Oracle ORCL recently added new features to its Oracle Fusion Cloud Enterprise Resource Planning (ERP) and Oracle Fusion Cloud Enterprise Performance Management (EPM) solutions’ suite. The latest features are aimed at facilitating business enterprises to accelerate digital finance transformation.
Among the new functionalities, Intelligent Document Recognition (IDR) will lower manual operations for the business enterprises. The feature boosts the accuracy of invoice scanning and augments touchless processing through new adaptive learning technique. The corrections made by the user in the interactive IDR viewer will enable each invoice to train the algorithms and enhance future recognition, added the tech giant.
Improved Fusion ERP Analytics can add spend and procurement Key Performance Indicators (KPIs) to its “prebuilt KPI library”. This will enable finance department to optimize spend operations.
EPM Enterprise Journals will help finance teams to simplify the creation, management and posting of journal entries, noted the tech giant. EPM Enterprise Journals automates the process of moving journals from Oracle Cloud EPM to any other cloud/on-premises ERP system, thereby reducing chances of errors as well as improving financial reporting and forecasting.
The Intelligent Performance Management (IPM) Insights’ feature leverages data science to enable users to detect anomalies, biases and trends when analyzing massive financial and operational data. This helps clients to obtain actionable input to make well-informed decisions and bolster financial projection accuracy.
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Procurement Spend Classification functionality involves machine learning technique to automate categorization of unclassified business transactions for procurement teams. This offers clients with increased visibility into spending patterns and enhances management of suppliers, cost optimization and line-item classification performance, added Oracle.
The addition of new functionalities is expected to boost the uptake of the company’s Fusion Cloud ERP and Fusion Cloud EPM solutions’ suite as enterprises rapidly accelerate digital transformation to boost business outcomes.
Oracle’s Strength in ERP Domain Bodes Well
Oracle is one of the established players in the ERP domain. Healthy adoption of cloud-based applications, comprising NetSuite ERP, Fusion ERP and Fusion Human Capital Management (HCM) bodes well for the company’s top line.
Increasing demand for cloud-based ERP systems is driving the market. Cloud-based ERP provides consumers with improved access to applications and cost reduction benefits.
In the last reported quarter, strategic back-office cloud applications business surged 25% (at constant currency). Management announced that NetSuite ERP and Fusion ERP cloud revenues were up 28% and 32% respectively, in the fiscal first quarter.
Growing clientele is helping the company to maintain its leading position in the cloud ERP domain. The migration of several large-scale SAP SE SAP customers to Fusion ERP cloud and Fusion HCM remains a tailwind.
In the first quarter of fiscal 2022, Oracle clinched deals from Humana, Hutchinson, ITV, KCB Group, Acer and AirAsia India for its Fusion Cloud ERP and EPM as well as Fusion Cloud HCM solutions.
Oracle, currently carrying a Zacks Rank #3 (Hold), is undertaking every effort to enhance functionalities of cloud-based applications, which is encouraging adoption.
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