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Jatinder Singh
Jatinder Singh

In today's fast-paced business landscape, you require more than just financial management –you need financial intelligence. To help you in this pursuit, Oracle has released two new features for its Oracle Financials Cloud that leverage AI and bring higher efficiency and accuracy to your finance processes.

The new features, Intelligent Account Combination Defaulting for Invoices and Dynamic Discounting, promise tangible benefits. But before you adopt them, you must question if they address your specific organizational needs and integrate well with the existing systems and processes.

Don't worry; we have got you covered! Our in-house Oracle expert analyzed the benefits and functions of the two modules. In this article, he analyzes and details how the AI-powered additions to Oracle Financials Cloud help you automate manual tasks, enhance data analytics capabilities, and offer actionable insights. 

Intelligent Account Combination Defaulting for Invoices

Before diving into how this AI feature works, let's examine its benefits and why it warrants your attention.

Here are a few benefits of Intelligent Account Combination Defaulting: 

  • Improved Efficiency: Oracle AI reduces manual effort, accelerates invoice processing, and improves overall operational efficiency by automating the account combination defaulting process.
  • Enhanced Accuracy: Oracle AI's intelligent predictions minimize the risk of errors and inconsistencies in account assignments, ensuring accurate financial reporting and compliance with accounting standards.
  • Streamlined Processes: With smart defaulting recommendations, finance teams can streamline invoice processing workflows, resulting in faster cycle times and improved productivity.
  • Customization and Flexibility: Oracle AI allows organizations to customize the defaulting rules and criteria to align with their unique accounting practices, ensuring the system reflects their specific requirements and enhances adoption.

How does Intelligent Account Combination Defaulting for Invoices work? 

Managing account combinations for invoices can be a time-consuming and error-prone process. With Intelligent Account Combination Defaulting, Oracle AI automates and streamlines this critical task, making it faster, more accurate, and highly efficient.

Contextual analysis using AI & Machine learning: Oracle AI performs contextual analysis of invoice details, considering influencing factors such as supplier, historical data, and organizational rules.

It leverages AI & ML algorithms to learn from historical invoice data, identifies patterns, and makes intelligent predictions about the most appropriate account combinations for each invoice.

Smart defaulting recommendations: Based on contextual analysis and ML models, Oracle AI generates smart defaulting recommendations for account combinations.

Smart defaulting recommendations in Intelligent Account Combination Defaulting for Invoices leverages advanced algorithms and historical data analysis to suggest optimal default account combinations based on patterns and previous selections.

This feature enhances user efficiency by intelligently pre-filling account fields, reducing manual effort, and improving accuracy in invoice processing.

Finance professionals can review and validate these default combinations, significantly reducing the time and effort taken by manual account assignment.

Continuous learning and optimization: Oracle AI is designed to learn and optimize its defaulting models continuously. Oracle AI adapts and refines its predictions as finance professionals interact with the system and adjust the suggested default combinations.

This continuous learning process ensures the system becomes more accurate and aligned with the organization's specific accounting practices.

Dynamic Discounting 

Dynamic discounting is an advanced feature within Oracle Financials that uses AI and machine learning to optimize cash flow management and enhance supplier relationships. This feature enables organizations to dynamically adjust payment terms and offer discounts to suppliers based on their cash requirements and business priorities.

Let's look at how Dynamic Discounting works and the benefits it offers:

Cash flow optimization: By leveraging AI algorithms, Oracle Financials analyses historical transaction data, invoice patterns, and cash flow patterns.

This analysis helps identify opportunities for early payment discounts. Organizations can optimize their cash flow by strategically offering early payment discounts to suppliers who need immediate cash.

Supplier relationship enhancement: Dynamic discounting within Oracle Financials enhances the relationship between buyers and suppliers. By offering early payment discounts, organizations provide suppliers with a valuable option to receive payments earlier than the agreed payment terms.

This can be particularly beneficial for suppliers facing cash flow constraints or seeking to invest in their business growth.

Automated and intelligent discount calculation: The AI-powered system automatically calculates and suggests appropriate discount rates based on predefined rules and historical data.

These rules consider supplier payment history, invoice amounts, due dates, and cash requirements. It provides real-time recommendations, allowing organizations to make informed decisions on discount rates and the optimal payment timing.

Efficient invoice management: Dynamic discounting in Oracle Financials streamlines the invoice management process. It automates the identification and notification of eligible invoices for early payment discounts. Suppliers are promptly notified of discount offers, eliminating manual efforts and accelerating payment.

Transparency and control: Oracle Financials provides a transparent and auditable environment for dynamic discounting. Buyers and suppliers can access a centralized platform that displays discount offers, payment terms, and transaction history.

This transparency fosters trust and strengthens the relationship between buyers and suppliers. Additionally, organizations have control over discounting rules, thresholds, and approval workflows, ensuring adherence to internal policies and compliance requirements.

Embrace the Power of Oracle AI in Financials

With Oracle AI's Intelligent Account Combination Defaulting for Invoices, finance teams can streamline invoice processing, reduce errors, and enhance financial reporting accuracy. Experience the transformative power of AI in your financial operations by leveraging Oracle AI in financials.

The dynamic discounting feature in Oracle Financials leverages AI and machine learning to optimize cash flow, enhance supplier relationships, automate discount calculations, and streamline invoice management.

Organizations can intelligently offer early payment discounts to improve working capital efficiency while strengthening collaboration with suppliers. This feature provides transparency, control, and valuable insights to make informed decisions, ultimately driving financial growth and stability.

With the addition of these AI, features called Intelligent Account Combination Defaulting or Invoices and Dynamic Discounting, Oracel Financials has strengthened its position as an integrated financial platform with AI capabilities that helps you enhance the accuracy and efficiency of your financial processes.

If you are keen to know how these new features work, we would be happy to give you a personalized demonstration. Talk to us!

Jatinder Singh
Jatinder Singh