By Rick Jewell, senior vice president, Applications Development, Oracle
Previously posted on Oracle News Connect.
As organizations chart their paths to post-pandemic growth, cost reduction still remains a top priority. In fact, a recent Deloitte survey found that two-thirds of companies globally expect to pursue cost reduction strategies over the next 12 months. Increasingly, however, this strategy must be combined with a focus on supply chain resilience as well as environmental, social, and governance policies.
This places procurement leaders in a challenging but influential position, considering that procurement spans both finance and the supply chain – the core business functions for most organizations. Now that procurement professionals are measured on their ability to control costs, manage supplier risk, and enforce environmental policies and compliant spending, they need to have full visibility into supplier performance and company spend. Too often, a lack of visibility into what the business is spending on and with whom quickly leads to inefficiencies and increased risk.
Oracle Fusion Cloud Procurement – part of Oracle Fusion Cloud Supply Chain & Manufacturing (SCM) and Oracle Fusion Cloud Enterprise Resource Planning (ERP) – is a product suite that manages an organization’s complete source-to-settle cycle. It is designed to help our customers minimize risk, reduce costs, enforce compliant spending, and simplify supplier management and contracting.
To help our customers improve operational efficiency and successfully reduce costs, we are introducing several significant updates to Oracle Procurement, including:
- Complex Procurement: A new capability that helps organizations procure services and manage risk by helping ensure that contractors and subcontractors comply with negotiated payment terms. Complex Procurement also provides transparency into services spend across payment milestones, and is only made possible with a complete, end-to-end suite of applications.
- Spend and Procurement Analytics: A new product that gives customers a holistic view of procurement and supplier performance across the entire organization. Spend and Procurement Analytics help drive cost savings and efficiency by enabling users to view key spend metrics within a single dashboard – without complex data integration.
- Spend Classification: A new capability that helps procurement professionals better understand their organization’s spending patterns and gain an accurate overview of buying activity. Spend Classification can remove manual effort and reduce human error by using machine learning to organize spend data into logical categories.
- DataFox Supplier Intelligence: A new product that helps customers verify supplier data during onboarding and gain real-time insight into supplier health through alerts, as well as risk indicator scores. By using data generated by the AI and machine learning capabilities within Oracle DataFox Data Management, DataFox Supplier Intelligence can deliver current and accurate supplier profile data and risk indicator insights.
- Supplier Qualification Management: A new capability that helps customers comprehensively assess their suppliers. Internal stakeholders are able to provide qualitative feedback to augment input and survey data from suppliers, as well as existing data collection and monitoring processes. As a result, Supplier Qualification Management will help customers make a complete and accurate assessment of supplier capabilities, environmental compliance, and risk.
- Project-Driven Supply Chain: An end-to-end capability that helps customers in asset-intensive industries such as manufacturing control project risk with end-to-end planning, execution, and visibility. Project-Driven Supply Chain enables customers to consolidate, capture, invoice, and capitalize project-driven material, manufacturing, and maintenance costs.
Screenshot of Spend and Procurement Analytics dashboard
The new enhancements to Oracle Procurement will help our customers maximize cost savings and ensure uninterrupted operations. Learn more.