What is the Future of Oracle Cloud ERP?

With businesses moving forward with the digital age, Cloud ERP has become more popular than ever. Here are the recent innovations within Oracle’s Cloud ERP program: 

• Procurement spend classification

New machine learning (ML) capabilities will help your procurement teams automatically categorize unclassified business transactions to provide greater insight into spending patterns. Prebuilt reports also provide visibility into machine learning accuracy, helping teams continuously improve line-item classification performance. Procurement professionals can now dedicate more time to making strategic purchasing decisions instead of just gathering and cleaning data. Automated, accurate spend classification enables customers to manage suppliers more strategically, increase negotiation performance, and reduce costs

• Oracle Intelligent Document Recognition (IDR)
  
  New adaptive learning increases the accuracy of invoice scanning and improves touchless processing. When users make corrections in the interactive IDR viewer, each invoice edit trains the machine algorithms and improves future recognition. Telemetry reports enable Payable users to see a significant increase in supplier invoice recognition rate due to continuous closed-loop learning. Customers can quickly onboard IDR and realize value while reducing manual finance operations.
  
  

• Oracle Intelligent Performance Management (IPM) Insights
  
  IPM Insights uses data science to help you identify anomalies, trends, and biases to improve forecast accuracy and provide actionable business performance insights. It analyzes large amounts of financial and operational data to identify and highlight patterns, many of which may not be immediately apparent to humans, such as a tendency to over- or under-forecast key metrics every period. This enables finance professionals to spend less time chasing and analyzing data, and more time acting on valuable insights and opportunities.

• Oracle Fusion ERP Analytics
  
  Oracle Fusion ERP Analytics is a prebuilt solution that leverages machine learning to help professionals across departments uncover underlying drivers of profitability, improve the use of working capital, and control business costs. Employees can analyze payroll and attrition trends using Oracle HCM and ERP data or monitor the procure-to-pay cycle with supply chain and finance data. In the latest update, Oracle Fusion ERP Analytics adds new spend and procurement analytics to its prebuilt library, allowing procurement and finance professionals to manage and improve spend operations.

• Oracle Enterprise Performance Management (EPM) Enterprise Journals
  
  This new capability enables finance teams to streamline the creation, management, and posting of journal entries. Enterprise Journals automates and posts journals directly from Oracle Cloud EPM to Oracle Cloud ERP (or any existing ERP system), providing a single place to manage and track journals. Prebuilt templates and workflows streamline the journal entry process and reduce the potential for errors.

• Risk Management and Compliance APIs
  
  Best practice security rules can be analyzed prior to granting ERP access, helping to prevent inappropriate access as well as privacy or separation of duties (SOD) violations. Potential issues are detected in identity management workflows using a self-learning risk graph engine that is able to analyze complex security setups that would previously require full teams to review. This reduces risk to your business during periods of high employee churn without requiring additional resources.

Tangenz is a trusted partner of Oracle solutions and can help integrate your businesses with Cloud ERP successfully. 

With all these recent developments in Oracle’s Cloud Infrastructure, it’s best recommended to move with the times and invest in Oracle Cloud ERP for a better and futuristic database management.