Oracle expands its AI potential within Oracle ERP Cloud and Oracle EPM Cloud
At the Oracle Modern Business Experience conference in Las Vegas, Oracle confirmed a series of updates to the Oracle SaaS suite that expands its focus in finance, HR and within the supply chain.
This week Oracle announced they had expanded their artificial intelligence capabilities with the Oracle ERP Cloud and Oracle Enterprise Performance Management (EPM) Cloud. The innovative new systems include an expense reporting and project management assistant, enhanced financial controls and expanded supply chain management.
Rondy Ng, the senior vice president of Oracle Applications Development explains that Oracle continues to provide its promise to its customers of progressive financial innovation. Rondy states that their AI strategy, along with new product updates will enable efficient adoption with effective business results, allowing finance and operations teams to stay ahead of technological developments and remain competitive.
The latest machine-learning based systems will allow finance and operations teams to allocate more time on new initiatives that improve the efficiency and compliance of business processes. New innovative products include:
Expense Reporting Assistant – streamlining expense reporting by automatically creating and matching expense items. Users can work with the assistant via a voice interface or by sending images to the assistant via email or SMS. The assistant uses machine learning to improve the process of ordering expense items and reducing audit risks.
Project Management Assistant – providing rapid project updates and allows users to update time and project progress via an assistant. The assistant learns from previous entries, planning data to modify interactions and collect project information.
Advanced Financial Controls – provide continued analysis of transactions and configurations to create automated audits and ensure financial disruptions are closely monitored. The system uses self-learning algorithms to measure system changes and transactions against a sophisticated set of algorithms.
Advanced Access Controls – Using AI techniques to automate user security analysis and ensure business data is protected from potential threats. The system uses graphical analysis to accurately measure violations hidden within security systems. The system consists of a range of data privacy rules to continually measure users, roles, setups and transactions.
Intelligent Supplier Management – Oracle DataFox integration provides expanded supplier profiles with AI-driven and business data to create supplier ranking and category formation. The system uses AI techniques to deliver risk signals from news content and press releases, which is combined with company data to automatically control risk to suppliers by examining which suppliers are at risk and suggesting alternative suppliers.
Other machine learning innovations for the Oracle ERP Cloud include:
-Intelligent Payments which allow companies to reduce their costs and solidify relationships with main suppliers by utilising supplier profile and risk data to create vendor offers in return for early payments.
-Intelligent Performance Management reveals difficult data patterns, delivering useful insights at the right time, improving the quality and impact of financial and operational decisions.
-Intelligent Process Automation allows for the automation of labour intensive jobs and enables businesses to assign employees to more specific strategic work.