Oracle announced its fiscal 2023 Q2 results. Total revenues were up 18% year-over-year to $12.3 billion, with cloud services and license support revenues up 14% to $8.6 billion. Fusion Cloud ERP revenue was $0.6 billion, up 23% and NetSuite Cloud ERP revenue was also $0.6 billion, up 25%. FinancialForce announced the general availability of its Winter 2023 Release. The new release strengthens FinancialForce’s Services-as-a-Business (SaaB) approach, bringing together key capabilities for running any services business efficiently and effectively. QAD closed the acquisition of Livejourney, a provider of a real-time and predictive flow (process mining and process monitoring) solution designed to discover, monitor, and improve business processes. Salesforce announced the general availability of DevOps Center to help teams release technology solutions faster.
Hi and welcome to episode 69 of The ERP Minute. I am your host, Rebekah McCabe.
Last week, Oracle announced its fiscal 2023 Q2 results. Total revenues were up 18% year-over-year to $12.3 billion, with cloud services and license support revenues up 14% to $8.6 billion. Fusion Cloud ERP revenue was $0.6 billion, up 23% and NetSuite Cloud ERP revenue was also $0.6 billion, up 25%.
Overall, Oracle’s announcement tells us a lot about what is happening in ERP right now. Its increase of 18% in a single quarter is outstanding, a trend we have seen from vendors across the market in 2022, further backed by the growth of its cloud revenue by over 50%. Oracle is clearly leveraging its on-premises licensing and maintenance streams to grow its SaaS solutions. These results further demonstrate that cloud software is still in its infancy, with Oracle’s cloud revenue growing at a steady 40%. With NetSuite and Oracle Cloud ERP being equal in revenue, it is clear that NetSuite as a separate product is here to stay, and Oracle Cloud ERP is definitely a major contender in the ERP space, more now than ever before.
In other news, FinancialForce announced the general availability of its Winter 2023 Release. The new release strengthens FinancialForce’s Services-as-a-Business (SaaB) approach, bringing together key capabilities for running any services business efficiently and effectively. These capabilities include automation, intelligence, and innovation, in addition to Advanced Resource Management for the Professional Services Cloud for enhanced flexibility and control during the staffing process, as well as the automation of manual tasks.
The enhancements being offered by FinancialForce will extend the reach of businesses, providing them with a 360-degree view of their customers, as well as powering service operations. In a time of talent shortages and staff turnover, the Advanced Resource Management offerings also assist businesses in moving beyond the economical trend.
Then, QAD closed the acquisition of Livejourney, a provider of a real-time and predictive flow (process mining and process monitoring) solution designed to discover, monitor, and improve business processes.
The process mining trend covered in previous episodes continues with this acquisition. Vendors are allocating more and more resources to the delivery of process mining tools, indicating that the demand for these solutions is greater than ever. It will be fascinating to see the trajectory of these solutions as we charge into 2023.
Finally, Salesforce announced the general availability of DevOps Center to help teams release technology solutions faster. DevOps Center will make it easier to collaboratively build, test, and deploy custom solutions across Salesforce – including automations, applications, and experiences – that connect to real-time customer data.
This new set of tools will assist customers in managing their custom solutions more effectively in the Salesforce applications. Many organizations have used Salesforce as a customer development framework, so this will help them manage the “customization conundrum” becoming increasingly prevalent as composable applications and PaaS solutions grow. For more information, check out our article, “ERP Customization Conundrum: Best Practices for Implementing Your ERP System” through the link in the show notes.
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