SAN FRANCISCO, Oct. 2, 2017 — Oracle OpenWorld — Oracle today announced that Oracle Enterprise Resource Planning (ERP) Cloud, the cloud solution of choice for finance, procurement and project management professionals, has significantly extended the breadth and depth of the solution including the introduction of new artificial intelligence (AI)-based finance and procurement solutions.
With more than 4,500 customers in 85 countries, Oracle ERP Cloud is the complete, innovative and secure financial platform delivered seamlessly through the Oracle Cloud. Part of Oracle Cloud Applications Release 13, the latest additions to Oracle ERP Cloud include modern capabilities for Financials, Procurement, Project Portfolio Management (PPM) and Enterprise Performance Management (EPM), which enable organizations to optimize operations with adaptive intelligence and standardize business processes, while lowering cost and complexity.
Artificial Intelligence
Oracle has expanded its portfolio of artificial intelligence-based ERP applications, which enables finance and procurement experts to improve how they manage and collaborate with suppliers. New AI-powered capabilities optimize payment terms offered to suppliers and improve cash management. They also help to identify the right suppliers for specific business needs. New Adaptive Intelligent Apps for ERP, embedded within the Oracle ERP Cloud, deliver immediate impact and value for business professionals and improve business relationships with suppliers. For further details, see the Adaptive Intelligent Applications expansion announcement.
Financials
This is a family of applications designed for organizations of all sizes looking to thrive in the digital economy. It empowers modern finance experts with streamlined processes and continuous embedded insights for better control and increased productivity. New capabilities in each of the solutions include:
- Accounting Hub: This solution now offers a highly scalable, virtual sub-ledger for high-volume, external transaction systems. It allows for consistent, standardized financial and management accounting policies across disparate systems, enforced compliance and audits, and additional management reporting attributes to drive insights and drilldown. It easily connects industry-specific transaction systems and third-party ERP systems to a primary ERP system.
- Revenue Management: This solution now accelerates the transition to the new accounting standards (IFRS16/ASC 842). It allows organizations to book revenue as performance obligations are satisfied and manage complex satisfaction schedules independent of billing schedules to help ensure liabilities and assets are valued at expected consideration.
- Bill Management: This solution now reduces the cost of billing and collections, while improving customer service. It delivers self-service, customer-led bill management via an intuitive, mobile-enabled user experience. Managing bills with Oracle includes real-time account review, dispute processing, and online payments, all instantly reflected on the customer account.
- Credit Management: This solution now monitors and evaluates the credit worthiness of customers and makes informed credit decisions. It allows for improved cash flow and increased billing efficiency via comprehensive credit profiles and policies, a streamlined credit review process, and flexible scoring models, which include third-party credit information integration.
- Dynamic Discounting: This solution now uses real-time internal and external supplier data to evaluate suppliers and recommend the best dynamic discount candidates using machine learning. The system is fully integrated with cash flow modeling and advises to whom and when to offer dynamic discounts for the best return.
Procurement
This family of applications is designed to reduce costs and risks across the source-to-settle process. New enhancements include improved supplier management, sourcing and purchasing via streamlined processes, electronic signature integration and innovative sourcing programs.
- Self-service procurement: The user experience of this solution has been completely redesigned to match modern consumer shopping experiences.
- Mobile Self Service Procurement: This cloud solution now provides policy compliant spending by an increasingly mobile workforce to boost an organization’s efficiency and savings.
Project Portfolio Management
This family of applications delivers new and enhanced capabilities to make staffing easier and less time-consuming for project managers, advanced grants management across multiple fund sources for Higher Education and Public Sector verticals, and streamlined project creation.
- Project and Resource Management: This solution has been enhanced with a new intuitive mobile task management. It includes lifecycle gates and approvals and resource management optimizations to maintain multiple resource schedules and mass resource assignments. These enhancements drive project management efficiency and collaboration whether at a desk or in the field.
- Grants Multi-Funding: This solution now supports complex, multi-funded projects, allowing for multiple awards/funding sources, control over project costs by funding source, and support for internal or external funding sources.
Enterprise Performance Management
The latest additions to this family of applications include new offerings for tax reporting, and profitability and cost management, as well as new strategic modeling and disclosure management capabilities.
- Tax Reporting: This solution now streamlines tax data collection and analysis for direct tax reporting. It also enables global organizations to manage complex tax provisions, as well as the OECD’s new country-by-country reporting (CbCR) requirements through automation.
- Profitability and Cost Management: This solution now enables business users to take ownership of allocation-based business processes such as customer/product profitability, management allocations, and shared services costing.
“Oracle ERP Cloud is the only enterprise-grade solution on the market with the breadth, depth, security, scalability and cutting-edge innovations to meet customers’ business needs,” said Rondy Ng, senior vice president, Oracle Applications Development. “Our focus on innovation, investments in industry specific capabilities, and strength in flexible and modular adoption methods, helps our customers across size, industry and geography to grow, transform and compete.”
Additional Information
For additional information on Oracle ERP Cloud applications, visit Oracle Enterprise Resource Planning (ERP) Cloud’s Facebook and Twitter and Oracle Enterprise Performance Management (EPM) Cloud’s Facebook and Twitter or the Modern Finance Leader blog.
Read Gartner’s 2017 “Magic Quadrant for Cloud Core Financial Management Suites for Midsize, Large and Global Enterprises” research report.
About Oracle OpenWorld
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About Oracle
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