Why Oracle Fusion Procurement? How does it add value?
Guest post by
Suchitha Prabakaran, Consultant, Infosys
In the current global business environment, efficient Procurement techniques, methodologies and processes play a vital role in providing a competitive edge- both operationally and financially for any organization irrespective of the size, nature of business, products dealt with, area of operations etc. Corporates now have realized the importance of streamlining and strategizing procurement processes as it makes a huge difference to the revenue and profitability of the organization.
Oracle Fusion Procurement which is a part of the Oracle Fusion Applications suite provides a fair set of advantages in facilitating advanced supply management:
- The application is designed to set a disciplined procurement environment providing relevant insight and operational rights to procurement users at different levels in the Procurement chain and various levels in the organizational hierarchy.
- Well defined workflow across the Oracle Fusion Procurement suite provides right access to necessary users with required rights to perform specific actions during the life cycle of the Procurement process. This would avoid compliance gaps, help track user actions, identify user mistakes and bring in accountability to every action of any user across the chain.
- User friendly and personalized role based dashboards along with user worklists and watch lists allows procurement users and management to identify and monitor areas that require immediate attention and also capitalize on opportunities that would yield more business.
- Embedded analytics focusing on business intelligence provide vital information to the management, daily users and suppliers. It provides for understanding of consumer spending behavior, procurement expenses and supplier timeliness and performance. Reports generated through state-of-the-art analytics on procurement information help the organization in designing strategies and aligning them to the business goals, identifying opportunities and monitoring trends.
- This application provides for inbuilt universally followed contract standards with the required flexibility to make business operations simpler while operating in a global economy.
- Integrating Sourcing capabilities of Oracle Fusion Procurement applications helps discover opportunities for savings, prioritize procurement actions and negotiate contracts and agreements ensuring collaboration with internal and external systems and parties and compliance with locally and internationally accepted standards.
Another key aspect to note is the Oracle Fusion Procurement Applications facilitate end user self service to a great extent. The user interface being easy to understand and adopt - increases efficiency in operations, enhances consumer shopping experience, promotes supplier enablement and end user satisfaction. The interface delivers user friendly features such as search options, favorites, recent transaction history, tagging and embedded learning that makes it easy to use the application with minimum training. This allows for key procurement professionals to get rid of the routine and mundane activities. Rather provides them an opportunity to concentrate on strategic procurement areas, designing the processes based on the latest trends and business needs, identifying and focusing on areas that require special attention/improvement across the procurement life cycle and its operations.
There are a number of aspects to be considered before a decision is made to implement a new Procurement application. Along with urge to expand, compete, and increase revenues and margins using optimum resources, it should be borne in mind that compliance related enforcements, impact of sudden changes to technology and business processes, controls and approval processes and short term and long term business objectives have been considered while taking decisions related to implementing new applications in the Procurement Domain. Oracle Fusion Procurement Applications have been built keeping these considerations in mind thereby ensuring business interests have been met.
Oracle Fusion Procurement applications being open and standard based can be easily integrated into Service-oriented architecture. Being designed as a suite of modular applications, the Fusion Procurement applications can be deployed to work along with existing Oracle applications by investing minimum implementation effort with minimum disruption of business operations. The applications are built in such a way that organizations can choose to implement the entire suite of applications or one product family or one/more modules at one go or in a phased manner providing flexibility to the customers in bringing about a technology enhancement to suit the financial considerations, business needs and long term organization goals.