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Top 3 Essential Oracle ERP Modules You Need

By: Atit Shah September 10, 2018

Oracle ERP Development

What is Oracle ERP?

Oracle ERP is a cloud-based software solution used to automate back office processes and day–to-day business activities. It is a business management software suite that includes financial management, supply chain management, project management, accounting, and procurement. Oracle ERP brings business processes together to boost collaboration, drive business productivity, and support data-driven decisions.

The Benefits of Implementing Oracle ERP

Oracle acts as one of the largest players in the ERP market today. Oracle ERP offers an extensive suite of applications that allow businesses to make informed business decisions while accelerating performance and reducing costs. With Oracle ERP's cloud solution, organizations are able to benefit from cloud technology to gain faster time to value and enhancing scalability and growth. Businesses are able to implement new functionality at a faster and more reliable rate compared to conventional on premise implementations.

Oracle ERP benefits businesses by making reporting manageable and more customizable. With enhanced reporting functionality, companies can quickly acknowledge data requests without depending on an IT specialist or department. Locating the best certified Oracle technology partner is the key ingredient to a successful ERP implementation.

Our certified Oracle developers ensure you choose the right ERP solution for your business needs without jeopardizing data integrity or incurring any downtime. We modernize your organization's data infrastructure to streamline disparate systems into one unified enterprise resource planning solution.

Below we discuss the top 3 most common Oracle ERP modules beneficial to all businesses today:

1. Oracle ERP Financials

One of the most important ERP modules to have is an ERP financial module. While every business may operate differently, financial data affects all departments of an organization. The financial module in the Oracle ERP system gives financial capability to empower modern finance, expense management, accounting engines, revenue management, and more. The three offerings in this Oracle module consist of the accounting hub cloud, financials cloud - consisting of expenses and budgetary control - and the Oracle Revenue Management Cloud.

A great financial management module consists of an excess of features meant to manage all of your finances in your Oracle ERP System. The objective of this module is to streamline accounting and general ledgers, automate expense processing, and report on new KPIs with cloud features like accounts receivables, accounts payable, and other related financial features essential to any business.

2. Oracle ERP Manufacturing

Another essential ERP module that every business needs is the Oracle ERP manufacturing module. Businesses always need to know how much supply is left for incoming inventory estimates and order fulfillment processes.

The goal of this ERP module is to provide complete inventory management and streamline production cycles as a component of the supply chain management system. This oracle ERP module consists of an inventory module, purchase order import module, process manufacturing, discrete manufacturing, and manufacturing intelligence.

The Oracle ERP manufacturing module facilitates a complete set of reports and transactions for managing inventory control while compiling and analyzing real-time performance data to enhance productivity and boost profit margins. In addition, the process manufacturing vs. discrete manufacturing offering provides organizations with the ability to streamline entire production cycles while ensuring multifaceted shop floor execution capabilities and manufacturing consistency.

3. Oracle ERP Procurement

Manufacturing operations can rapidly fail if disconnected business systems and tedious manual processes consume time that should be allocated to strategic planning. The Oracle ERP Procurement module is an essential ERP solution that all businesses need in order to enhance procurement operations while strengthening bottom line.

This module offers purchasing solutions that automate procure-to-pay transactions while enforcing negotiated pricing with approved suppliers. In addition, it can automate invoice validation via full integration with accounts payable, allowing for modernized procurement solutions.

With self- service procurement, businesses can ensure compliant spending from approved suppliers, allowing employees to make their own purchases with a user-friendly tool. The Oracle Sourcing Cloud helps manage sourcing goals, promote supplier competition, and make multiple bid evaluations across diverse criteria.

Businesses can boost profit margins further with the ERP Procurement Contracts cloud module that ensures supplier compliance and performance. The ERP procurement supplier portal module gives organizations visibility into all source-to-settle activities with web-based connectivity and electronic invoicing. The Oracle ERP Procurement module now allows for improved insight and efficiency in a world where data-driven decisions and optimized procurement processes matter.

Disclaimer:

Chetu, Inc. does not affect the opinion of this article. Any mention of specific names for software, companies or individuals does not constitute an endorsement from either party unless otherwise specified. All case studies and blogs are written with the full cooperation, knowledge and participation of the individuals mentioned. This blog should not be construed as legal advice.

Chetu was incorporated in 2000 and is headquartered in Florida. We deliver World-Class Software Development Solutions serving entrepreneurs to Fortune 500 clients. Our services include process and systems design, package implementation, custom development, business intelligence and reporting, systems integration, as well as testing, maintenance and support. Chetu's expertise spans across the entire IT spectrum.

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