Technology company Oracle said it has updated its cloud solutions for enterprise resource planning (ERP) and supply chain management (SCM) to help firms leverage technology, such as artificial intelligence, digital assistants and analytics, to improve productivity and decrease costs.
The Oracle Fusion Cloud ERP updates include predictive planning, intelligent code defaulting, intelligent document recognition and digital assistants for time entry and projects, as per a statement.
While predictive planning would help organisations identify trends in financial and operational data, intelligent code defaulting would improve the accuracy of processing payables transactions through machine learning, it said. The document recognition technology would help ingest financial information from PDF and other sources to reduce manual invoicing, while the digital assistant would reduce efforts in submitting and reviewing time sheets.
“I foresee that in the coming months, a truly digital economy will take centre stage and technology companies will play the role of trusted advisors to businesses,” Prasad Rai, vice president of applications at Oracle India, said.
The company said it has also launched new ERP solutions. Its joint venture accounting solution will help partnering companies reduce disputes, cut cash flow and increase visibility, while the project-driven supply chain will support the complex business processes of manufacturing and asset-intensive organisations.
“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,” Rondy Ng, senior vice president of applications development at Oracle, said.
Additionally, updated capabilities in the Oracle Fusion Cloud SCM solutions include replenishment planning, backlog management, depot repair, project-driven supply chain and channel revenue management.
The replenishment planning update would ensure that the right level of supply is maintained at all times, catering especially to companies that have experienced massive demand fluctuations this year, Oracle said. Moving beyond the traditional first-come, first-served approach to backlog management, the company said its new solution would prioritise important orders.
For organisations struggling to maintain customer service levels at times of extreme change, the depot repair solution will streamline workflows, and return customers assets and bill services faster, it said.
The project-driven supply chain management and channel revenue management solutions would help customers capture, invoice and capitalise project-driven material, manufacturing, and maintenance costs in one integrated solution.
The Redwood City, California-based company said that the new supply chain industry solutions would help customers in the oil and gas, manufacturing and asset-intensive industries to improve business processes and achieve faster time to value.
“While my team is acutely aware there is no magic wand to eliminate the supply chain challenges organisations are facing, the new updates will provide crucial insights needed to create efficient and resilient supply networks,” Rick Jewell, senior vice president of applications development at the company, said.