To help firms build business resiliency with digital acceleration, Cloud major Oracle on Tuesday announced important updates to Oracle Fusion Cloud Enterprise Resource Planning (ERP), Enterprise Performance Management (EPM) and Supply Chain & Manufacturing (Oracle Cloud SCM).
These updates would help finance teams leverage technologies including AI, digital assistants, and analytics to enhance productivity, reduce costs and improve controls.
"The ERP cloud has new AI and machine learning, analytics and security capabilities to help organisations identify and leverage trends and patterns in financial and operational data and improve the accuracy and efficiency of processing payables transactions by leveraging machine learning to recommend account codes," explained Prasad Rai, Head and VP, Applications, Oracle India.
According to Rondy Ng, senior vice president, Applications Development, Oracle, the 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.
"In addition, new industry solutions enable customers in oil and gas, manufacturing and asset intensive industries to improve business processes and achieve faster time to value," he said in a statement.
According to Rai, the evolved ERP solutions will be measured by the business outcomes in the new normal, rather than just a technology meant for operations or productions.
"We are helping our customers to operate on transparent data fuelled by process automation, predictive analytics, AI and robotics taking over supply chain management, with almost all business processes and operations heavily augmented, or even operated, by machines," Rai told IANS.
New advances in SCM cloud include replenishment planning, backlog management, depot repair and project-driven supply chain.
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," said Rick Jewell, senior vice president, Applications Development, Oracle.