Oracle Expedites Procurement Services to Lower In-House Operational Costs
Businesses will certainly face a host of unique challenges within a post-pandemic landscape. Not only may they be required to adapt to unique market conditions and changing buyer preferences, but in-house cost overruns are very real concerns. However, it is also important to note that migrating to an entirely new database management platform is hardly a viable option when we consider the sheer time such a transition would require (not to mention the expenses involved). This is why the team at Oracle has further streamlined its software platforms in order to provide a more seamless procurement experience.
A Well-Known Solution for Modern Businesses
Oracle is certainly no stranger to the business community. It is therefore interesting to note that the roots of this organisation can be traced as far back as 1977. Oracle became even more famous when it began to offer its services across the Internet and its presence continues to grow. In fact, this website is a contemporary example of how third-party software can even further enhance Oracle-related concerns such as license management. This is also why it makes perfect sense that Oracle is constantly striving to improve its service-oriented platform.
Addressingthe New Normal
A growing number of businesses have recognised the benefits associated with Oracle and as a result, they continue to migrate into the Oracle Cloud Marketplace. However, it is also a fact that they must achieve a tenuous balance between in-house efficiency and cost-effective solutions. This brings us back to the initial point of the article.
Oracle has enhanced its existing procurement software in an attempt to mitigate supplier risks, to control costs and to ensure compliant spending. How has this been accomplished? Without delving into overly technical concepts, the firm implemented several changes including:
- The inclusion of a holistic analytics platform.
- The addition of a “Spend Classification” widget.
- More accurate supplier profiles with the help of DataFox Supplier Intelligence.
Simply stated, Oracle aims to provide procurement professionals with even more targeted options than ever before. Please note that these new additions can be found alongside existing software options, so orientation should not present a considerable challenge.
Addressing the Entire Source-to-Settle Cycle
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These recent updates are intended to be used in conjunction with other well-known packages such as Oracle Enterprise Resource Planning (ERP) and Oracle Supply Chain & Manufacturing (SCM). Not only should businesses be able to leverage even greater cost savings, but they can ensure that in-house operations are not interrupted. This is great news for firms which have been looking to reduce costs without sacrificing quality improvement.
A Sign of the Times
According to a recent survey, a more than 60 per cent of all companies are looking to reduce in-house operational costs over the next 12 months. Oracle is one of many software providers which are seeking to offer even more streamlined solutions.
While the full impact of the pandemic has yet to be seen, there is no doubt that firms which are capable of taking advantage of the latest software solutions should enjoy a welcome competitive edge.