Amritsar, NFAPost: As the global business landscape is under the grip of Covid-19 pandemic related slump, Oracle Fusion Cloud solutions have come up innovations to tide over the adverse situation by way of helping finance and supply chain team.
To help customers who are facing challenges of supply disruptions, market volatility and shifting global trade patterns, Oracle has come up with the latest updates to Oracle Fusion Cloud Supply Chain & Manufacturing (Oracle Cloud SCM).
Also, to help finance leaders build resilient and adaptable businesses and revert back to growth trajectory, Oracle also announced updates to Oracle Fusion Cloud Enterprise Resource Planning (ERP) and Oracle Fusion Cloud Enterprise Performance Management (EPM).
Finance Teams Build Resilience
Oracle important updates to Oracle Fusion Cloud Enterprise Resource Planning (ERP) and Oracle Fusion Cloud Enterprise Performance Management (EPM) helps finance leaders to chart a course back to growth.
These important updates help finance teams leverage technologies including AI, digital assistants, and analytics to enhance productivity, reduce costs and improve controls. In addition, new industry solutions enable customers in Oil & Gas, Manufacturing, and asset intensive industries to improve business processes and achieve faster time to value.
New AI and machine learning, analytics and security capabilities of ERP include:
- Predictive Planning: Helps organizations identify and leverage trends and patterns in financial and operational data. With access to predictions at data load time, organizations can see prediction and forecast variances, identify variance patterns, and make plan revisions on the fly to improve the quality and timeliness of decisions. Predictive Planning is now available in EPM.
- Intelligent Code Defaulting: Helps organizations improve the accuracy and efficiency of processing payables transactions by leveraging machine learning to recommend account codes. The algorithm adapts based on past actions to evolve with business changes.
- Intelligent Document Recognition: Improves the accuracy and efficiency of financial information ingestion from PDF and other popular financial document formats to reduce (or even eliminate) manual invoice entry. The system learns over time and adapts to changes within invoice formats to increase accuracy as businesses evolve.
- Digital Assistant Skills for Time Entry and Projects: Help organizations reduce the effort required to submit and review time sheets, track the status of projects, and escalate time entry and project management issues. As a result, the new conversational user interface improves the user experience and increases business efficiency.
- Embedded Incident Management: Helps organizations enhance data protection by providing intuitive, embedded incident reporting workflows that can be used to conduct investigations, create actions, and track and update incident status.
New industry solutions in ERP include:
- Joint Venture Accounting: Helps organizations in industries such as Oil and Gas to reduce partner disputes, improve cash flow, and gain real-time visibility into the financial state of joint ventures by automating transaction processing and introducing role-based tools to manage exceptions. With improved transparency and digital collaboration with joint venture partners, customers can focus on uncovering patterns and identifying strategic opportunities.
- Project-Driven Supply Chain: Supports the complex business processes of manufacturing and asset intensive organizations where the supply chain must work in the context of a specific project. Now generally available, this end-to-end solution across ERP and Oracle Fusion Cloud Supply Chain Management (SCM) allows customers to capture, invoice, and capitalize project-driven material, manufacturing, and maintenance costs in one integrated solution.
To further assist customers through this time of crisis, last month Oracle announced that the company would be making Financial Statement Planning, which includes Strategic Modeling, available to all Planning customers free for the next 12 months. To help customers gain the most value from these free capabilities, we are also providing with step-by-step guides and online tutorials.
Oracle India Vice President Applications Prasad Rai said in the long-run, Oracle expects, technology to play a strategic role in every single business process of an organisation, initiative or aspect of the value chain as they pivot to become the Future Enterprise.
“Such businesses underpin business processes with technology, are fueled by innovation and are cloud-enabled. Some of our customers also are looking at technology investments with a fresh lens to emerge on the other side of the crisis more resilient, digitally empowered, and adaptable, and ready to capture new growth opportunities,” said Oracle India Vice President Applications Prasad Rai.
Digital economy
Oracle India Vice President Applications Prasad Rai said he foresee that in the coming months, a truly digital economy will take centre stage and technology companies will play the role of ‘trusted advisors’ to businesses.
“Oracle equipped with cutting edge state-of-art solutions, is in a position to play this role. We have worked with enterprises of all sizes and industries like UST Global, RBL Bank, Save the Children, Tata Sons, Hindalco and many more during this crucial time by enabling their path to business continuity,” said Oracle India Vice President Applications Prasad Rai.
