhance the user experience and make work easier, Ms Wallapa said.
The goal is improving operational efficiency and successfully reducing costs, she said.
New capabilities within the application are machine learning-enhanced intelligent performance management, financial reporting skills for digital assistants, risk management workflows and dashboards, unified project planning, budgeting and execution, said Ms Wallapa.