Oracle on Tuesday announced the latest updates to a series of cloud applications, including Enterprise Resource Planning (ERP), Enterprise Performance Management (EPM), Supply Chain Managment (SCM), Human Capital Management (HCM) and its Customer Data Platform (CDP). The updates come as enterprises rethink their longer-term business strategies, months into the COVID-19 pandemic.
Part of Oracle’s message is “the importance of cloud as an enabler to come out of this and recapture the next decade of growth,” said Juergen Lindner, Oracle’s SVP of product marketing for cloud ERP and supply chain applications. “Now is not the time to slow down, quite the contrary — it’s time to double down and hopefully come out at the better end of this as a stronger company.”
Particularly within the category of ERP, which grew 33 percent year-over-year in Oracle’s last reported quarter, “customers feel the same way,” Lindner said. “They want to invest right now.”
While revenue growth was strong, so was the number of go-lives, he added. “We did not necessarily expect customers would be as decisive in their investment strategy but in their implementation strategy as well.”
In the ERP space, the updates focus on adding more automation, predictive planning and more capabilities from digital assistants. The specific improvements include:
- Intelligent Process Automation to simplify financial close and account reconciliation. Oracle’s Fusion Cloud ERP uses configurable and intelligent rules to recognize and handle patterns.
- Intelligent Account Combination Defaulting automatically predicts and inputs code segments for invoices not associated with purchase orders, reducing the need for routine data entry.
- Automated Tagging of Regulatory Reports, such as 10Ks and 10Qs, using the customer’s SEC XBRL taxonomy. This feature uses advanced language processing and pattern recognition.
- Intelligent Performance Management to help customers analyze the impact of financial and operational decisions. This feature finds hard-to-spot data patterns