AI and Oracle ERP Cloud: Prepare Your Business for the Future
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Posted by Charlie Smith
- Last updated 11/09/20
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In recent years, back-office technology has grown more sophisticated and continues to move in a more innovative direction. By keeping up with the newest tech, you will ensure your business stays ready for the future and is operating at the highest level of efficiency. One of the most important implementations of new technology right now is the inclusion of artificial intelligence (AI) in back-office software; namely: enterprise resource planning (ERP).
Traditionally, ERP is a record-keeping system to manage data from multiple departments and business areas. This data includes financial transactions, inventory and distribution, customer profiles and information, and business performance. The challenge many organizations face is, once they have collected their data, they have no easy way to sort through and organize it so they can draw actionable insights. AI changes all of that.
At Oracle Oracle Modern Business Experience 2019, Senior Vice President of Oracle Applications Development Rondy Ng explained the benefits of Oracle’s AI apps for ERP Cloud, saying, “Oracle continues to deliver on the finance innovation promise expected by our customers. Our pervasive AI strategy delivered via continuous product updates ensures rapid adoption with immediate business results. This allows finance and operations teams to stay ahead of the technology curve and retain a competitive advantage.” Source: Oracle Press Release, March 19, 2019.
Adaptive Intelligent Apps for Oracle ERP Cloud
Oracle ERP Cloud, which was named a Leader in Gartner Magic Quadrant for Cloud Core Financial Management Suites for midsize, uses AI and machine learning (ML) to perform both data collection and analysis on an automated, intuitive platform. Oracle’s Adaptive Intelligence Applications (AI Apps) provide more advanced technology to their already sophisticated artificial intelligence capabilities. These applications can help further automate the complicated and time-consuming administrative processes, like data collection, and evaluate the information to provide a clearer view of the business, identify future trends, recognize areas that need improvement, and more. Two of the most important focus areas for Oracle’s AI Apps for ERP are intelligent process automation and intelligent performance management.
Intelligent Process Automation
Intelligent Process Automation means identifying repetitive, everyday tasks being done manually and automating that activity so employees can focus on more value-driven initiatives for the business. This would include things like touch-free expense reporting through photographs as opposed to manual entry, or automated time tracking.
Intelligent Performance Management
Intelligence Performance Management operationalizes the data collected to provide insights as to how business leaders can better manage their time, people, and processes for more accurate and efficient outcomes. This tool brings in third-party data from external providers and then leverages ML algorithms and predictive analytics to better inform organizational decision making.
Benefits of AI Apps for Oracle ERP Cloud
AI can offer unmatched value to any business employing its capabilities. AI Apps for ERP has the ability to grow and adapt to each organization’s specific needs, providing unparalleled value. The analyses and insights offered by AI Apps for ERP allow organizations to remain agile and operate smarter in the following ways.
- Automation: This means, not only are formerly manual processes now being done by AI in half the time, but they will also be more accurate, reducing human error and lowering operational costs.
- Strategy: AI’s ability to analyze massive amounts of data allows for strategic initiatives guided by smart insights and recommended actions.
- Processing: By allowing businesses to better adapt to changing business trends, AI creates higher overall agility and the most informed processes.
By implementing AI Apps for Oracle ERP cloud into your business strategy, you’ll keep your organization prepared for the future and be able to operate better, smarter, and faster.
