Implementing ERP is the hard part. Now leverage that investment. Build in house expertise around oracle web / cloud development tools and data analysis tools to build the dashboards, reports and tools that your buisiness units need. These will be extensible and upgradable with future versions of erp suite. Data extracts and bespoke adjunct systems will inevitable become a pain to maintain and seldom serve the business well in the long run.
Assuming you've gone to the effort to implement a full suite including financials ( gl, ar, ap), order entry, mrp, maybe crm or logistics, you now have sound data for decisions that will make the business more efficient, productive, and profitable. Oracle tools and data appliance are relatively cheap compared to your overall investment and can deliver real benefits to the business much more quickly that bespoke systems.
Speaking as a former oracle consulting executive, I have seen many firms drag along old home grown systems or build new "solutions" around open source s/w on commodity h/w because it seems cheaper, but over time these become an end in themselves rather than a driver of business improvement. The mission of IT should be to capitalize on the investment made implementing the core systems to help the business become more profitable. In short, your CIO has it right.