Oracle launches new updates to help build resilient businesses
The planned updates announced by Oracle will enable finance teams to become more resilient in challenging times. The pandemic has placed considerable pressure on finance leaders. In order to make businesses more resilient and adaptive, Oracle has launched a series of important updates to the Oracle Fusion Cloud Enterprise Resource Planning and the Enterprise Performance Management services.
The updates will enable finance leaders to utilise some of the latest technology available, including artificial intelligence, digital assistants and analytics. An additional number of new solutions will also allow certain businesses with a focus on asset-intensive activity a more efficient and quicker process.
Predictive Planning is one of the key updates to the ERP and EPM platforms, enabling businesses to view predictions, forecast and identify selected patterns.
Intelligent Code services will also enhance both the accuracy and efficiency of processing payments by utilising machine learning to intuitively recommend selected account codes. Intelligent
Document Recognition will reduce the time consuming process of document entry, improving the accuracy of the document filing. The system will continue to learn and adapt to understand changes with the business.
Digital Assistant Skills for Time Entry and Projects will enhance the overall process of submitting and assessing timesheets. It is also capable of monitoring project status and identifying certain time-management problems, improving the overall efficiency of a business.
Embedded Incident Management offers intelligent, embedded incident information on workflows that businesses can utilise to perform investigations, deliver actions and monitor incident status. Aside from the mentioned updates, there are two additional new industry solutions in ERP.
Joint Venture Accounting will reduce the possibility of partner disputes, improve the cash flow process and provide clear visibility into the financial performance of joint ventures for certain industries. This is achieved by automating transaction processing and providing role-based services to manage certain exceptions.
The Product-Driven Supply Chain feature, part of the new features released for Oracle Fusion Cloud Supply Chain Management will enable industries to manage their supply chain. This is especially useful for manufacturing and other asset-focused businesses. The new updates and services come together with Oracle providing its Financial Statement Planning and Strategic Modeling features as a free service to all planning customers for the next 12 months.