Oracle Intelligent Apps enables you to adopt machine learning and AI today, not tomorrow
Our Emerging Technologies blog series focuses on new technologies that are already impacting on how finance and IT work. The aim is to outline new ways of working, enabled by technologies such as machine learning, automation and intelligent apps.
This Emerging Technologies blog will explore in-depth Oracle Adaptive Intelligent Apps for Enterprise Resourcing.
Oracle Adaptive Intelligent (AI) Apps are cloud-based, ready to use applications that connect knowledge across your Oracle Applications portfolio. The apps leverage machine learning and artificial intelligence capabilities that evaluate and connect data within your organization. The solution enriches this "1st party" data with "3rd party" information to provide a meaningful knowledge base which allows for new insight in analytics and forecasting.
This is not "tomorrow's technology", your organization can benefit from this innovation today. Qubix is looking for innovative and data-driven clients to help implement and integrate Oracle Intelligent Apps technologies.
Adaptive Intelligent Apps for ERP
AI Apps for ERP is a suite AI and data-driven features to help procurement and finance professionals enhance financial performance, improve cash flow and increase agility in across payables and receivables, procurement, inventory and treasury management. As a result of optimizing these business processes, organizations are able to spend more time focusing on strategy and higher-value tasks to drive business performance.
"By innovation we mean improving or enhancing existing processes to offer new services to your customers and new offerings to suppliers. A lot of this is coming through from the access to data and being able to leverage newer algorithms against that data to actually arrive at better insights and outcomes." - Matthew Bradley, Senior Vice President of Product Development and Enterprise Performance Management, Oracle
Fundamentally, introducing this innovation is about equipping your organization with intelligent business processes that enable it to adapt to market change quickly. Whether its regulatory compliance, competition or consumer preferences. Ensuring your business has the competitive edge required to increase revenue efficiency and achieve sustainable growth. This starts by integrating large volumes of data and utilizing algorithms and automation to extract insights and free-up human capital for better decision making.
The AI App for ERP consists of two core components: Supplier Categorization and Intelligent Payment Discounts which are explored below.
Optimizes the entire procure-to-pay process with smart, multifactor categorization and ranking of suppliers. By combing ERP application data about suppliers, purchase orders, invoices, payables and other key information, with external sources of vendor and business data, to uncover new insights, expand visibility into an organization's supplier eco-system and ultimately, free up working capital. This data drives the automatic categorization of suppliers and provides intelligent inputs to AI and data-driven features that streamline the procure-to-pay process.
This includes discounts associated with early payments of suppliers and setting the minimum, and maximum APR used when deciding early payment discounts. Users can leverage third-party data such as historical payments, pending invoices and potential discounts offered, to refine which suppliers to enrol in payment programs. Moreover, users can view program performance and predict how potential discounts will affect overall business performance.
Intelligent Payment Discounts
Use the insights provided by Supplier Categorization to make data-driven decisions in the discount negotiation process. Leverage Intelligent Payment Discounts to generate vendor-specific discount offerings in exchange for early payment of outstanding payables based on real-time supplier profile and risk data. The outcome of each discount offering (accepted/rejected) is used to optimize the algorithm to further enhance your company's discount program within its supplier eco-system and procurement practices.
This is an intelligent, agile and data-led approach to discounting which contrasts sharply with traditional pre-negotiated, inflexible discounting. Ultimately, Intelligent Payment Discounts can deliver savings that would otherwise be missed by traditional discounting terms.
Our next Emerging Technologies blog will focus on Intelligent Performance Management. Topics will include how connected, and predictive planning can be used to make more informed planning decisions.