Procure-to-Pay Cycle with Oracle Fusion capabilities
Fusion Financials and Procurement are a part of Oracle Fusion Applications and derive the business process capabilities from best of breed Oracle ERP packages along with cloud benefits. The in-built reporting platform enables Finance and Procurement professionals with business intelligence abilities. Fusion applications intend to simplify the business processes and technology requirements, enhance the ROI of IT expenditure, get both the internal and external stakeholders collaborate and finally ensure the policy enforcement and financial control. In this blog, I have tried to summarize a few of my learnings from the Oracle Fusion Financials - PreSales Specialist certification.
The key functionalities for different processes of the Procure-to-Pay cycle are:
- In-built intelligence with business transactions--Role based dash boards and work area for buyer, approver; presenting the statistical report, trend, spend analysis, personalized search capability
- Enhanced sourcing capabilities--Supplier analysis, visibility of supplier lead time and popularity across departments
- Supplier self-service-- Single log-on for supplier providing complete visibility to their transactions and full invoicing capability
- Standardized processes -- to facilitate shared services model and centralized procurement function
- Smart Receipt capabilities-- Automatic receipt application engine, Over/Under payment rules, Scored recommendations based on customer, transaction or exceptions, centralized approach for receipt processing, setup rules to match receipt to the specialist for manual intervention and rules to mark the priority of the receipt based on attributes
- Payable dashboard--to collaborate with various participants, visibility of priority items and work volume, item tagging option for quick retrieval
- Invoice Work Area-- Invoice creation from scanned images, exception resolution, Invoice creation in a format based on real life physical invoice offering easy data entry and audit
- Integrated invoice image processing-- image attached with the invoice throughout invoice life-cycle
- Invoice indicators--Out of balance, status and hold, prepayment alert during entry
- Voucher matching -- with the receipt and PO in the same window
- Personalized view-- Excel like capability to freeze columns, personalized search, full screen view, export to excel
With the in-built business intelligence capabilities and business benefits of cloud based applications; Oracle Fusion financials and procurement definitely equip the finance and purchasing users to play a bigger role and add value in overall business achievements.