Oracle adds AI smarts to increase Oracle ERP Cloud’s market lead

• New intelligent assistants and AI capabilities for financial controls reduce manual processes and improve accuracy and compliance 

Oracle has extended the artificial intelligence (AI)capabilities within Oracle Enterprise Resource Planning (ERP) Cloud and Oracle Enterprise Performance Management (EPM) Cloud. 

The latest machine learning-based innovations include an expense reporting assistant, project management digital assistant, advanced financial controls and project-driven supply chain management.

“Oracle continues to deliver on the finance innovation promise expected by our customers,” said Oracle Applications Development Senior Vice President Rondy Ng. “Our pervasive AI strategy delivered via continuous product updates ensures rapid adoption with immediate business results. This allows finance and operations teams to stay ahead of the technology curve and retain a competitive advantage.”

More than 6,000organisations in 112countries and 23 industries have selected Oracle ERP Cloud to provide a complete, innovative and securely-featured platform for their organisation. With Oracle ERP Cloud, organisations of all sizes can quickly and easily take advantage of the latest innovations in artificial intelligence, digital assistants, natural language processing, blockchain, and the Internet of Things to enable enhanced productivity, reduced costs and improved controls. 

The latest machine learning-based innovations enable finance and operations teams to spend more time on strategic initiatives that grow the business by increasing efficiency, accuracy and compliance across business processes.

New innovations include: 

Expense Reporting Assistant: Streamlines expense report processing by automatically creating, classifyingand matchingexpense items. Users can interact with the assistant through a powerful voice interface, or simply by sending receipt images to the assistant via email, SMS, Slack or Microsoft Teams. The assistant uses machine learning to improve the automatic classification of expense items, monitor policy violations and reduce audit risks.

Project Management Digital Assistant:Provides instant project status updates and enables users to update time and task progress using a digital assistant. The digital assistant learns from your past time entries, project planning data, and the overall context to tailor interactions and smartly capture critical project information.

Advanced Financial Controls:Provides continuous analysis of transactions, setups, and configurations to automate audits and helpprevent financial leakage.The solutionuses self-learning algorithms to examine critical configuration changes and transactions against a library of proven rules leveraging built-in algorithms for fuzzy matching, anomaly detection, Benford analysis, clustering etc. This approach uses data science techniques to allow incidents to be directed to analysts for tracking, investigation and closure.

Advanced Access Controls: Automates user security analysis using AI techniques to help protect business data from insider threats and fraud.Thesolution uses graph-based analysis to accurately and reliably assess violations hidden inside complex, recursive and dynamic security configurations. This technique includes a robust library of configurable, best practice data privacy and SOD rules that can continuously monitor users, roles, privileges, setups and transactions.

Intelligent Supplier Management: Oracle DataFox integration enriches supplier profiles with AI-sourced and validated company data to power supplier scoringand categorisation. It uses AI techniques to extract dynamic supplier risk signals from news articles and press releases, which are then combined with DataFox’s company data sources to automatically manage supplier risk, by identifying which suppliers are at risk and recommending alternative suppliers.

Oracle ERP Cloud was named the sole Leader in Gartner’s Magic Quadrant for Cloud ERP for Product-Centric Midsize Enterprises1. In addition, Oracle (ERP Cloud) was named a Leader in Gartner’s “Magic Quadrant for Cloud Core Financial Management Suites for Midsize, Large and Global Enterprises2,” “Magic Quadrant for Cloud Financial Planning and Analysis Solutions3” (with the highest position for its ability to execute) and was also named a Leader in the 2018 “Magic Quadrant for Cloud Financial Close Solutions4.”