This year’s Oracle OpenWorld conference showcased the software giant’s plans to double down in the areas of artificial intelligence (AI), machine learning, and cloud-based solutions. Emerging technologies dominated the keynotes and sessions at the conference, as Oracle made it clear that it is fully committed to innovation with cutting-edge technological advancements.
Some of the most impactful developments highlighted at the conference included the addition of AI into Oracle’s EPM Cloud Suite through the IPM Assistant, the continual advancement of Oracle’s Financial Consolidation and Close Cloud offering, and the announcement of Oracle’s Blockchain Cloud Service.
The IPM Assistant
The introduction of Oracle’s IPM Assistant, a brand new AI feature that will be added to the Oracle EPM Cloud platform, stood out as one of the most notable announcements at the conference. “AI has the power to be more transformative for the enterprise than any other technology in recent history,” said Amit Zavery, Senior Vice President, Product Development, Oracle Cloud Platform. The IPM Assistant can complete tasks such as analyzing forecasts and budgets by churning through years of data and making analytically-driven recommendations for better planning accuracy. This product feature will be a game-changer for many organizations as a dependable and consistent way to make better predictions about their future.
Oracle expects to release the IPM Assistant within the Oracle EPM Cloud platform in the next 12 months. The IPM Assistant represents a huge opportunity for future-focused organizations looking to gain efficiencies among their teams and leverage technology to more accurately forecast future growth.
Oracle FCCS & HFM
Oracle announced that its Financial Consolidation & Close Cloud Service (FCCS) is expected to achieve parity with Hyperion Financial Management (HFM) by the end of 2017. Updates will include the addition of complex consolidation logic, the ability to add up to six custom dimensions, and custom rule writing capabilities that further enhance the functionality of FCCS’s existing world-class technology. Hundreds of customers have already successfully taken their financial close and consolidation processes to the cloud using FCCS, and with these developments, Oracle’s FCCS will have even broader appeal for any organization that is in the market for a cloud-based financial consolidation and close solution.
Blockchain
In addition to the introduction of the IPM Assistant and its updates to FCCS, Oracle also unveiled the Oracle Blockchain Cloud Service. This new cloud offering is an enterprise-grade platform designed to secure and accelerate business transaction processing based on the open-source Hyperledger Blockchain technology. “Oracle Blockchain Cloud Service is able to accelerate innovation for on-premises ERP and cloud-based SaaS and PaaS customers,” said Amit Zavery, Senior Vice President, Product Development, Oracle Cloud Platform.
While Oracle’s Blockchain Cloud Service is a brand new offering, it is very encouraging to see Oracle continuously investing in the latest technology as part of its product strategy and roadmap.
Overall, the OpenWorld conference was energizing and stirred a lot excitement about the future. The message that Oracle will continue to deliver products that leverage cutting-edge technologies was made very clear. Oracle also committed to innovating and using AI and machine learning technology to further transform the future of its cloud-based solutions.
If you’re looking for more insights into SC&H Group’s Oracle EPM and BI consulting practice and how we create meaningful value for our clients, click here to learn more or reach out to our team directly today.