Extending its lead in the cloud ERP market, Oracle has announced new artificial intelligence updates to Oracle Enterprise Resource Planning (ERP) Cloud and Enterprise Performance Management (EPM) Cloud. The latest machine learning-based innovations deliver rapid, data-driven insights, which empower the office of the CFO to embrace new business models, capitalize on new market opportunities, and increase profitability.
More than 5,500 organizations in 85 countries and 23 industries have selected Oracle ERP Cloud to provide a complete, innovative, and secure financial platform for their organization. Today, more than 3,000 customers are live on Oracle ERP Cloud, and in the last year alone, customers including Bank of America, L.A. Lakers, Office Depot, Caesars Entertainment, Cleveland Clinic, Western Digital, and Mount Sinai Health System have moved from competitor ERP systems to standardize on Oracle ERP Cloud.
“Oracle is uniquely positioned to help customers connect data and processes across the entire organization to drive better business outcomes,” said Rondy Ng, senior vice president, Oracle Applications Development. “Our focus on delivering immediate business impact from the latest innovations gives customers a significant competitive advantage.”
Oracle ERP Cloud helps organizations of all sizes quickly and easily take advantage of the latest innovations in artificial intelligence, digital assistants, natural language processing, blockchain, and the Internet of Things to enable enhanced productivity, reduced costs, and improved controls. The latest innovations within Oracle ERP Cloud include:
Intelligent Process Automation: Seamless integrations across Oracle Cloud Applications of intelligent rules-based processing enable the automation of labor-intensive tasks and allow organizations to redeploy employees to more strategic and rewarding work.
Expense Reporting Assistant: A new chatbot assistant improves controls and audit compliance by processing expenses with greater efficiency and accuracy, while also simplifying expense reporting for end users.
Intelligent Payments: New artificial intelligence capabilities enable organizations to reduce costs and build stronger relationships with top suppliers by taking advantage of in-the-moment supplier profile and risk data to generate vendor-specific offers in exchange for early payment of outstanding payables.
Supplier Recommendations: Smart, multi-factor categorization and ranking of suppliers help optimize the procure-to-pay process. By combining ERP applications data about suppliers, purchase orders, invoices, payables, and other details with external sources of data, businesses can gain unparalleled insight into their company's supplier ecosystem.
Intelligent Performance Management: Embedded artificial intelligence capabilities in Oracle Enterprise Performance Management Cloud can uncover 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.
Advanced Access Controls: Advanced Access Controls embed artificial intelligence to constantly examine all users, roles, and privileges against a library of active security rules. This includes more than 100 best practices (configurable rules) across general ledger, payables, receivables, and fixed assets to help protect business data from insider threats, fraud, misuse, and human error.
Oracle ERP Cloud helps organizations automate core business processes, integrate disparate systems, and streamline financial business processes and technology requirements. This enables customers to rapidly adapt to changing business demands and achieve a competitive advantage by increasing productivity, reducing costs, creating a single source of the truth, and driving end-to-end business innovation.
Oracle ERP Cloud was named a Leader in Gartner’s “Magic Quadrant for Cloud Core Financial Management Suites for Midsize, Large and Global Enterprises.” Oracle ERP Cloud is positioned the highest for ability to execute. Furthermore, Oracle was positioned in the Leaders quadrant of the 2018 “Magic Quadrant for Cloud Financial Planning and Analysis Solutions” (with the highest position for its ability to execute) and was also named a Leader in the 2018 “Magic Quadrant for Cloud Financial Close Solutions.”