Blurred background image

Relentless Demand Leading to Streamlined UX in EPM

As a response to strong and ever-rising demand for automation capabilities from its customers, Oracle recently announced that it is updating its Cloud EPM suite. 

It is set to feature more streamlined processes for logging and tracking transactions as well as enhanced AI analytics. 

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

There tends to be thousands of unclassified transactions within an enterprise, which can lead to skewing data in the process of building reports. Working out that data manually can – always is? – an arduous task. 

That’s why leaders in tech have been seeking out fresh ways to consolidate data in order to carry out clearer and better analysis. And to carry it out in a way that gives insight into better supplier relationships, contract governance, compliance, and category planning. 

This trend has led some in the business to nickname it as “hyperautomation.” 

Whether it be artificial intelligence, machine learning, process automation, the market for this type of tech is lucrative. In fact, by next year it is set to hit close to $600 billion – up from $532 billion this year. 

So let’s unpack Oracle’s update bundle and show some of them off. Relentless Demand Leading to Streamlined UX in EPM

Faster transaction processing 

Oracle is adding an extra component called Procurement Spend Classification. It uses machine learning capabilities to automatically categorize business transactions as well as provide better insight into the spending patterns of an enterprise. 

This can help enterprises automate expense categories, which currently require manual tracking. “The usage of natural language processing (NLP) and automated ontologies could save massive amounts of time for enterprises,” said R Wang, the founder of Constellation Research. 

Enhanced invoice accuracy 

It’s common for enterprises to use suppliers that have their own different capabilities in terms of invoicing. What this does is inflate process expenses as well as increase the likelihood of inconsistencies. 

In response, Oracle is adding Intelligent Document Recognition (IDR) in order to increase the accuracy of the scanning of invoices. “Now, employees have the possibility to see the accuracy rate by supplier and each (invoice) attribute,” added Juergen, “helping them to uncover the opportunities where there’s really room for improvement, like adjusting an image quality or the configuration of the invoice.” 

Better management spotlights 

In order to double down on better business insights from financial and operational data, Oracle is releasing a new functionality called Intelligent Performance Management Insights (shortened to IPM Insights). 

“IPM analyzes large amounts of financial and operational data to identify and highlight patterns,” said Juergen, “many of which may not be immediately apparent to humans, such as a tendency to over- or under-forecast key metrics every period.  

“This enables finance professionals to spend less time chasing and analyzing data, and more time acting on valuable insights and opportunities.” Relentless Demand Leading to Streamlined UX in EPM

Automated journals 

Designed to ease the management of journals, which gather data on transactions and business events, Oracle is adding Enterprise Journals to Oracle Fusion EPM, which carries automation capabilities. 

“It also provides a single place to manage and track journals,” added Juergen, “while prebuilt templates and workflows streamline the journal entry process and further reduce the potential for errors.” 

Related Ideas

If you got value from this article, you may enjoy these other articles, as well. We’re always adding value!

The Strengths and Pain Points of Oracle Cloud ERP
  • ArganoUV
  • UX

The Strengths and Pain Points of Oracle Cloud ERP

What’s so great about Oracle Cloud ERP? And what’s not so great?
The Best 5 CPQ Platforms Currently on the Market
  • ArganoUV
  • UX

The Best 5 CPQ Platforms Currently on the Market

What are the top CPQ platforms on the market today?
A Dive into the Best HCM Platforms
  • ArganoUV
  • UX

A Dive into the Best HCM Platforms

A display of the current best human capital management platforms.

Latest ideas

Our latest thinking about SF Commerce Cloud.

Is Staff Augmentation Right for Startups?
  • ArganoUV
  • Technology

Is Staff Augmentation Right for Startups?

For startups, is staff augmentation the right fit?
TELUS and the Digital Experience
  • ArganoUV
  • Contentful

TELUS and the Digital Experience

To provide faster and better help to its customers, TELUS transformed its digital support experience with Contentful. ...
This Week in eCommerce Data: December 3rd, 2021
  • ArganoUV
  • This Week in eCommerce Data

This Week in eCommerce Data: December 3rd, 2021

This week’s ecommerce roundup focuses on Thanksgiving sales, Cyber disappointment, and ecommerce messaging, plus more.

How can we achieve
awesomeness together?