What is Oracle Modern Best Practice?

Based on the distilled knowledge of our customers’ needs gained from more than 10,000 successful delivery projects, Oracle Modern Best Practice (OMBP) illustrates common business processes optimized to take advantage of the latest in Oracle’s applications and technologies. In brief, Oracle Modern Best Practices have the following features:

1. Dynamic: Updated regularly to reflect changes in customer needs and the evolving capabilities in our applications and technologies
2. Public: Available for download from this site
3. Trusted: Tested and validated by Oracle experts

More than common practice

With industry and market leaders regularly challenged by newcomers offering new products and services enabled by new technologies, we need to rethink whether established common practices are truly best practices. When revolutionary new technologies are available, how can business processes optimized with old technology be best? As more emerging technologies reach commercial availability, today’s best practices may be out of date. To stay competitive, organizations need to continuously innovate and incorporate new technologies to their best practices.

OMBP approaches common business processes as historic input, but factors in what could be done with new technologies. Based on this an approach, Oracle Modern Best Practice:

• Evolves with organizational needs as market dynamics change
• Works end-to-end, across the organization to eliminate departmental silos and ensure operational agility
• Uses emerging technologies, such as AI, to automate the mundane and unlock human creativity for new value and insight
• Incorporates next-generation, digital technologies to enable radically superior, measurable results

The technology enablers

What makes Oracle Modern Best Practice uniquely modern are the enabling technologies that are embedded into operational processes:

• Cloud: Cloud computing enables organizations to purchase business applications as a service, or software-as-a-service (SaaS,) with a “pay-as-you-go” model, lowering upfront adoption cost.
• Mobile: Mobile capabilities help you access data, conduct business transactions, and connect with your colleagues anywhere, anytime.
• Analytics: Embedded analytic capabilities enable you to monitor business performance and make better decisions with real-time KPIs and metrics on dashboards.
• Collaboration: Capabilities such as messaging and document sharing in any business process enable you to collaborate with stakeholders—regardless of location.
• The Internet of Things (IoT): The data provided by sensors and devices provides visibility and insights through real-time monitoring, operational insight, and early issue detection.
• Big data: Big data services help you uncover trends, patterns, and new opportunities by harnessing timely insights from high-volume, complex data from various sources.
• Artificial intelligence/Machine learning (AI/ML): Smart digital assistants, recommendation engines, and predictive analytics that use AI and ML help organizations automate operations, drive innovation, and make make better decisions, faster.
• Blockchain: Blockchain provides a collaborative framework to streamline record sharing and reduce transaction costs within business network with a trusted, distributed source of truth.
• Augmented and virtual reality (AR/VR): AR and VR offers more efficient ways to acquire new skills and resolve issues requiring hands-on intervention by providing immersive experiences and direct overlay of real-world environments with actionable information.

Oracle Modern Best Practice explained

The processes in Oracle Modern Best Practice are designed to exploit new capabilities made possible by digital technologies. Each process contains:

• Process steps and descriptions highlighting the use of technology to achieve the tasks
• A list of applicable enablers for the process
• Oracle product(s) to execute the process
• Popular KPIs to keep taps on the progress

For example: the requisition to payment process in finance. Most companies have procurement processes that involve the procurement department reviewing, approving, and managing requisitions, and distributing POs to suppliers. While it’s a good approach to manage costs, it may cause delays when purchase requests need more reviews and approvals.

Oracle Modern Best Practice harnesses IoT, AI, ML, mobile, social, and analytics to speed up the process by automating manual intervention and delivering needed information to the right people.

Here’s how it works: Employees raise requisitions by selecting goods and services in the catalogs from approved suppliers through experiences similar to online shopping. Designated approvers get notifications on any device and provide timely responses. POs are automatically created and sent to suppliers electronically for routine requisitions. An AI-enabled digital assistant quickly serves up status of the requisitions during approval and fulfillment. Invoice processing is also automated with machine learning for data recognition and matching.

Opportunities exist to review every process, procedure, policy, dashboard, report, and make improvements to leverage the enablers we’ve mentioned.

Use Oracle Modern Best Practice

You can use Oracle Modern Best Practice in every stage of the cloud journey to:

• Educate stakeholders on leveraging technologies to achieve their business objectives
• Demonstrate business processes enabled by new capabilities
• Plan an adoption path
• Structure implementation scope and effort
• Benchmark progress and benefits.

At Oracle, we use our Modern Best Practices to lay the foundation for our own cloud transformation and embed these best practices in the true cloud method to help our customers achieve success in their cloud journeys.