What is Oracle Modern Best Practice?

In a nutshell, Oracle Modern Best Practice (MBP) refers to the end-to-end business processes enabled by Oracle applications and technologies. By embedding next-generation digital technologies—such as cloud, mobile, artificial intelligence (AI), and the Internet of Things (IoT)—into our applications, Oracle Modern Best Practice automates daily business activities, enabling organizations to achieve more, faster, and with less resources. From the inception, MBP processes were always available in the public domain, frequently updated, and designed to evolve with our customer needs.

Common practice vs. best 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 As more emerging technologies reach commercial availability, today’s best practices may be out of date.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.

MBP 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.
  • 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.

Requisition to payment

1

Raise requisitions

Quickly find needed goods and services from approved catalogs with consumer-like UI on any device.

2

Approve requisitions

Automatically route approval based on predefined business rules including thresholds, reporting hierarchies, and purchasing categories. Review and approve requisitions on any device. Enforce separation of duties (SoD) rules and monitor violations.

3

Create purchase orders

Automate purchase order creation for approved supplier based on negotiated pricing and contract terms.

4

Approve purchase orders (optional)

Automatically route approval according to predefined business rules.

5

Dispatch purchase orders

Automatically deliver approved purchase orders via secure electronic channels or supplier portal.

6

Receive goods and services

Record goods received or approve invoices for services rendered to trigger automated matching in Payables.

7

Manage invoices

Receive supplier invoices over electronic channels or supplier portal. Leverage machine learning to recognize scanned or printed format. Automate invoice approval based on predefined business rules. Handle exceptions and manual approval on any device.

8

Process payments

Optimize payment timing and discounts based on business goals. Process electronic payments, automated pay runs, or off-cycle payments.


Product Mix: Cloud ERP (Procurement, Risk Management, Financials)
Popular KPIs: processing cost per purchase order, procurement cycle time

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 MBP to lay the foundation for our own cloud transformation and embed MBP in the True Cloud Method to help our customers achieve their cloud journeys.


Partner with Oracle

Disruptions and continuous change of environment have become the new normal. To adapt and thrive in a volatile environment, leading organizations are moving to a model of continuous innovation. Oracle is committed to embed latest technical innovations to our business application offerings with regular quarterly updates, while providing flexibility to ensure customers adopt new features at the times of their choosing. With Oracle Modern Best Practice, you can always leverage the latest technology innovations for next level of excellence.