Oracle Cloud recently introduced its range of cloud-based enterprise resource planning systems, including machine learning capabilities that automate many manual entry tasks.
The ERP system forms a core component of technology these days, functioning as a hub for organizations to manage tasks related to accounting, supply chain, and other business ventures.
Maintaining cybersecurity protocol for Oracle’s ERP software
Oracle, along with SAP SE and Microsoft Corp., is among the industry’s top makers of ERP software. The company’s machine learning features detailed today are rolling out for Oracle Fusion Cloud ERP, the cloud-based version of its resource planning system.
Oracle is one of the leading ERP software producers, along with Microsoft Corp. and SAP SE. ERP systems require extensive cybersecurity protocol to safeguard sensitive data. Therefore, organizations must stringently monitor their cybersecurity protocol to ensure its effectiveness since even a slight misconfiguration can lead to data breaches and malware attacks.
Oracle also announced plans to add in a feature that will review an organization’s existing cybersecurity rules for effectiveness by utilizing AI algorithms. Additionally, Oracle will also be applying machine learning towards accounting and financial management to organize expenses by category, making the finance team’s job easier in streamlining expenditure.
The overlap between Oracle’s ERP algorithms and accounting
Oracle recently announced its plans to make its Fusion Cloud ERP’s machine learning features more useful for its users. It had previously unveiled an AI tool that scanned invoice data into the ERP system, eliminating manual data entry for financial documents.
In a previous update, the company rolled out an AI tool that can automatically scan data from invoices into the ERP system to reduce the need for manual data entry. That tool is now being updated to let finance teams measure the accuracy with which documents are scanned.
Improving financial records through the Oracle ERP software
If they determine that some invoices aren’t always uploaded to Oracle Fusion Cloud ERP reliably, adjustments can help the AI more accurately ingest data.
This new tool makes it easy to organize corporate expenses and allows finance teams to track the accuracy of the AI algorithms through a dashboard to pinpoint potential improvement areas.
These new features are coupled with some additional specialized updates that aim to save time for users. This includes an update for Oracle Cloud EPM, a financial forecasting and accounting tool used in conjunction with the Oracle ERP system. It automatically allows the transfer of financial data between two platforms, reducing the need for manual transmission.