Oracle Senior Vice President, Applications Development, Rondy Ng said these latest innovations are designed to help finance teams rapidly adapt to the current economic climate, explore new business models, improve strategic decision-making and begin the journey back to growth.
“While there is no easy solution to the challenges that finance teams face, my team is committed to helping customers adapt as best they can and plan for whatever comes next,” said Oracle Senior Vice President, Applications Development, Rondy Ng.
Supply Chains as a Driver of Resilience & Growth
Global supply chains have undergone a massive stress test in 2020 and the latest updates to Oracle Fusion Cloud Supply Chain & Manufacturing (Oracle Cloud SCM) help customers address the challenges presented by widespread supply disruptions, market volatility, shifting global trade patterns, and changing customer expectations.
Supply and demand
The latest planning and management solutions in Oracle Cloud SCM will help customers build more resilient supply chains that can drive growth. They do this by helping customers improve the efficiency of company-wide operations, gain greater foresight into supply and demand across their networks, and deliver enhanced service to their customers.
- Replenishment Planning: Many organizations have experienced massive fluctuations in demand this year. To help our customers manage these changes and maintain the right level if supply at all times, Replenishment Planning enables organizations in multiple industries to predict consumption and to plan and execute replenishment in an efficient and manageable way. Highly automated and fully customizable, Replenishment Planning is a new capability in Oracle Demand Management.
- Backlog Management: The changes we have all experienced this year have provided a forcing function to rethink many established processes. To help our customers rethink the traditional “first-come, first-served” approach to backlog management, our new Backlog Management capabilities enable organizations to prioritize their entire backlog of open orders so they can fulfill their most important orders first. Backlog Management is a new capability in Oracle Supply Chain Planning.
- Depot Repair: Maintaining customer service levels at times of extreme change can be incredibly difficult. To help our customers address this challenge, we have added a dedicated solution for managing the entire flow of work in repair organizations to Oracle Field Service. With Depot Repair, organizations can quickly and easily repair and return their customers’ assets, debrief on the work performed, and properly bill for the services rendered.
- Project-Driven Supply Chain: The context within which almost every organization operates has changed this year. To help manufacturing and asset intensive organizations ensure their supply chain strategy aligns with changing business context, we have introduced Project-Driven Supply Chain. This end-to-end solution across Oracle Cloud SCM and Oracle Fusion Cloud Enterprise Resource Planning (Oracle Cloud ERP) allows customers to capture, invoice, and capitalize project-driven material, manufacturing, and maintenance costs in one integrated solution.
- Channel Revenue Management: Shifting demand and consumption patterns have made managing channel revenue harder than ever. To help customers address this challenge and efficiently manage their trade programs, Channel Revenue Management automates processing and settlement in the cloud. This will enable customers to streamline business processes while helping them increase overall revenue, profit, and market share. Channel Revenue Management is a new solution in Oracle Cloud SCM.
Oracle India Vice President, Applications, Prasad Rai said in the long-run, he expects technology to play a strategic role in every single business process of an organisation, initiative or aspect of the value chain as they pivot to become the Future Enterprise.
“Such businesses underpin business processes with technology, are fueled by innovation and are cloud-enabled. Some of our customers also are looking at technology investments with a fresh lens to emerge on the other side of the crisis more resilient, digitally empowered, and adaptable, and ready to capture new growth opportunities,” said Oracle India Vice President, Applications, Prasad Rai.
Enterprises of all sizes
Oracle India Vice President, Applications, Prasad Rai also foresee that in the coming months, a truly digital economy will take centre stage and technology companies will play the role of ‘trusted advisors’ to businesses.
“Oracle equipped with cutting edge state-of-art solutions, is in a position to play this role. We have worked with enterprises of all sizes and industries like UST Global, RBL Bank, Save the Children, Tata Sons, Hindalco and many more during this crucial time by enabling their path to business continuity,” said Oracle India Vice President, Applications, Prasad Rai.
Oracle Senior Vice President, Applications Development, Rick Jewell said While his team is acutely aware there is no magic wand to eliminate the supply chain challenges organizations are facing, the new updates will provide crucial insights needed to create efficient and resilient supply networks.
“And regardless of what comes next, we’re fully committed to helping our customers and partners reimagine their supply chains to return to business growth,” said Oracle Senior Vice President, Applications Development, Rick Jewell.
