Understanding Oracle Cloud Procurement: Features and Benefits

New-age organisations operate in an extremely dynamic environment. It, therefore, becomes imperative for them to ensure customer satisfaction. To create value for customers and augur efficiency, companies are now relying on different applications for their day-to-day operations.

Oracle fusion procurement consists of a specially curated suite that aids businesses to enhance customer satisfaction by streamlining their procurement process. It considers the specific requirements of organisations to design an enterprise application that enables smooth and successful operations.

The product has the capability to accommodate millions of users through a specific application that is tailored to the needs of an organisation. It also offers critical insights and risk management capacities to improve procurement operations. From creating requisitions to sourcing services, finding suppliers and sending purchase orders, various activities can be easily streamlined through the advanced management tool created by Oracle.

Distinguishing Features of Oracle Fusion Procurement

Organisations using Oracle Fusion Procurement can take the right decisions at the right time. Let’s now take a look at its distinguishing features.

·       Sourcing: Sourcing is an important step for procurement. It involves a thorough analysis of supplier bids and proposals with respect to their value, quality and price. The analysis tool can streamline this procedure and help to evaluate sourcing proposals effortlessly.

·       Supplier Management: To ensure smooth procurement processes, it is essential to rely on a supplier management procedure that collects and monitors supplier data. Based on its importance, the data is sorted to aid supplier selection.

·       Contract Management: This is an important step in the procurement process and requires proper maintenance of libraries and templates to create a contract repository. It also tracks audit history and enables automatic renewal of contracts through proper notification to all channels involved. Oracle Fusion Procurement plays a crucial role in contract management.

·       Requisitioning: For controlling expenses, reducing costs and realising savings, it is necessary to streamline supplier catalogs and workflows that have detailed search capabilities. It must include forms, shopping lists and personalized experiences in one place to help the requisition process. All of this can be done with the Oracle Fusion Procurement application.

·       Payment: It consists of a robust and flexible payment management system. Oracle Fusion Procurement enables faster payment processing and consists of a line-level invoice validation feature that helps to manage exceptions as well as document sharing.

·       Purchasing: With Oracle Fusion Procurement, the entire process from procuring to payment can be automated. It also creates purchase orders and finds savings opportunities easily.

Advantage of Oracle Fusion Procurement

Companies enjoy distinct benefits when they use Oracle Fusion Procurement. It enhances collaboration across the organisation, allowing teams to easily share documents and review procurement procedures at any time. It also enhances user experience as it has the flexibility to be designed according to individual needs. This increases productivity and efficiency considerably. Besides, user-friendly dashboards allow people to gather insight through interactive ‘infolets’. Actionable content is also highlighted by the application, making it easier to review processes. The embedded analytics further increase operational efficiency across the organisation.

If you are looking at an exciting career opportunity, enrol in Oracle Procurement Cloud training at Cloudshine. The Oracle Fusion procurement certification is extremely useful and can easily land you a lucrative job.