Oracle Fusion Procurement Tutorial

This article explains about the Oracle Procurement Cloud offering from Oracle.

Another Enterprise Resource Planning (ERP) Cloud by the Oracle Corporation is the Oracle Fusion Procurement Cloud. The companies nowadays want source-to-pay solutions that help them streamline, improve, and automate their procurement process outcomes. Oracle Fusion Procurement Cloud has everything to satisfy their business needs. It gives an intuitive user experience, reduces risks, gives embedded analytics and collaboration to simplify supplier management and contracting. In addition, it also increases the cost savings and also enforces compliant spending. In this article, we will tell you everything that you need to know about the Oracle Fusion Procurement Cloud.

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What is Oracle Fusion Procurement?

Oracle Fusion Cloud Procurement is an enterprise application and integrated solution that delivers control over supplier qualifications, key insights, and risk to make sure that operations are run uninterruptedly while maximizing the cost savings, improving the organization’s profitability, and enforcing compliant spending. In other words, it lets the user manage all the aspects of a procurement process such as sourcing goods and services, creating requisitions, qualifying suppliers, and purchase orders. Oracle has provided a lot of inbuilt procurement management tools to its customers so that they can streamline purchasing functions for businesses through automation such as maintaining inventory, receiving and matching invoices and orders, supplier onboarding and management, and raising and approving purchase orders. Above all, the unique features and operations make it the perfect software for the customer’s business requirements.

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Why Oracle Fusion Procurement?

Oracle Fusion Procurement Cloud is a product that has gained the trust of millions of customers across the globe and they keep choosing it to transform their procurement processes as it fulfills all their demands and requirements effortlessly. Firstly, it is a superior product that delivers benefits to its users. Secondly, it has the right technological synergy and quality and Oracle software developers always uniquely plan their products before developing it so that they don’t miss any point causing the product to fail. Thirdly and most importantly, they keep in mind all the requirements of the customers and never disappoint them. In conclusion, Oracle Fusion Procurement and all the other Oracle products are made in a way that they fulfill the changing needs of the customers in this fast-paced world with ease.

Why you should use Oracle Fusion Procurement?

Systematic Procurement methods, processes, and techniques in the current global business environment play a crucial role in proving a competitive edge both financially and operationally. They are required for every organization irrespective of the nature of their business, their size, their products, and their area of operations. Oracle Fusion Procurement is a part of the Oracle Fusion Application suite. It provides a fair set of advantages giving advanced supply management. Here are the reasons why one should use it:

  • The application is designed in a way that it provides relevant insights and operational rights at different levels of the procurement process.
  • User-friendly and personalized dashboards are offered to users with their user worklists. It allows them and the management to identify the areas that seriously needs attention.
  • Makes business operations simpler by providing inbuilt universally followed contract standards.
  • It provides the right access to the users to perform certain actions in the procurement process that avoids compliance gaps and identify mistakes.
  • Integrating sourcing capabilities help the company discover opportunities for negotiating contracts, savings, and prioritizing actions.

Oracle Fusion Procurement Features

Oracle Fusion Procurement Cloud offers many features to its customers. It helps them to effortlessly streamline the procurement processes in their businesses and achieve great performance. The features are as follows:

