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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.
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 As more emerging technologies reach commercial availability, today’s best practices may be out of date.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:
What makes Oracle Modern Best Practice uniquely modern are the enabling technologies that are embedded into operational processes:
The processes in Oracle Modern Best Practice are designed to exploit new capabilities made possible by digital technologies. Each process contains:
For example: the requisition to receipt 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: Sensors on storage racks notify the inventory manager when the stock levels are low. POs are created automatically and sent to suppliers electronically for routine requisitions. The inventory manager gets alerts about any unusual demand. To ensure that supplier deliveries meet anticipated consumption, the inventory manager works with procurement using social collaboration (available on any device). An AI-enabled digital assistant quickly serves up supporting documents during reviews and approvals.
Create purchase automatically or easily locate intended goods and services from approved catalogs via consumer like UI
Create purchase automatically or easily locate intended goods and services from approved catalogs via consumer like UI
Automate purchase order creation for approved supplier based on negotiated pricing and contract terms
Route approval automatically according to predefined business rules. Get needed information quickly using smart digital assistants
Route approval automatically according to predefined business rules. Get needed information quickly using smart digital assistants
Record goods received or approve invoices for services rendered to trigger automated matching in Payables
Product Mix: Cloud ERP (Procurement, Risk Management)
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.
The Oracle Modern Best Practice–Predicted ebook explores the future state of business processes where the human workforce focuses on decision-making, creative thinking, and personal contact. With the progression of embedded AI/ML and automation, the business processes of the future will be automated and able to learn as it operates.
As you’ll discover, we see the main task for human in the requisition to receipt process will be exception handling and fine-tuning of business rules assisted by analytics and AI/ML. When an organization takes full advantage of digital technologies to create, approve, and dispatch POs based on business rules, there will be no need for manual intervention until the receiving of goods and services. Replacing the steps between requisition and receipt will be the human oversight addressing exceptions such as delivery delays caused by a hurricane. With the help of AI recommendation, the inventory manager may issue a one-off PO to resolve immediate shortage. For a long-term solution, the inventory manager can choose to set the critical component stock levels during hurricane seasons by leveraging insights from predictive analytics and the production and procurement colleagues.
Automate creation, approval, and order dispatch of regular purchases from approved suppliers based on business rules. Easily locate intended goods and services via assisted UI.
Recommendation-driven exception handling based on policy, business rules, compliance, and user preferences. Adjust policies/rules based on learned insight, change of buying pattern, or business environment.
Record goods received or approve invoices for services rendered to trigger automated matching in Payables.
You can use Oracle Modern Best Practice in every stage of the cloud journey to:
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.
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.