Today, companies rely on all kinds of software to maximize their productivity and efficiency. One of the most widely used is the ERP, a market expected to grow to $47 billion by 2022. According to technology forecasts, this growth will be influenced by several aspects, including the integration of next-generation technologies.
The best way to see how changes are being implemented in the industry to advance digital transformation is with the additions that some relevant companies in the sector are making to their products, such as Oracle.
Oracle enhancements that could become technology predictions
In response to customer demands for automation, Oracle is upgrading its Fusion Cloud ERP and EPM service. It has added, for example, features to streamline the process of recording and tracking transactions, enhanced analytics based on artificial intelligence, etc.
These new additions are some of the technological predictions that have already been made for the sector. Automation, for example, is one of the most relevant trends, as it improves the speed and accuracy of business processes, as well as eliminating repetitive tasks that really do not add value to the business.
Want to know what improvements are being implemented in the industry? Learn about the additions Oracle has made to its Fusion Cloud ERP and EPM suite.
Most technology predictions for the industry involve machine learning. In this regard, Oracle has added a component called Procurement Spend Classification, which leverages machine learning to automatically categorize business transactions and provide deeper insights into spending patterns.
Oracle’s machine learning engine is trained on anonymized data sets, but is capable of learning more specific classification rules after studying classification patterns in a particular organization once it is deployed, according to Juergen Lindner, senior vice president at Oracle.
Intelligent document recognition (IDR)
Another change Oracle is introducing has to do with digital invoice generation. Companies often use vendors that have different capabilities for this task, which can lead to inconsistent processes, slower processing rates and higher costs.
To address these issues Oracle has incorporated Intelligent Document Recognition (IDR), which again employs machine learning to scan and report transactions as part of the financial reporting process. This increases the accuracy of invoice scanning and the speed of the entire process.
Tools based on Selected algorithms
To deliver business insights based on financial and operational data, Oracle has also worked on a new module called Intelligent Performance Management (IPM) Insights. This is a tool that analyzes large amounts of financial and operational data to identify and highlight patterns that are usually not so obvious to people.
This module is mainly based on selected algorithms pre-integrated in the application. It facilitates sophisticated analysis without the need for coding or knowledge of data.
These forward-looking additions made by Oracle are part of the technological predictions for 2022 for the sector. Among the most important trends are automation and hyper-automation, artificial and generative intelligence, predictive analytics, among others.
If you want to take advantage of the benefits that Oracle offers with its Fusion Cloud ERP and EPM suite, Fusionworks can help you. Contact us!