6 Key Modules in Oracle Cloud ERP For Effective Implementation

When switching to new ERP modules or even adopting Enterprise Resource Planning to your business for the first time can be overwhelming. Though, there are different types of processes that can come to your rescue. It is important to use a Cloud ERP system that efficiently handles different parts of your business. Oracle provides a dynamic landscape that ensures every business area is considered. There are multiple modules in Oracle’s ERP that enable your ability to operate at optimum performance. In this article, we will offer a detailed look at some of the most fundamental ERP modules in Oracle.?

What is Oracle ERP?

Oracle ERP is an effective cloud-based software solution leveraged by businesses around the world to enhance their operations and day-to-day business activities. It is a key business management software offering that comes with financial management, supply chain management, project management, Oracle manufacturing cloud, accounting, and procurement. Oracle ERP amalgamates business processes together to improve team collaboration, increase business productivity, and sustain data-driven business decisions.?

Advantages of Implementing Oracle ERP

Oracle is one of the biggest players in Cloud ERP solutions today. Oracle ERP provides an extensive ensemble of applications that enable businesses to make informed business decisions and minimizing costs at the same time. With Oracle ERP’s cloud solution, businesses can leverage cloud technology to gain visible growth and scalability. It is easier to implement new features faster as compared to traditional on-premise applications.?

Oracle ERP helps organizations by customized features and ease of reporting. With improved reporting features, businesses can easily handle data requests without depending on the IT team. Let us now discuss the most commonly used Oracle ERP modules.?

Oracle ERP Modules

Financial Reporting Module in Oracle ERP

With the financial reporting module, you can easily maintain a primary source of financial data that can be used by your Accounting and Finance teams. It offers features for core financial issues like financial reporting and processes along with integration from other ERP systems. Cloud ERP solutions can help you integrate the financial systems of all your business entities in different locations. Some of the best financial features are:

Advanced Reporting and Analytics

Graphical insights and dynamic dashboards can be used to analyze the complete financial scenario of your organization.?

Payables and Assets

Optical character recognition and imaging helps in automated invoice processing. With Payables and Assets, you can easily understand the exceptions in real-time with alerts depending on role-based dashboards. Moreover, it is possible to manually reconcile to manage any errors in the Exception Review. Assets are critical as you are handling a unified source of data while working with Oracle Financial modules.?

Project Management Module

Interactive scheduling tools with mobile access can assist your project managers to keep a check on the collaborative projects on the go. Some project control capabilities enable businesses to enhance their planning, budgeting, forecasting, and reporting of project costs and revenue.

Project costing features significantly impacts the project cost accuracy while standardizing the collection of costs linked with projects. Moreover, predictive analysis tools will offer you clarity about the project status for better turnaround times. Some other tools include:

Resource Management

You can build a team with the help of a custom selection criteria and performance indicators displayed in organizational resource pools. It is possible to keep a check on quality talent by assigning them projects that fits their skillset and career goals.?

Better Communication

Exceptional project management starts and ends with efficient communication between the team members. Conversation threads have the power to bring the entire team together even if they are working remotely. Additionally, task management tools can be leveraged so that everyone can be on the same page.?

Some other applications of project management module include:

• Project cost controls
• Billing and contract management
• Grant management for budgeting and allocation

Procurement Module

Supplier management can be managed easily using dynamic and analytics tools. Purchasing helps from simple buying tools that puts users in a consumer-like role. With the help of Oracle Procurement, businesses can easily streamline contract management and enhance workplace productivity. By using guided authoring and pre-approved templates, collaboration tools, businesses can draft business-critical compliance efficiently.?

Some key solutions in Oracle ERP procurement module are:

• Procure-to-Pay along with purchase order creation.
• Risk management?
• Negotiations with collaboration tools
• Guided file sharing and authoring
• Contract repository management
• Safe B2B ecommerce partnerships

Supply Chain and Manufacturing Module

Organizations always need to know their inventory for forecasting and order fulfilment. The idea of this ERP module is to offer end to end inventory management and streamline production cycles as a part of the supply chain management system. This particular ERP module includes an inventory module, purchase order import module, process manufacturing, discrete manufacturing, and manufacturing intelligence.?

With the help of this ERP module, businesses can facilitate a set of reports and transactions for inventory management. Moreover, it is possible to compile and assess real-time performance metrics to improve business productivity and positively impact the bottomline. Additionally, the process manufacturing and discrete manufacturing offers businesses the capability to streamline their complete production cycles and maintain manufacturing consistency.?

Risk Management Module

Most business processes are dependent on compliance and data-integrity issues. Oracle EBS helps address risk management to find and solve problems before they become a major obstacle. By using this strategy, you can reduce the costs linked with security while improving financial controls, audits, and mitigating financial data leaks.?

Some important advantages of this process include:

• General ledger
• Accounts payable/accounts receivable
• Expense management
• Project management
• Procurement

ERP Analytics Module

Partnering with an Oracle ERP software system includes a wide range of solutions in the same umbrella of an ERP. Each module has its separate analytics, however, Oracle has enhanced their system with Oracle Analytics for Cloud ERP which works well with module-based analytics in the Oracle Cloud ERP. Some key benefits to this are:

• KPI management
• Predictive analysis
• In-built use cases
• Best practice metrics
• Data discovery for real-time metrics
• Collaboration and publishing
• Mobile data exploration

Final Thoughts

Depending on the above list of Oracle ERP modules, it is easy to feel overwhelmed with the options available to your business. Switching to Oracle ERP is a major business decision in itself. Choosing a trusted partner like Conneqtion Group means working with a certified consultant team that works across business applications to provide a better ROI on your IT investment. We start by performing a detailed audit of your existing software and internal business processes which enables us to gain proper insights on what is working for you before offering any major updates. Our expert team then customizes the solutions that align with your business’ unique targets by offering Oracle ERP applications that enhance your current systems and procedures. So, what are you waiting for? Get in touch with us today to leverage Oracle ERP Cloud for your business.?

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