As part of each Fusion Apps quarterly update, Oracle delivers hundreds of new features. So it’s likely you haven’t implemented all of them. This post highlights four especially valuable ERP features that can help drive touchless operations, in case you missed them. They are available to Oracle Cloud ERP customers at no additional cost and can be adopted without any complicated, resource-intensive implementation projects.
1. More automated invoice processing
Procure-to-pay is first for two reasons: there’s a ton on innovation, and perhaps more importantly, there are big opportunities to impact working capital and margin. For example:
- We’re embedding B2B integrations between Oracle Cloud ERP and strategic partners to help customers automate buying, selling, paying, and shipping. You can connect and start transacting via Oracle B2B in a matter of hours, using industry standard file formats.
- We’ve deployed AI to automate getting invoices into Accounts Payable, assigning the correct accounting distribution and routing for exception handling.
- Oracle Fusion ERP customers now have the option of using virtual cards for payment. Virtual cards can help you and your suppliers manage working capital, risk, and cashflow.
2. Self-service reporting for managers
If your stakeholders need reporting, it’s worth taking time to learn about Oracle Business Transaction Intelligence (OTBI). It’s an operational data tool that provides standardized, out-of-the-box reports in areas like ERP, HCM, and SCM. Importantly, OTBI inherits security settings you’ve already configured in Fusion Apps, making it low risk and easy to roll out to managers who need to answer day-to-day questions about their departments. OTBI can also save you money.
3. Streamlined tax prep
Taxes may be inevitable, but the pain of tax prep doesn’t have to be. The Tax Box Allocation feature in Oracle Cloud ERP can automatically summarize transaction tax amounts. And it allows you to designate how values that go into the fields of a tax return are calculated. It also does the math for you. Tax Box Allocation can provide dramatic efficiency gains, reduce risk, and enhance compliance.
4. Pay the right amounts on your leases
Leases may be among your business’s largest contractual obligations. So letting them gather dust in filing cabinets leaves a ton of room for error. You’ll likely end up paying for items excluded from agreements, getting stuck with inflated shares of building expenses, and missing discounts and incentives. The Lease Accounting features in Oracle Financial Management can help. You can use Oracle Cloud ERP to track agreements (including obligations, amendments, options, and more), monitor exceptions, automate payment amounts, and more.
Conclusion
As part of our quarterly updates, we’re always working to deliver new capabilities that will benefit you. These are available as part of your subscription—i.e., there is no additional cost. It’s only a matter of opting in, testing, and deploying.
For specifics of how you can enable these (and other features), check out “Quarterly updates made easy.” The article provides an easy-to-follow guide to help you understand the update schedule, differentiate between fixes and functional enhancements, and implement quarterly-update best practices.
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