Cloud computing has topped CEOs’ list of priorities in recent years and has become an important topic in board discussions. Fierce competition and ever-changing economic and technological dynamics have driven organizations to continuously scale their processes, and the cloud is a fundamental enabler.
One such organization that counts on its cloud investments is SBI General Insurance. With a presence in more than 137 cities in India, it currently serves three key customer segments: Retail, Business and SMB. Operating in the BFSI sector, one of the fastest growing sectors of the Indian economy, SBI General Insurance relies on cloud applications to enhance and optimize its internal and external operations.
The company has gradually strengthened its digitization process and has now moved many of its digital applications to the cloud for faster and seamless customer service, although the hybrid environment it has chosen includes both on-premises deployment and cloud use.
“Our overarching goal to become a digital-capable organization drove us to choose the Oracle Fusion Cloud ERP solution. We implemented their Digital Procurement Module because it allowed for rapid implementation and the flexibility to ‘pay based on actual usage’. We were able to streamline, automate and improve our procurement operations thanks to the advanced built-in capabilities,” said Anand Pejawar, Deputy Director (DMD), SBI General Insurance.
“Cloud applications enable organizations of all sizes to transform and grow themselves, especially SaaS applications and embedded AI and ML capabilities that help companies improve their core processes. The flexibility, scalability and agility of cloud-native applications allow organizations such as SBI General Insurance, operating in a highly dynamic environment, to grow exponentially,” said Prasad Rai, vice president, Global Strategic Clients Group, Oracle India.
Cloud adoption is often referred to as a time-consuming and costly process. However, the long-term benefits for organizations outweigh the initial challenges. From cost-effectiveness to scalability with speed to rapid deployment and risk management to elimination of IT interruptions and easier data access, cloud adoption offers countless benefits. This is well reflected in the exponential growth of cloud investments in various sectors.
“We use and evaluate financial cloud modeling so that stakeholders can take appropriate action in the cloud adoption process. Cloud adoption gives us the flexibility and flexibility to experiment with and adopt new solutions and innovations,” said Pejawar. “It helped us integrate and migrate our accounting, financial management, project management and procurement activities to a smart, AI-enabled platform.” He added: “By leveraging the Cloud ERP solution, we were able to consolidate all our procurement-related operational processes on a unified platform, reducing manual work and enabling faster turnaround times.”
CIOs view cloud deployment not only as a technology strategy, but also as a business move. “Cloud computing has helped our processes significantly from a business point of view. It has significantly enhanced growth and facilitated our transition to a data-driven organization,” said Pejawar.