Oracle Fusion Cloud Procurement: Improving Sourcing Efficiency

Oracle Fusion Cloud Procurement: Improving Sourcing Efficiency

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Disruptions such as the COVID 19 pandemic have compelled businesses to relook at their procurement process. A resilient and robust supplier management system is the need of the hour. Oracle Cloud Fusion Procurement streamlines and automates the procurement process and helps businesses optimise productivity.

The role of procurement has evolved-from being viewed as just another administrative function to being a specialised business vertical; from being handled by generalists to being manned by professionals; from Excel-based manual requisitions to automated AI requisitions and forecasts. As the function evolved, processes too changed significantly. Procurement is complex and time-consuming. The first step is to identify suppliers who can fulfill the business requirement. Procurers then need to arrive at an agreement on the product specifications and costs. Price negotiation and ensuring compliance with company-mandated terms and conditions are added challenges.

A manual and person-dependent procurement process presents several challenges. For example, in certain scenarios the procurer/requestor authorised to negotiate price and terms does so without creating an agreement/legal document. The same is communicated to the buyer either through an attachment or by entering the information in the 'note to buyer' field on the 'requisition screen'. This leads to a time lag for PO creation as the procurement agent has to process the PR based on their workload.

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