Introduction
Oracle Cloud will enable the user to streamline and automate its procure-to-pay process (P2P), whilst enforcing contracted pricing, terms and ensuring policy compliance.
Oracle Cloud provides control of the Supplier Data registration, administration, and contracts, will identify needs for goods/services, allow requisitioning of supplies/services from approved suppliers, and flows through to prompt payment of associated invoices in line with the payment terms. Self Service for the user’s staff and Suppliers simplifies the process, increases efficiency, and allows users to create, track, and manage their orders.
Oracle Modules that will help you streamline and automate P2P
“Fusion Practices recommends the following Modules to be implemented with Oracle ERP cloud”
- Oracle Fusion Purchasing – To maintain suppliers, purchasing catalogue, purchase orders, and its workflow, etc.
- Oracle Fusion Self Service Procurement – To enable the end-user to quickly request for products and services he requires, with minimum support, at the best possible price
- Oracle Fusion Account Payables – To enter and maintain supplier invoices and payments
With the above-recommended modules implemented with Oracle ERP Cloud, it will enable the user to achieve requirements from their p2p in a way smoother and more efficient manner. Below listed are the key functionalities identified by us that Oracle provides it users with and how it fulfils a user’s requirement.
Supplier Management
Oracle offers industry-leading supplier management within its ERP Cloud offering wherein suppliers can be created in a multiple ways. Fusion Practices can optionally enable the supplier portal for our customer whereby suppliers can register themselves via the secure online self-registration process. Suppliers can also add required attachments like Insurance certificates, CIS details, etc. which can be saved and submitted for approval to the supplier’s management team.
Requisitioning and Receipt
Oracle Fusion Self Service Procurement module gives a very rich online shopping experience to end-users who want to request a purchase of goods/services. Workflow can also be configured based on Customer’s requirement, whereby the requisitions are approved before same can be created into Purchase Order Workflows can be defined based on a variety of attributes like category, line manager, department, etc.
Purchase Catalogue and Ordering
Catalogue of goods and services with required hierarchy can be created as standard. The requestor can select from goods/services they want to request from the catalogue or can select from catalogue externally hosted. For the approved requisition buyers can create Purchase Order within the system or if the right category/supplier contract already exists, then POs can be created automatically once the requisition is approved
Invoices
Oracle Cloud offers multiple ways of entering invoices in the system which minimizes user intervention. The payables team has to only review the invoices rather than consuming time in keying the invoices, they can be imported from a third-party system or suppliers can register the invoices from Supplier Portal or the most sophisticated way is the “Intelligent Document Recognition” (IDR) feature provided by Oracle ERP cloud.
Supplier Payments
Robust payment processing capabilities to handle multiple payments across multiple entities are available Users will have the ability to define the selection criteria payment attributes and processing options which will determine the level of automation, enabling full control over the payment run process The user can also benefit from Artificial Intelligence (AI) capabilities, which supports supplier discounts & intelligent payments, providing a Prompt Payment Date, updates the due date & the discount date on open invoices
Reports
There are several predefined reports already available which can be run as a where required. Bespoke reports as required by the Customer can be developed using different reporting tools with Oracle ERP Cloud.
Click here To learn more about Oracle ERP Cloud Capabilities.
