Oracle Strengthens Leading Cloud ERP

REDWOOD SHORES, Calif., Sept. 29, 2020 /PRNewswire/ -- Extending its lead in the cloud ERP market, Oracle today announced updates to Oracle Fusion Cloud Enterprise Resource Planning (ERP) and Oracle Fusion Cloud Enterprise Performance Management (EPM). The latest innovations help finance teams leverage touchless operations, predictive planning, and digital assistants to pivot towards growth.

"2020 has been one of the most challenging years to run a business, putting added pressure on finance teams to balance short-term challenges with longer-term strategic initiatives," said Rondy Ng, senior vice president of applications development, Oracle. "Our newest innovations help finance teams rapidly adapt to the current economic climate, drive new business models, and improve strategic decision making; all designed to help our customers define their future."

The latest product updates enable organizations of all sizes to quickly and easily take advantage of innovations in artificial intelligence, digital assistants, and natural language processing. These advancements help finance teams improve decision-making with real-time insights, simplify business processes, and drive efficiencies needed to pivot organizations towards growth.

Increased Efficiency with Touchless Operations: New features and capabilities that help organizations increase efficiency, speed, and accuracy with touchless operations include:

    --  Intelligent Process Automation: Helps improve financial close and
        account reconciliation by using configurable and intelligent rules and
        patterns to automate manual tasks. Automating a large portion of
        reconciliations allows customers to focus on complex issues requiring
        human judgment.
    --  Intelligent Account Combination Defaulting: Automatically predicts and
        enters code segments for invoices not associated with purchase orders
        based on machine-learning. This allows customers to automate routine and
        mundane data entry and reduce invoice processing time, with the system
        improving predictions with continued usage.
    --  Automated Tagging of Regulatory Reports: Automates the tagging of
        regulatory reports (such as 10K and 10Q) using the customer's SEC XBRL
        taxonomy based on advanced language processing and pattern recognition.
        This allows users to focus on quality and validation of required
        reporting and narratives versus spending time on repetitive tagging
        tasks.

Improve Decision Making with Predictive Planning: Organizations can intelligently plan and rapidly execute with new capabilities that include:

    --  Intelligent Performance Management: Uncovers hard-to-spot data patterns
        to deliver actionable and contextual insights at the right time, helping
        improve the quality and business impact of financial and operational
        decisions. Customers can quickly uncover correlations and realize faster
        time-to-action.
    --  Corporate and Project Planning and Budgeting Capabilities: Combines
        planning and budgeting with project management to improve execution of
        strategic corporate plans and control of approved projects. This enables
        ad-hoc scenario modeling to plan costs for indirect and capital
        projects, while also creating a single business flow to increase cost
        visibility, reduce approval times, and accelerate project execution.
    --  Business Continuity Management: Helps customers prepare for potential
        operational, safety, and security risks that might be caused by future
        events. This allows finance teams to quickly assess risks, document and
        approve recovery plans, and keep executives informed to minimize
        reputational, operational, and financial impacts.

Improve User Productivity and Collaboration with Digital Assistants: Simple conversational and contextual user experience features that benefit all users include:

    --  Project Time Entry: Predicts project time entry, simplifies tasks and
        expenses entry, and reconciles month-end processes for project
        professionals.
    --  Expanded Collaboration Platforms: Help teams collaborate in common
        platforms including SMS, Slack, and Microsoft Teams.

Additional advanced industry-specific features that support utilities, oil and gas, asset-intensive industries, and professional services include:

    --  Joint Venture Management Capabilities for Utilities and Oil and Gas:
        Support retroactive billing adjustments, partner reimbursements, and
        partner contributions to improve the accuracy of joint venture
        accounting, shorten the financial close period, avoid costly billing
        disputes, and reduce project costs.
    --  Complex Procurement Capabilities for Asset-Intensive Industries: Help
        ensure compliance with contractual obligations over the duration of a
        project. By creating and managing supplier invoices matched to purchase
        orders with retainage payment terms, this helps organizations hold back
        retainage and only release the retained amount once the contract is
        completed.
    --  Flexible Resource Scheduling for Professional Services: Helps
        project-centric organizations benefit from flexible scheduling when
        planning, requesting, and assigning labor resources on a project. This
        enables customers to plan for a specified number of hours or variable
        hours each week and generate resource requests, and evaluate capacity
        based on weekly hours requested and total hours available.

For additional information, visit Oracle.com/erp or the Modern Finance Leader blog.

About Oracle
The Oracle Cloud offers a complete suite of integrated applications for Sales, Service, Marketing, Human Resources, Finance, Supply Chain and Manufacturing, plus Highly Automated and Secure Generation 2 Infrastructure featuring the Oracle Autonomous Database. For more information about Oracle (NYSE: ORCL), please visit us at www.oracle.com.

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