Understanding Oracle Cloud Procurement : Features and Benefits
Commonly, every organization is looking for perfection with the best customer satisfaction and customer value. Hence they have started using different suits or applications which help them in their daily operations. User benefit is one of the essential aspects that the business holders primarily focus on. Oracle fusion procurement is a suite or a product designed to transform the procurement process by considering their demands and requirements at the right time. In this article, you will know about Oracle fusion procurement, modules, new offerings along with the advantages and disadvantages. Let’s get started!
What is Oracle Fusion Procurement?
Oracle fusion procurement is a product that holds millions of users and is used as an enterprise application and a solution that would help to deliver the control over the supplier qualifications and provide critical insights and risks to make sure that the operations are running successfully.
Oracle fusion procurement will help manage the multiple activities involved in the procurement process, like creating requisitions, sourcing services and the goods qualifying suppliers and send the Purchase orders. As there are various activities, Oracle has come up with the management tool that will help businesses streamline the activities and the purchasing functions efficiently with its unique features.
Features of Oracle fusion procurement:
An organization that involves procurement, the oracle fusion procurement is a solution that can leverage the critical information who are responsible for managing the activities and ensure that perfect decisions are taken. The oracle fusion procurement involves the below features.
Supplier Management: The initial stage of the procurement begins with the supplier management that involves the process of streamlining the monitoring and collection of the supplier data to make sure that the suppliers will comply with the compliance policies. It involves the selection of the suppliers.
Sourcing: Sourcing involves the process of manually compiling and comparing the supplier proposals that come up. It also includes the supplier award analysis tools that will help in evaluating the supplier bids based on certain factors like value, price and quality, etc. This segment will help you achieve the best results along with embedded social collaboration.
Contract Management: In order to achieve effective contract management, the content creation has to be streamlined by using the libraries, templates. It also involves a secure contract repository system that consists of the audit history and tracking to quickly figure out what they need. The contract Management also includes the automated renewal capabilities that will provide the professionals with the notifications of the expiring documents.
Requisitioning: All the negotiated savings should not be lost and it definitely requires a solution that ensures that the savings are realized, includes robust search capabilities, shopping lists, smart forms and personalized buying experiences that are enforced through the supplier catalogs and workflows to control spend and reduce costs. Requisitioning helps in proper regulation during the pay-to-pay cycle.
Payment: The payment segment involves the processing of supplier invoices that is responsible for streamlining and automating this function by maintaining a robust payment management system that is also flexible to provide the electronic transmission. In order to ensure faster processing, Oracle fusion procurement also includes the line-level invoice validation feature. It also allows you to manage the exceptions through the social collaboration along with document sharing.
Purchasing: The purchasing segment in the oracle fusion procurement is responsible for automating the procure-to-pay transactions like the purchase order creation and also helps you to find the saving opportunities. It does not require any manual intervention to create the purchase orders from the requisitions and also provides the professionals a review and analytics of the exceptions, actions to be performed.
In short, the oracle fusion procurement will help the organization in achieving the wide procurement solution and providing its flexible support to streamline the processes involved in purchasing. It also helps in eliminating the paperwork which is considered as an informal way of initiating the request to purchase and fulfill the goods. It is also providing the user-friendly environment to the users to make use of the self service application, allowing the end users to place the requests from their end. It is also implementing an approval process that allows each request to flow through the authority channel. It also involves in automating the sourcing process and also produces the well formatted reports.
Oracle fusion procurement new offerings:
This includes a new set of features and provides the extensible support to the customers by ensuring that the business procurement activities efficiently. Oracle fusion procurement cloud is one of the most reliable performs with help in transforming the procurement processes. The recent update has provided the users from integrating the procurement and automatically archiving the workflow tasks in a day.
Benefits of Oracle fusion procurement:
The procurement organizations are looking for the products or suites that are capable of responding to the strategic roles in all the tasks or activities around the purchasing segment. The procurement management systems should be capable of managing and streamlining the procure-to-pay processes that would enrich the user experience to the consumers. Hence the organizations ensure to build a purchasing system that would collaborate and help in reducing the risks and costs to the organization. Oracle fusion procurement includes a set of benefits that are explained below.
- Efficient collaboration: The oracle fusion procurement cloud provides visibility to the entire process and also allows to exchange the documents and messages electronically. It also helps in managing the procurement processes and provides its support by facilitating the document approvals, reviews and authoring. The oracle fusion procurement cloud also enhances the collaboration between the multiple teams and also allows the assignments to complete fatly and effectively.
- User experience: Oracle fusion procurement is providing a positive user experience to the consumers and providing the flexibility to the employees to determine and look for what they exactly need. It will further improve the productivity as the users are provided with the flexibility to focus on the value added tasks and activities.
- Embedded analytics: Apart from the increase in the productivity levels, it includes the user-friendly dashboards that are used for representing the information and also highlights the actionable content. The oracle fusion procurement suite is very interactive and uses the role based containers called infolets which will help the users to visualize the information which is high-level, review the information that is required and also take the appropriate action. The cloud based procurement solution will leverage the embedded analytics and ensure that the users will be allowed to quickly decide on the action or the steps in a business process.
- Support for a mobile workforce: In this world of advancements, we see that the employees are utilizing the technologies and mobile phones to manage the work related activities as well. The cloud procurement solutions are responsible for leveraging these devices to streamline the processes, reduce the latency issues and also gain approvals faster than expected.
As every organisation is holding the information and running the operations using the cloud, Oracle fusion procurement is the best platform developed by Oracle Corporation. There is a high demand for the Oracle products and the suites that come up from Oracle.The Oracle fusion procurement is helping the organizations in managing the business process efficiently by being capable of pro-actively managing the suppliers and their activities. This cloud solution will definitely help in transforming the procurement organization to ensure and provide the fastest services to the different areas in the organization. I hope the above information helps you and has given you a brief understanding of Oracle procurement cloud.