Oracle aims to build resilient businesses with Fusion Cloud updates

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The coronavirus outbreak has put finance leaders up against some of the most challenging times in their careers. To help these leaders make their businesses more resilient and adaptive, Oracle has announced critical updates to the Oracle Fusion Cloud Enterprise Resource Planning (ERP) and Oracle Fusion Cloud Enterprise Performance Management (EPM).

These updates allow leaders and finance teams to leverage the latest tech, including artificial intelligence, digital assistants and analytics, to enhance productivity. Plus, a collection of new solutions will allow oil and gas, manufacturing and other asset-intensive industries streamline practices and achieve faster time to value.

Updates to ERP are plentiful and start with Predictive Planning, which helps organizations see prediction and forecast variances, identify variance patterns, and make plan revisions on the fly. These will help improve the quality and timeliness of decisions. EPM will share this feature.

Intelligent Code Defaulting will help improve the accuracy and efficiency processing payables by using machine learning to recommend account codes. This system has an adaptive algorithm that looks at past actions to determine the codes it recommends.

Intelligent Document Recognition reduces manual document entry by improving the accuracy of automated ingestion of popular document files, including PDF. This system learns and adapts to invoice changes that occur with the ebb and flow of business.

Digital Assistant Skills for Time Entry and Projects streamlines the process of submitting and reviewing timesheets on projects. It also tracks project status and escalates time-management issues, thereby increasing business efficiency.

mbedded Incident Management provides intuitive, embedded incident reporting workflows businesses can use to conduct investigations, create actions, and track and update incident status.

Other than the aforementioned updates, there are also two all-new industry solutions in ERP.

Joint Venture Accounting minimizes the potential for partner disputes, improves cash flow, and offers real-time visibility into the financial state of joint ventures for industries like oil and gas. It does so by making transaction processing automatic and providing role-based tools to manage exceptions.

The Product-Driven Supply Chain feature, which is also part of the new features released for Oracle Fusion Cloud Supply Chain Management (SCM), allows industries to manage their supply chain in the context of a specific project. This will be particularly helpful for manufacturing and other asset-intensive organizations.

These updates and new features are all in addition to Oracle offering its Financial Statement Planning and Strategic Modeling features free to all Planning customers for 12 months in June.