Oracle Fusion Procurement - Empowering Procurement Function (Part -1)
Guest post by
Sirish Newlay, Consultant, Infosys
Purchasing department in an enterprise has taken a center stage in the recent years with more and more enterprises investing hugely to make sure they buy the best, at the best and from the best it becomes immensely important for buyers to make sure they are abreast with latest trend in the procurement world.
Also the race to remain on top has made a great impact in way procurement business functions align with other business functions in an enterprise today and in future for example looking ahead in time with expansion of procurement scope we see importance of rethinking talent management. From financial perspective we see a high dependency on costing methodologies.
In this blog, I provide an overview of "Oracle Fusion Procurement" application and briefly discuss the recent procurement industry trends and in the Part-2, I will provide our point of view regarding how Oracle Fusion Procurement and its capabilities cater to the recent procurement trends.
Oracle Fusion Applications Procurement11g Release1 module footprint:
- Self Service Procurement
- Procurement Contracts
- iSupplier Model
- Upbeat Involvement
Procurement is taking a more proactive role with regards to spending being done within the enterprise, forecasting and administration. For an enterprise it become necessary to have spends data at fingertips to make informed sourcing decisions. This in return also helps all stakeholders keep an upfront planning ultimately leading to better budgeting and a much stronger intra-organization relationships.
- De-scoping procurement
Expansion is the key today. Procurement has grown off ages and broken traditional barriers of being limited to just mere purchasing for fulfilling departmental needs. Today the magnitude of internal as well external purchasing within an enterprise is remarkable. We look at handling of global portfolios in procurement today. Procurement has been strategically more planned now with penetration into non-traditional fields like marketing, legal and services.
- Generation Y Procurement
Talent management is closely related to all departments in an enterprise. It is believed that enterprise comprises of people, processes and technology. But with procurement focus to build future organizations talent is the new basis for growth. Procurement enterprises are looking at creative ways of attracting, retaining and motivating workforce. It is becoming vital to separate strategic from tactical work to help employees pay more focus on strategic element of business functions.
- Future: Virtual Procurement Organization
"Doing more with less" is the norm today across the globe. Procurement is bound to evolve into a mix of strategic In-House resources and On-Demand transactional resources. And this is being highly supported by automation being brought in by advent of technology. Thrust on standardization and concept of outsourcing.
- Sustainability with Procurement
This is an extension to the "Green Procurement" that we discussed in our last edition. While buying from vendors today most of the purchasing leads give weight to sustainable factors before awarding a deal. And this becomes immensely important in today's eco-green initiative across the globe.
The above discussed industry trends in the procurement sphere can be very well addressed by Oracle Fusion Procurement applications and my next blog will discuss this aspect.
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