Oracle has recently announced important updates to its Oracle Fusion Cloud ERP and Oracle Fusion Cloud EPM solutions. These updates help finance teams leverage technologies including AI, digital assistants, and analytics to enhance productivity, reduce costs, and improve controls. In addition, new industry solutions enable customers in Oil & Gas, Manufacturing, and asset-intensive industries to improve business processes and achieve faster time to value.
New AI and machine learning, analytics and security capabilities of ERP include but are not limited to:
- Predictive Planning: Helps organizations identify and leverage trends and patterns in financial and operational data. With access to predictions at data load time, organizations can see prediction and forecast variances, identify variance patterns, and make plan revisions on the fly to improve the quality and timeliness of decisions.
- Intelligent Document Recognition: Improves the accuracy and efficiency of financial information ingestion from PDF and other popular financial document formats to reduce (or even eliminate) manual invoice entry. The system learns over time and adapts to changes within invoice formats to increase accuracy as businesses evolve.
- Digital Assistant Skills for Time Entry and Projects: Help organizations reduce the effort required to submit and review time sheets, track the status of projects, and escalate time entry and project management issues. As a result, the new conversational user interface improves the user experience and increases business efficiency.
- Embedded Incident Management: Helps organizations enhance data protection by providing intuitive, embedded incident reporting workflows that can be used to conduct investigations, create actions, and track and update incident status.
These 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. To further assist customers, Oracle also announced last month that it would be making Financial Statement Planning available for free to all Planning customers for the next 12 months. The vendor is also providing step-by-step guides and online tutorials.
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