At Oracle OpenWorld in San Francisco, Oracle has announced the latest updates to Oracle Enterprise Resource Planning (ERP) Cloud and Enterprise Performance Management (EPM) Cloud. The latest product and machine learning updates would enable organizations of all sizes to enhance productivity, reduce costs and improve controls.
The latest product and machine learning updates to Oracle ERP Cloud, announced during Oracle OpenWorld, would enable organizations of all sizes to “quickly and easily” take advantage of innovations in artificial intelligence (AI), digital assistants, natural language processing, and the Internet of Things (IoT).
- Digital Assistants – This would reduce the effort required to submit and review time sheets, track the status of projects and escalate time entry and project management issues. Users can interact with the assistant via a conversational user interface for an improved user experience and heightened business efficiency.
- Intelligent Document Recognition – This would improve the accurate and efficient ingestion of financial information from pdf and other popular financial document formats to reduce or eliminate manual invoice entry. Using self-learning capabilities, the system recognizes and processes supplier invoices and adapts to changes within invoice formats over time for “superior” accuracy, faster access, and a reduction in manual entry errors.
- Predictive Planning – This new capability in Oracle EPM Cloud would help customers identify and leverage trends and patterns in financial and operational data. Auto Predict would improve the quality and timeliness of planning decisions – by enabling customers to access predictions at data load time, see prediction and forecast variances, identify variance patterns and make plan revisions on the fly.
- IoT Monetization with Subscription Management – This would allow customers to drive new revenue streams by feeding IoT data through usage meters to improve product insight and bring usage-based monetization models to market. Integrated with Oracle Cloud Applications, users can create “flexible” new upsell and cross-sell offers with consumption-based charging, while “seamlessly” managing billing and revenue.
- Lease Accounting with IFRS 16 Support – This would improve insight into lease renewals and enhance business decision making via a single repository for all lease contracts, automated lease accounting and disclosure reporting in compliance with IFRS 16, ASC842 and GASB87 accounting standards.
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“Oracle continues to extend its lead in the Cloud ERP market with powerful new innovations to support the changing demands placed on finance and operations teams,” said Rondy Ng, senior vice president, Applications Development, Oracle. “Integrating intelligent assistants and machine learning capabilities into Oracle ERP Cloud enables customers to reduce the number of mundane – but important – tasks for their employees. This improves productivity and accuracy, enhances business insight and decision making and helps free up employees for strategic, creative and fulfilling work.”
Improving Business Processes
To help customers improve business processes and achieve faster time to value, recent and upcoming updates to Oracle ERP Cloud also address several industry needs. These would include:
- Vocado Student Financial Planning for Higher Education – This would enable informed academic and financial decisions, reduce time-to-aid eligibility and first disbursement for students, and improve efficiency of financial aid processing – to help higher-education organizations meet compliance requirements. Automated financial aid packaging that supports programs with real-time synchronization with Federal data sources would reduce institution overhead and time to aid processing.
- Labor Distribution for Higher Education, Healthcare & Public Sector – This would allow users to accurately distribute payroll costs, reduce errors via labor schedules, and satisfy audit and reporting requirements – for improved cost transparency and analysis. This would enable organizations to “improve budgeting processes, leading to informed resourcing decisions, and a better understanding of profit margin drivers.”
- Joint Venture Accounting for Oil & Gas – This would help customers 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. This would enable customers to improve transparency and collaboration with joint venture partners.
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