Oracle updates ERP and EPM with machine learning, finance reporting, AI risk management, unified projects
By Ryan Morris-Reade
Oracle has added essential updates to its ERP and EPM platforms, with machine learning enhancements, financial reporting tools, AI-powered risk management, and unified project management.
The company rolls out hundreds of updates every year to Oracle Fusion Cloud Enterprise Resource Planning (ERP) and Oracle Fusion Cloud Enterprise Performance Management (EPM). Oracle says the latest updates will help customers take advantage of new growth opportunities by applying touchless processes that enhance the user experience and make work easier.
“Customers continue to inspire the evolution and growth of Oracle products,” says Oracle.
“Every month, the team receives hundreds of suggestions from Oracle users and then gets to work bringing these ideas to life. It’s incredibly rewarding to see Oracle customers optimise and improve their businesses based on new innovations Oracle delivers.”
Some new capabilities within Oracle Cloud ERP and Oracle Cloud EPM include:
- Machine learning-enhanced intelligent performance management: To enable finance teams to import existing machine learning models from third-party applications, such as those that analyse customer data, deal profile data, or other operational data outside of finance, into Oracle Cloud EPM. It helps users validate and add context to plans, make more informed decisions, and turn predictions into business opportunities more quickly.
- Financial reporting skills for Oracle Digital Assistant: The Oracle Digital Assistant helps finance teams manage account reconciliation, financial consolidation, and close processes. With the enhanced financial reporting processes, users can quickly obtain insights into their organisation’s performance by asking questions, like “What are the reconciliations due today?”
- New Oracle Risk Management workflows and dashboards: For rapid detection and remediation of issues by analysing user activity and transactions with AI, automated risk assessment workflows, and pre-built controls that quickly deploy against security threats. The new Oracle Risk Management dashboard improves risk awareness, collaboration, and executive oversight to help organisations build robust corporate governance.
- Unified project planning, budgeting, and execution: To ensure projects are planned and executed in alignment with an organisation’s strategic goals. For example, users can propose projects in Oracle Cloud EPM and send them directly to Oracle Project Management for execution or extend budget controls and approvals in a single solution. The unified business flow gives users complete visibility into strategic projects to accelerate implementation and enable organisational alignment throughout the entire project lifecycle.
“We are proud to offer customers a comprehensive set of enterprise finance and operations capabilities, including financials, accounting hub, procurement, project management, performance management, risk management, and subscription management,” says Oracle senior vice VP of Applications Development, Rondy Ng.
“Oracle has created a self-updating and a self-learning platform that provides customers with advanced technologies every 90 days, so they can build, innovate, automate, adapt, and leverage new business opportunities on demand.”