Despite the need for sustainability, companies continue on the pursuit of cost reduction. In fact, a Deloitte survey found that globally, two-thirds of companies expect to pursue cost reduction strategies over the next 12 months. Oracle has introduced updates to OracleProcurement, designed to assist customers in reducing costs and operating more efficiently.
Oracle says, however, that at that same time, the need for cost improvements must be balanced with a focus on supply chain resilience as well as Environmental, Social, and Governance (ESG) policies. The multiple, and sometimes even contradictory objectives places procurement leaders in a challenging positionTasked with controlling costs, managing supplier risk and enforcing environmental policies and compliance, procurement teams require full visibility on company spend and supplier performance.
With a lack of visibility on spend habits comes increased risk, and value leakage.
Engineered to help customers mitigate risk, reduce costs, enforce compliant spending, and simplify supplier management and contracting, is Oracle Fusion Cloud Procurement—part of Oracle Fusion Cloud Supply Chain & Manufacturing (SCM) and Oracle Fusion Cloud Enterprise Resource Planning (ERP).
What Has Oracle Procurement Updated?
The updates launched for Oracle’s Procurement solution include both new and upgraded features including Complex Procurement, Spend and Procurement Analytics, Spend Classification, DataFox Supplier Intelligence, Supplier Qualification Management, and Project-Driven Supply Chain.
Let’s take a look at some of the new offerings.
To help organisations manage risk while procuring services, Complex Procurement was designed to ensure contractors and subcontractors adhere to complex terms and payment arrangements. The feature also provides visibility on services spend across payment milestones.
Spend and Procurement Analytics
Providing customers a sweeping view of procurement and supplier performance across the organisation and on a single dashboard, Spend and Procurement Analytics helps organisations to leverage data such spend metrics for cost savings and efficiencies. All without the need for complex data integration.
By removing manual processes and reducing human errors, Spend Classification applies machine learning to organise spend data into categories, helping organisations to better understand their company’s spend patterns and gain an accurate overview of purchasing activity.
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