This week, in the midst of Oracle OpenWorld in San Francisco, Oracle announced the latest updates to Oracle ERP Cloud, enabling organizations of all sizes to enhance productivity, reduce costs and improve controls by introducing both product innovations and industry-focused solutions. Also revealed is the availability of its first Oracle Analytics for Applications offering, designed for the Fusion Cloud ERP applications, Oracle ERP Cloud, that companies use to run financial processes.
According to the announcement, the latest product and machine learning updates to Oracle ERP Cloud enable organizations of all sizes to quickly and easily take advantage of innovations in artificial intelligence, digital assistants, natural language processing, and the Internet of Things.
- Digital Assistants: Reduces 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: Improves 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 helps customers identify and leverage trends and patterns in financial and operational data. Auto Predict improves 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: Allows 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.
Oracle Analytics for Fusion ERP provides line-of-business users and decision makers with personalized analytics and improved cross line-of-business analytics. Built on Oracle Analytics Cloud, and powered by Oracle Autonomous Data Warehouse, Oracle Analytics for Fusion ERP delivers integration with Oracle ERP Cloud, a pre-built data pipeline, data model and best practice KPIs. With machine learning-driven insights and self-service analytics, customers can monitor and improve business performance and align decisions and data across the enterprise with consistency.
“Our customers and the industry demand analytics that permeate their entire enterprise with effortless access to powerful intelligence,” said T.K. Anand, senior vice president, Oracle Analytics. “With Oracle Analytics for Applications, we put data and analytics in the hands of the people that need it, from the line worker to the boardroom, allowing everyone to play an active role in aligning and achieving top and bottom line growth.”
According to the announcement, Oracle Analytics for Fusion ERP includes dashboards and visualizations delivered via the Oracle Analytics Cloud, connecting the entire enterprise and unifying KPIs across functions for a holistic view of enterprise performance. In the future, Oracle Analytics for Applications will add further integrations and pre-built content for other Oracle Cloud Applications, including applications for human capital management (HCM), customer experience (CX) and supply chain management (SCM).
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