Oracle released second quarter financial results on Thursday showing continued momentum in its cloud business, particularly through its cloud-based ERP products. The cloud ERP business is growing steadily and is expected to reach about $ 20 billion in five years, Oracle co-founder and CTO Larry Ellison said in a conference call Thursday.
“I think it will be much more important indeed,” he says before presenting his vision for the company. The accelerated growth will build on partnerships with key industries, he said, namely logistics and financial services.
By working together with the banking and logistics industries, Oracle could add functions such as delivery tracking, invoicing, payments and more directly to ERP systems in the cloud. Oracle, he believes, “will soon bring a whole new level of automation to business-to-business commerce,” creating new business-to-business supply streams that resemble the ease of business-to-business digital transactions.
This plan, he adds, will dramatically simplify the procurement and supply chain processes. “It represents a great new opportunity for Oracle to develop ERP systems in the cloud. “
Creating the partnerships necessary to complete this project will be facilitated by Oracle’s existing relationships, Larry Ellison suggests. Financial services, he says, will be one of Oracle’s two biggest verticals in the future (the other being healthcare). In addition, the company already maintains important relationships with logistics companies.
Crowd of new customers
Oracle currently has 8,500 Fusion ERP customers, with a 35% revenue increase. It also has 28,400 NetSuite ERP customers, whose billing increased 29%. Oracle’s entire cloud ERP business currently makes about $ 5 billion, the CTO said.
Of the 8,500 customers using Fusion ERP, only about 1,000 have exited the local Oracle product, and the remaining 7,500 are brand new customers.
“The vast majority of our cloud ERP business doesn’t come from our installed base,” says Larry Ellison. “They come from someone else’s installed base. “
At the same time, the company has another 6,500 on-premises ERP customers that it plans to migrate to the cloud.
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