Oracle announced on Monday new artificial intelligence updates to Oracle Enterprise Resource Planning (ERP) Cloud and Enterprise Performance Management (EPM) Cloud at Oracle OpenWorld—the tech firm’s event in San Francisco.
“The latest machine learning-based innovations deliver rapid, data-driven insights, which empower the office of the CFO to embrace new business models, capitalize on new market opportunities, and increase profitability,” said Rondy Ng, senior vice president, Oracle Applications Development.
According to the company, the updates within Oracle ERP Cloud include:
Intelligent process automation: integrations across Oracle Cloud Applications of intelligent rules-based processing to enable the automation of labor-intensive tasks and allow organizations to redeploy employees to more strategic and rewarding work
Expense reporting assistant: A new chatbot assistant aimed to improve controls and audit compliance by processing expenses with greater efficiency and accuracy and simplify expense reporting for end users
Intelligent payments: New AI capabilities to enable organizations to reduce costs and build stronger relationships with top suppliers by taking advantage of in-the-moment supplier profile and risk data to generate vendor-specific offers in exchange for early payment of outstanding payables
Supplier recommendations: Smart, multi-factor categorization and ranking of suppliers to help optimize the procure-to-pay process. By combining ERP applications data about suppliers, purchase orders, invoices, payables, and other details with external sources of data, businesses can gain insight into their company's supplier ecosystem, Oracle said.
Intelligent performance management: Embedded artificial intelligence capabilities in Oracle EPM Cloud for the uncovering of hard-to-spot data patterns to deliver actionable and contextual insights at the right time
Advanced access controls: Advanced Access Controls embed artificial intelligence to constantly examine all users, roles, and privileges against a library of active security rules. There are more than 100 best practices (configurable rules) across general ledger, payables, receivables, and fixed assets to help protect business data from insider threats, fraud, misuse and human error, according to Oracle.
The tech company said more than 5,500 organizations in 85 countries and 23 industries are users of Oracle ERP Cloud while more than 3,000 customers are live on it.
Some of the users include Bank of America, L.A. Lakers, Office Depot, Caesars Entertainment, Cleveland Clinic, Western Digital, and Mount Sinai Health System, Oracle added.