By Sujit Jha, Practice Director, Oracle EPM, Inspirage
Today’s finance teams understand the importance of future-proofing their systems. That’s why the best finance teams are leveraging artificial intelligence (AI)—specifically robotic process automation (RPA) and machine learning—to manage and automate their corporate financial processes. These types of AI can apply human-like intelligence to machine-performed tasks, such as decision-making and visual interpretation. RPA, for example, is a scripted, software-driven process for streamlining common repetitive tasks. This technology, considered the simplest form of AI, creates valuable process efficiencies for finance.
As part of its Intelligent Performance Management (IPM) initiative, Oracle has made significant investments embedding AI and RPA into Oracle Cloud EPM. Oracle’s version of RPA is called “intelligent process automation” (IPA), which reflects the fact that it’s not a separate set of tools—it’s embedded into EPM processes, so finance users can benefit from the technology in the context of their everyday activities. For example, IPA can:
Oracle Cloud EPM also comes with IPM Insights, a set of built-in capabilities that helps unlock new possibilities for finance teams. IPM Insights is not a traditional machine learning platform for developers, nor is it a business intelligence tool that depends on existing data to generate reports. Instead, it uses machine learning to continually monitor your plans, forecasts, actuals and variances. Rather than spending hours trying to analyze data and spot trends, IPM Insights sends predictive insights straight to you, so you can take action quickly. It improves the quality of insights, with features such as:
Additional capabilities in Oracle Cloud EPM can help you:
Oracle Cloud EPM helps you significantly improve your finance operations—from budget, profit and costing, and long-range planning to line-of-business planning and management reporting. In short, it complements your finance team's abilities to perform their roles more efficiently.
Inspirage is an experienced Oracle partner that has successfully guided many EPM and ERP implementations, supply chain transformations, and numerous other ambitious projects for customers across a diverse range of industries. Contact our team to learn more about how we can help your finance organization harness the power of AI and machine learning in the cloud.