Oracle Fusion Procurement is part of Oracle Fusion Applications, which are completely open, standards based enterprise applications that can be easily integrated into a service oriented architecture. Designed as a complete suite of modular applications, Oracle Fusion Applications help you improve performance, lower IT costs, and get better results. Whether you choose one module, a product family, or the entire suite, Oracle enables you to gain the benefits of Oracle Fusion Applications at a pace that matches your business needs.
Fusion Financials and Procurement are a part of Oracle Fusion ERP Applications which 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.
Oracle Fusion Procurement is a modular suite of procurement applications designed to work as a complete procurement solution or as modular extensions to your existing procurement applications portfolio.
The key Fusion 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 Smart Sourcing–Supplier analysis, visibility of supplier lead time and popularity across departments. Oracle Fuson provides the Uncover savings opportunities, Prioritize procurement actions and Negotiate enforceable agreements.Oracle Fusion Procurement also makes it easier to capitalize on opportunities. It provides integrated sourcing and contract management to help negotiate enforceable agreements. By integrating esourcing with universal contract standards, a universal contract repository, and universal search, it provides visibility into contracts while standardizing collaboration and compliance
- 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
One of the best characteristics of the Oracle Fusion applications is that these can be fully integrated with traditional Oracle ERP solutions like PeopleSoft, Oracle EBS. So the existing Oracle customers can choose to implement module wise and selective Fusion functions too.
It provides additional Business Value for Your Existing Applications Oracle Fusion Procurement modules are designed to work side by side with existing Oracle Applications with minimal implementation effort or disruption. Oracle Fusion Procurement’s analytics, sourcing, and contract management capabilities provide an opportunity to power shared services with revolutionary new capabilities while keeping your existing procurement applications in place
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.