Today, at the Oracle Modern Business Experience, Oracle announced updates to its Oracle Supply Chain Management (SCM) Cloud, Oracle Enterprise Resource Planning (ERP) Cloud, and Oracle Enterprise Performance Management (EPM) Cloud products. These changes were part of a broader update that also included Oracle Human Capital Management (HCM) Cloud and Oracle DataFox.
Enriched supplier profiles with the DataFox Oracle ERP Cloud integration.
The family of cloud-based solutions aims to allow organizations to leverage more easily a variety of technologies found in supplier networks, including artificial intelligence, blockchain, and the Internet of Things (IoT), that aim to increase productivity, cut costs, enhance controls, and minimize risk.
Oracle SCM Cloud has been updated to extend connections to customer field service and field technicians in order to stay attuned customer expectations. “Organizations need an efficient and responsive supply chain to stay ahead of constantly changing expectations and that requires trust, transparency and open lines of communication across the entire value chain,” said Jon Chorley, chief sustainability officer and group vice president, supply chain management at Oracle. “The new innovations within Oracle SCM Cloud help customers generate more value from their investment, build adaptable organizations, and lay the foundation for the coming era of blockchain-enabled supply chain transparency.”
By extending the supply chain to include customer and field service teams, electronics OEMs have the capacity to address customer issues swiftly by reducing friction in the supply chain when ordering parts, managing delivery, and updating the on-hand inventory carried by technicians. “In a project driven supply chain, we can integrate and automate project attributes to that to make sure timing, billing, and fulfillment are seamless. We try to harmonize the roadmaps seamlessly.”
Meanwhile, a project driven supply chain capability helps OEMs manage accurate and timely billing in these instances through automatic tracking of project costs and attributes. A new vendor-managed inventory features supports collaboration by letting users share on-hand quantity information with selected supplier to help with efficient replenishment and stock management.
The Oracle ERP and EMP Cloud applications leverage Oracle DataFox to allow OEMs to update supplier profiles with AI-sourced and validated company data, from sources such as news articles or press releases, to power supplier scoring and categorization. Increased information about suppliers allows supply chain managers to monitor existing suppliers for emerging risk and recommending alternatives proactively.
“As more organizations apply machine learning to core business processes, the quality of data being fed to algorithms is the single most important factor that determines the value of AI results,” said Bastiaan Janmaat, former CEO of DataFox and vice president of product management at Oracle.
Oracle also updated the artificial intelligence (AI) capabilities in its ERP Cloud and EPM Cloud offerings. Based on machine learning technology, the offerings now include expense reporting assistant, project management digital assistant, advanced financial controls, and project-driven supply chain management. “Machine learning enables finance [and supply chain] to focus more on strategic operations, and drive more accuracy and compliance,” Juergen Lindner, senior vice president of SaaS at Oracle told EBN.
The new Expense Reporting Assistant adds a digital assistant feature that automatically creates, classifies and matches expense items added to the system by works via a variety of avenues (including email, SMS, Slack or Microsoft Teams). “When do the most dreaded activity, expense reporting, it should be delightful,” said Linder said. “It’s really about the opportunity to do processing of expenses accurately and efficiently.” Machine learning enhances accuracy of classifications to monitor policy violations and audit risks. A Project Management Digital Assistant gives users access to project updates and lets users update time and task progress readily.
Other enhancements to ERP Cloud include financial and access controls to continually monitor transactions, setups, and configurations, as well as analyze user security, to automate audits and prevent financial leakage.
— Hailey Lynne McKeefry, Editor in Chief, EBN