Oracle ERP: The Top 3 ERP Modules (2024)

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 does not affect the opinion of this article. Any mention of a specific software, company or individual does not constitute an endorsem*nt from either party unless otherwise specified. This blog should not be construed as legal advice.