The News: This week at Oracle ERP Summit, the tech giant rolled out several new innovations within Oracle Fusion Cloud Enterprise Resource Planning (ERP) and Oracle Fusion Cloud Enterprise Performance Management (EPM) designed to help customers gain insights they need to run their businesses efficiently and effectively. Watch the full video announcements here.
Oracle ERP Summit Full of Announcements and Updates to Automate Process and Enhance Decision-Making
Analyst Take: Oracle’s ERP announcements today continue to showcase their desire to exceed customer expectations and deliver products designed to improve customer success. Their customer-first mindset is on full display as the updates look to automate monotonous tasks for finance, operations, and procurement teams freeing employees to focus on more strategic tasks. New features include:
- Risk Management & Compliance APIs. Organizations can reduce their risk by simulating potential security issues, ensure employees are enabled with the correct access permissions, while analyzing security as a whole across the application.
- Procurement Spend Classification. With machine learning capabilities, procurement teams can gain greater insight into spending patterns enabling them to manage supplier relations more strategically, increase negotiation performance and reduce costs.
- Oracle Intelligent Document Recognition (IDR) Reporting. Employees can gain insight into invoice scanning accuracy with the new reporting tool in Oracle Cloud ERP. This visibility will help employees discover new areas of growth and improvement that can improve the accuracy of finance operations.
- Enterprise Performance Management (EPM) Enterprise Journals. Finance teams often spend a significant amount of time manually moving entries from EPM applications to ERP systems. This time-consuming process is inefficient and potentially riddled with errors. With the new feature, the entire journal entry process is streamlined, from creation to management, reducing the potential for errors.
- Oracle Fusion ERP Analytics. The new spend and procurement analytics template allows procurement and finance teams to tap into machine learning to gain insights on drivers of profitability, spend operations, and other financial processes including employee spend. The update also includes multi-language support enhancements enabling seamless operations.
- Oracle Intelligent Performance Management (IPM) Insights. This new tool analyzes large amounts of financial and operational data to identify and highlight patterns that can be used to improve operations, efficiencies, and overall business performance. Finance teams can spend less time collecting and cleaning data and more time making decisions that will positively impact the organization.
Overall Impressions of Oracle ERP Summit
This new series of features, available in Oracle Cloud ERP, Oracle Cloud EPM, and Oracle Fusion ERP Analytics, continue Oracle’s upward growth trajectory with the spotlight clearly on how solutions can be better for the customer. While ERP solutions abound, delivering features that will make a difference in the customer experience will be the ultimate differentiator, making these tools worthy of consideration from finance, procurement, and operations teams. I continue to be impressed by the announcements that Oracle is making this quarter and I’m sure we will see more before the year is over.
Disclosure: Futurum Research is a research and advisory firm that engages or has engaged in research, analysis, and advisory services with many technology companies, including those mentioned in this article. The author does not hold any equity positions with any company mentioned in this article.