Several Oracle applications received upgrades with new machine learning and digital assistant functionality. This allows companies to improve the management of their various workflows.
The upgrades Oracle has implemented are mainly for the ERP, enterprise performance management (EPM) and supply chain management (SCM) applications, according to SiliconAngle. The upgrades are part of the roadmap for these products and can help companies adapt their workflows in case of uncertainties, such as the current pandemic.
Focus on intelligent functionality
The focus of the newly added functionality is mainly on machine learning, analytics and digital assistants. Oracle has been working for some time on adding intelligent functionality to the workflows within its solutions. In doing so, it wants to meet the wishes of customers in this area. These include being able to run the business remotely, optimizing global supply chains and developing models to predict business scenarios in uncertain times.
Oracle Fusion Cloud EPM
With the upgrades, Oracle Fusion Cloud EPM gets new predictive planning capabilities. These should help companies identify certain patterns within financial and operational data. For example, to predict and plan specific variations, identify variation patterns, and the ability to modify certain plans on-the-fly to improve the quality of decisions.
Other added functionality includes intelligent code to improve the accuracy of payment transaction processing. For this purpose, machine learning is used to recommend certain account codes. The algorithm makes these recommendations based on previously performed actions. The solution will also have new intelligent possibilities for recognising documents.
Oracle Fusion Cloud ERP
Oracle Fusion Cloud ERP has also been upgraded. This solution now has joint venture accounting capabilities, which help to mitigate disputes between partners, improve cash flow and gain real-time insight into the financial condition of a joint venture.
New project-driven supply chain functionality within this Oracle solution now works directly with Oracle Fusion Cloud SCM. The functionality supports complex business processes in industries with many assets, such as manufacturing. The tool helps companies gain insight into invoices and enables them to get more value out of material, manufacturing and maintenance costs incurred on special projects.
Another improvement to Oracle Fusion Cloud SCM includes replenishment planning to better estimate when inventory needs to be replenished. With backlog management, companies can manage and plan their entire open backlog of orders better and handle the most important ones first.
Oracle Field Service
Oracle Field Service has also received an update. This tool now has new functionality for repair services to do repairs faster, report them and ultimately invoice them. Customers who work a lot with channel partners get a new channel management tool to automate the processing of these processes in the cloud.
All new functionality is available by default within the existing cloud subscriptions. Oracle indicated that certain functionality is also available for on-premise environments, but that the Oracle Cloud environment offers the best possibilities. Oracle calls on its customers to make the switch from an on-premise to the Oracle Cloud environment.