  1. Streamline shopping experience and control spend
    • Simplify the shopping experience – With the presence of powerful search capabilities and quick and easy comparisons, this software allows the users to quickly find the products and services that they require.
    • Ensure spending compliance – The purchases are directed to approved suppliers which increases the cost savings and ensures compliance.
    • Streamline purchasing – It has automated invoice matching that minimizes the workload and accelerates the payment processes.
  1. Outpace change with supplier management and risk management
    • Manage suppliers proactively – Better business outcomes are ensured and suppliers are systematically managed and qualified with its help.
    • Manage supplier data – Information can be gathered therefore helping the business maintain timely supplier information thus improving visibility.
    • Simplify supplier collaboration – It provides the suppliers with the capability to collaborate effectively and improve communications.
  1. Drive sourcing efficiency for increased savings
    • Streamline supplier negotiations – The users are allowed to simplify the documents using guided document authoring that improves cost savings.
    • Collaborate more effectively – The companies can easily collaborate with the stakeholders and increase productivity by using built-in tools.
    • Increase sourcing effectiveness – It provides powerful tools to monitor the bidding processes to meet goals and make better decisions.
  1. Simplify contract management and ensure compliance
    • Streamline contract authoring – Helps in streamlining the contract creation and increasing employee productivity by using templates, libraries, and built-in collaboration methods.
    • Reduce contract risk –  It highlights the changes and ensures proper reviews and approvals due to which there are fewer chances of risks.
    • Improve contract visibility – It provides a consolidated contract repository to reduce the time in searching for contracts.
  1. Modern supplier collaboration boosts productivity
    • Simplify collaboration and adoption – Oracle Procurement Cloud has a secure eCommerce platform that streamlines and automates all the electronic transactions.
    • Streamline onboarding – The software comes with messaging connectivity setup and profile setup for streamlining partner onboarding.
    • Provide real-time visibility – It provides the users real-time visibility into exceptions and transaction status.
    • Discover trading partners – Oracle Procurement Cloud permits the users to easily search for trading partners who use the Oracle business network so that they can establish electronic commerce with other customers using Oracle.

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Oracle Fusion Procurement Benefits

The right procurement tool can bring a lot of benefits to your organization. If your organization hasn’t yet bought a procurement software, then Oracle Fusion Procurement Cloud can be the perfect solution for the business as it comes with the following benefits for the user –

  • Using this software improves the spend visibility and lowers the costs. Its spending analytics makes it easier to find cost reduction opportunities. Risk management, tracking the vendors, and contract compliance features help to increase productivity and additional savings.
  • The software supports multiple currencies and languages as a result of which the company gets the ability to easily source goods and services from almost anywhere
  • It automates most of the internal processes such as order tracking and supplier evaluation, therefore, allowing the organization to operate effectively and efficiently.
  • Oracle Procurement Cloud standardizes workflow and reduces the need to diverge from the process. Moving the system online allows a quick and easy reference to the data.
  • Oracle Fusion Procurement has the technology that simplifies several processes. It makes the documents easily accessible that speeds up compliance checks and reduces errors.
  • It doesn’t let the data integrity compromise as it provides increased data accuracy and makes everyone know that they are accountable for their actions.

Oracle Fusion Procurement New Offerings

The Oracle Fusion Procurement Cloud 20C is the newest update of this procurement software by Oracle that includes a set of new features and offers to the customers helping their business run the procurement processes effectively and efficiently and spend wisely. It has proven itself to be an ideal and reliable platform to transform your procurement processes. To begin with, the latest update has several features such as cross-product procurement enhancements, project-driven supply chain, purchasing, sourcing, supplier model, procurement contracts, qualification management, and self-service procurement. Similarly, the update also allows the users to integrate and extend procurement using the rest services in it and automatically archives the workflow tasks in a day. In conclusion, Oracle updates its applications and software every quarter so that customers will not have to compromise with their needs.

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Advantages and Disadvantages of Oracle Fusion Procurement

This is the best software for small to midsized companies that have features such as inventory, cost management, performance reporting, etc. Moreover, it enables negotiation, analysis, buying, contract management, and other features but it still has some pros and cons that one should not look over before buying.

Advantages

  • Has a copy to checkout option that allows the user to use previous requisitions making it faster for recurring charges.
  • Keeps the costs under control by selecting the best suppliers, managing risks, and enforcing the policy.
  • It is a complete tool covering all variations of the procurement process using all the standard functionalities.
  • The software is easy to handle and has a unique user interface.
  • Minimizes the review effort and after that, it enables faster time to value deviation monitoring in contracts because of the award recommendation that is based on user-defined criteria.
  • It helps in guided authoring. The term libraries simplify the document authoring in sourcing, review and approved quotations.
  • The user can ensure up to date profile with update alerts and can select a qualified supplier for sourcing events.

Disadvantages

  • It is new. However, it is not completely stable. There needs improvement in the customer support of this software.
  • The software doesn’t have a search bar for keywords in the category codes and the account numbers.
  • Specific resources should be there to easily implement the technical sides.
  • The limited collaboration features interrupt the processes many times.