Many organizations have a long-standing history of using Enterprise Resource Planning (ERP) systems, but there is a growing trend of adopting and integrating with cloud computing capabilities and digital technologies to drive operational processes and business model transformations. While the existing literature has contributed to our understanding of ERP, there is a need for more comprehensive insights into the evolving nature of ERP within the cloud context to support exploitational and/or explorational activities. In this study, we conducted a systematic literature review (SLR) involving 33 articles sourced from seven major academic databases and mapped them within the exploration-exploitation framework of March to uncover (1) the purpose of researching ambidexterity within the context of cloud ERP, and (2) the way in which an exploration-exploitation framework manifests in a cloud ERP context. Our findings reveal a substantial evolution in the ambidextrous context of ERP research and uncovers aspects and dimensions unique to the cloud ERP domain. Building upon these results, we propose a context specific version of the exploration-exploitation framework that addresses the prevailing topics identified in this review. The proposed framework provides practical assistance to academic researchers, industry practitioners, and organizations in navigating digital transformation, achieving ambidexterity, and maximizing the benefits of cloud ERP.