Oracle bakes more automation, analytics into Fusion Cloud ERP, EPM suite

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In response to what it says is customer demand for “relentless” automation, Oracle is updating its Fusion Cloud ERP and EPM suite to add features designed to streamline the process of logging and tracking transactions, while offering enhanced, AI-based analytics meant to optimize business processes.

“Organizations at large are really looking to us to help them to improve the speed, the accuracy of the business processes, and really weeding out those mundane, really non-value add tasks as much as possible,” said Juergen Lindner, Oracle’s senior vice president of SaaS marketing.

Enterprises often have thousands of unclassified procurement transactions that can skew data in the reporting process, and organizing them manually takes time. Technology leaders are looking for ways to consolidate and analyze data in a manner that provides insights for better category planning, supplier relationships, contract governance and compliance. Gartner calls the trend “hyperautomation.”

 The worldwide market for technology that enables hyperautomation, which includes robotic process automation, artificial intelligence and machine learning, will reach $596.6 billion in 2022, up from a projected $532.4 billion in 2021, according to Gartner. The market research firm  describes the concept of hyperautomation as an organizational approach to automate as many business processes as possible to draw out maximum value.

Machine learning speeds transaction processing

In an effort to meet this enterprise demand for faster processing and enhanced analytics, Oracle is adding a component in its Fusion suite called Procurement Spend Classification, which uses machine learning to automatically categorize business transactions and provide deeper insights into spending patterns.

Oracle’s machine learning engine is first trained on anonymized data sets, but it learns more specific classification rules after it studies patterns of classification in a particular organization once it is deployed, Lindner said.

Copyright © 2021 IDG Communications, Inc.



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