Oracle Launches New Updates to its Procurement Solution

Source: Oracle

Oracle has launched several new updates to its Oracle Fusion Cloud Procurement solution that will help Procurement customers maximize overall savings, improve operational efficiency, and ensure uninterrupted operations. Oracle will be sharing more information on the Oracle Fusion Cloud Procurement updates and other product innovations during the Oracle Cloud SCM Virtual Summit, a virtual event scheduled to occur on Wednesday, August 11th. 

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Oracle is a cloud technology company providing organizations worldwide with various computing infrastructure and software products designed to help them innovate their business, unlock new efficiencies, and improve efficiency. The company’s Oracle Fusion Cloud ERP platform is equipped with project management, financials, procurement, enterprise performance management (EPM), analytics, risk management, compliance, supply chain, and manufacturing.

The updates launching for Oracle’s Procurement solution include new and upgraded features like Complex Procurement, Spend and Procurement Analytics, Spend Classification, DataFox Supplier Intelligence, Supplier Qualification Management, and Project-Driven Supply Chain. These features and capabilities can help Oracle Procurement customers save money, boost efficiency, ensure contractors abide by negotiated payment terms, assess supplier performance, track spending patterns, use machine learning technologies to reduce human error, maintain accurate risk indicator insights, and more.

In an article detailing the new Oracle Procurement updates, Rick Jewell—the senior vice president of Applications Development at Oracle—added the following statement, “As organizations chart their paths to post-pandemic growth, cost reduction still remains a top priority…Now that procurement professionals are measured on their ability to control costs, manage supplier risk, and enforce environmental policies and compliant spending, they need to have full visibility into supplier performance and company spend.”

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