Oracle ORCL recently added new features to its Oracle Fusion Cloud Enterprise Resource Planning (ERP) and Oracle Fusion Cloud Enterprise Performance Management (EPM) suite of solutions. The latest features aim to help businesses accelerate the transformation of digital finance.

Among the new features, Intelligent Document Recognition (IDR) will reduce manual operations for businesses. The feature improves the accuracy of invoice scanning and increases contactless processing through a new adaptive learning technique. The corrections made by the user in the interactive IDR viewer will allow each invoice to train the algorithms and improve future recognition, the tech giant added.

Fusion ERP Analytics Enhanced can add spend and procurement key performance indicators (KPIs) to its “pre-defined KPI library”. This will allow the finance department to optimize spending operations.

EPM Enterprise Journals will help finance teams simplify the creation, management and publication of journal entries, the tech giant noted. EPM Enterprise Journals automates the process of moving logs from Oracle Cloud EPM to any other cloud / on-premises ERP system, reducing the risk of errors and improving financial reporting and forecasting.

The Intelligent Performance Management (IPM) Insights feature harnesses data science to enable users to detect anomalies, biases, and trends when analyzing big financial and operational data. This helps clients gain actionable information to make informed decisions and enhance the accuracy of financial projections.

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The procurement spend classification feature involves a machine learning technique to automate the categorization of unclassified business transactions for procurement teams. This gives customers increased visibility into spending models and improves vendor management, cost optimization and item classification performance, Oracle added.

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The addition of new features is expected to drive adoption of the company’s Fusion Cloud ERP and Fusion Cloud EPM suite of solutions as businesses rapidly accelerate digital transformation to improve business outcomes.

Oracle’s strength in ERP bodes well

Oracle is one of the established players in the ERP field. The healthy adoption of cloud-based applications, including NetSuite ERP, Fusion ERP, and Fusion Human Capital Management (HCM) bodes well for the company’s bottom line.

The growing demand for cloud-based ERP systems is driving the market. Cloud-based ERP provides consumers with improved access to applications and cost reduction benefits.

In the last published quarter, the business of strategic cloud back-office applications jumped 25% (at constant exchange rates). Management announced that NetSuite ERP and Fusion ERP cloud revenues grew 28% and 32% in the first fiscal quarter, respectively.

Customer growth helps the company maintain its leadership position in cloud ERP. The migration of several large SAP SE SAP customers to Fusion ERP cloud and Fusion HCM remain a tail wind.

In the first quarter of fiscal 2022, Oracle entered into agreements with Humana, Hutchinson, ITV, KCB Group, Acer and AirAsia India for its Fusion Cloud ERP and EPM solutions as well as Fusion Cloud HCM.

Oracle, which currently holds a Zacks Rank # 3 (Hold), is working hard to improve the functionality of cloud-based applications, which encourages adoption.

You can see The full list of today’s Zacks # 1 Rank (Strong Buy) stocks here.

However, the company should be careful with the increasing competition in the ERP space from Microsoft MSFT, SAP, Working day DAY.

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