When a new product emerges, it is followed in line by a series of new business models, new technologies, and a new normal in their respective order. When markets mature, the line becomes a circle. In this millennial age, markets emerge at breakneck speed, making this a vicious cycle. This especially holds true with On Premise Applications. Businesses could not keep pace with the everchanging needs of On Prem upgradations.
When change is the only constant, Oracle realized the need for a system which doesn’t need to change. Their On-Premise to Cloud Offerings straightened the circle once again. For the following reasons, it wouldn’t need to change with technology disruptions.
An intelligent voice interface has been integrated into the Oracle Fusion Cloud system. For the first time, everyone in an organization can work on any part of the organization’s system – just by talking to the system. Complex processes don’t need to wait for specialists, thus accelerating business workflows. Also, the ease with which we can use the system to track down the right people, find who is responsible and easily collaborate with them during critical times, has faced a radical change.
1 Automated Bookkeeping
Enterprise Financial Accounting is an expansive process where a small error will make the entire system go disarray. Automating bookkeeping with the above technologies’ paves way for an effortless, error free bookkeeping. It can get as simple as asking Oracle assistant to get it from the system.
2 Automated Expense Claims
Oracle Fusion Cloud has an automated expense claim process which takes care of the manual and laborious process within seconds.
Example: Take a smartphone picture of the bill. The numbers will be extracted by OCR and fed into the intelligent system. This will identify if it’s a hotel, gas or Uber bill, find the time to identify if its brunch or dinner, compute and then automate the claims. In fact, its AI will recognize if an expensive claim is an error, extravagance or fraud!
3 Collaborative Tool for People and Systems
The above processes happen because Oracle Fusion Cloud is provided with a set of tools where the internal systems can collaborate together. Driven by AI, they think and work like an intelligent team of humans. Talking of teams, Oracle Fusion ERP also has built within itself a powerful collaborative tool where people can work together.
Machine Learning and Artificial Intelligence
How do children gain intelligence? They don’t listen to adults but simply observe environments. Oracle Fusion Cloud Applications uses machine learning to both observe system environments and listens to people. Besides, it automates the listening and observations to gain artificial intelligence.
Artificial Intelligence to Adaptive Intelligence
Machine Learning has moved Oracle Fusion Applications from a rule driven approach to a model driven approach. From static actions to contextual actions, from input and validate applications to a push and suggest applications, Oracle Fusion has changed the rules of the game forever. This way it gains adaptive intelligence.
They are programmed to identify and automate patterns, find clusters and even detect anomalies to become the smartest ethical hackerbot in town! It is also the brain behind a myriad other features including Conversational Chatbots, Quick Data Warehousing, Visual Builder, Report Generator, Intuitive Interface, etcetera.
On-premise system upgradations require organizations to try Oracle Third party extensions or customizations. They struggle with the upgrade cycles of 3 to 7 years. Since there is an asymmetry between adoption speed and upgrade speeds, it staggers business workflows. Oracle Fusion Applications has done away with upgrades and moved to a new release cadence – updates. These are similar to smartphone updates. It is a transition of ERP systems from a vicious cycle of 3 to 5 years to a virtuous cycle of 3 months. It also has a unique feature wherein the new features can be switched on and off as per need, so that people can work with the workflow they were used to.
ERP Capabilities – Subscription Management System
As many companies move from traditional product offerings to a (Software as a Service) SaaS based subscription models, Oracle Fusion Applications has added to its cart subscription management capabilities to serve rising demand. It empowers customers with cloud capabilities like effortless order processing, revenue calculation, payment recognition within the subscription lifecycle.
Performance Management Capabilities – Intelligent Process Automation
Automated Account Reconciliation happens in the same way expense claims are validated. ML driven pattern identification finds out suspicious transactions so that it can be tracked down to the end-users. This also deals with automated transaction processing, consolidation, close process orchestration and disclosure management.
Oracle HCM has improved itself with new features like ‘Adaptive Intelligence’ driven candidate sourcing, intuitive user experience and an interesting design studio. The design studio allows the configuration of workflow, attributes and transactions. The design studio is a big hit with customers.
The application system can be used as a power source on which we can plug in our own customized Add-ons, Widgets and Extensions. Since it acts like a template, we can build our own custom code and software, based on our requirements. This way, we can create whole new software systems. Vendors can build even a series of extensions around the Oracle Fusion Applications.
Extensions is a unique customization of the Oracle Fusion Cloud 2.0 which makes it versatile. Example: It allows huge data warehouses to be added and insightful analytics to be extracted from them, all within a few seconds.
Oracle Fusion Cloud has ensured that irrespective of technology disruption or millennial maturity, companies can work seamlessly and secure their future. Driven by upgrade independence and Adaptive Intelligence, this helps businesses stay ahead of the customer’s demand curve.
Oracle’s Feature Democracy ensures that its tools are used equally, by people in all levels of the organization as well as by all their customers. It has built the most world’s comprehensive and most innovative suite of software applications with machine learning and business intelligence for business outcomes across the board for HR, ERP and CRM applications.