Healthcare continues to be plagued by financial, human resource, and supply chain inefficiencies. Hospitals and health systems involved in a merger or acquisition often continue to operate as separate organizations long after the event has been finalized, making it impossible to realize the intended efficiency gains and expected economies of scale. Even hospitals and health systems that haven’t been impacted by consolidation struggle to achieve consistency and standardization across the enterprise. While implementing a cloud-based ERP (Enterprise Resource Planning) solution can be an invaluable catalyst to enable standardization and consistency across the enterprise, the reality is that success is dependent on mindful and deliberate planning, the right execution, and an ongoing commitment to optimization and improvement.
The Benefits of Cloud-Based ERPs
Cloud-based ERP solutions represent a significant step forward compared to their legacy on-premise counterparts. They bring an entire enterprise into a single instance of the product: a single platform with a single data model. Finance (FIN), Human Capital Management (HCM), and Supply Chain Management (SCM) functions share common sets of values for content such as locations and cost centers, meaning the hospital or health system no longer has to manually map or translate redundant sets of values.