As the pandemic spread across the world, global supply chains have undergone a massive stress test and this trend is likely to continue. That has led to finance leaders facing the biggest challenge of their careers. To cater to the needs of global enterprises, technology major Oracle has updated its enterprise resource planning (ERP) and enterprise performance management (EPM) systems to help firms build digital resilience with digital acceleration.
The latest planning and management solutions by Oracle help customers build more resilient supply chains that can drive growth. They do this by helping customers improve efficiency of company-wide operations, gain greater foresight into supply and demand across their networks, and deliver enhanced service to their customers. These updates help finance teams leverage technologies including AI, digital assistants, and analytics to enhance productivity, reduce costs and improve controls.
"I foresee in the coming months, a truly digital economy will take centre stage and technology companies will play the role of 'trusted advisors' to businesses. Oracle equipped with cutting edge state-of-art solutions, is in a position to play this role," says Prasad Rai, Head and VP, Applications, Oracle India.
The crisis has underlined the need to adopt new-age technologies not just to succeed, but survive in a new normal. Building business resilience with digital acceleration is key. In the short-term, technology has helped businesses to continue operations during the crisis by enabling remote working and maintaining agility. In the long-run, expect technology to play a strategic role in every single business process of an organisation, initiative or aspect of the value chain as they pivot to become the Future Enterprise.
According to IDC, more than 40 per cent of businesses are leaning on data to gain insights into their business operations, products, services, experiences, and/or ecosystems. The same report says 30 per cent businesses are leaning on agile software development capabilities to modify products, services, and/or experiences.
Among the enterprises that Oracle has worked with in India are UST Global, RBL Bank, Tata Sons, Hindalco and many more during this crucial time by enabling their path to business continuity.
"The ERP cloud has new AI and machine learning, analytics and security capabilities to help organisations identify and leverage trends and patterns in financial and operational data and improve the accuracy and efficiency of processing payables transactions by leveraging machine learning to recommend account codes," explained Rai. Meanwhile, the old supply chain function is heading towards obsolescence and is being replaced by a smoothly running self-regulating utility that optimally manages end-to-end workflows and requires very little human intervention.
Obviously, the times are changing and that too very quickly.