Volume 1 Issue 3 | 2024 | View PDF
Paper Id:IJMSM-V1I3P107
doi: 10.71141/30485037/V1I3P107

AI-Powered Expense and Procurement Automation in Oracle Fusion Cloud

Partha Sarathi Reddy Pedda Muntala

Citation:
Partha Sarathi Reddy Pedda Muntala, "AI-Powered Expense and Procurement Automation in Oracle Fusion Cloud" International Journal of Multidisciplinary on Science and Management, Vol. 1, No. 3, pp. 62-75, 2024.

Abstract:
The Complex nature of enterprise financial operations necessitates a rational approach to implementing intelligent technologies, thereby enhancing accuracy, compliance, and efficiency levels. This paper examines how Oracle Fusion Cloud leverages Artificial Intelligence (AI) and automates its expense and procurement processes. Using Machine Learning (ML) and Natural Language Processing (NLP), Oracle Fusion Cloud provides automated detection of fraud, discovery of duplicate invoices, smart documents identification, and run-time checks with policies. ML algorithms are used to learn from historical transaction data, identifying anomalies that help prevent financial irregularities. NLP is used to classify unstructured documents, such as receipts and invoices, using OCR and semantic extraction techniques. Oracle Fusion Cloud has an architecture of AI integration that is a combination of modular ML pipelines, NLP engines and ERP business processes based on diverse data sources, including invoices, expense reports, and procurement policies. Performance reviews and case studies have shown that AI integration has the potential to improve fraud detection accuracy by more than 20%, decrease voice processing by up to 80%, and improve overall compliance. The efficiency and the cost savings supported by intellectual automation are further demonstrated by the findings of the comparative analyses with non-AI-based approaches. The paper also deals with such issues as interpretability of the model, data quality, and ERP integration. It describes future directions where AI can be extended more broadly in ERP modules. The findings uphold the transformative power of AI in contemporary enterprise systems

Keywords: The Complex nature of enterprise financial operations necessitates a rational approach to implementing intelligent technologies, thereby enhancing accuracy, compliance, and efficiency levels. This paper examines how Oracle Fusion Cloud leverages Artificial Intelligence (AI) and automates its expense and procurement processes. Using Machine Learning (ML) and Natural Language Processing (NLP), Oracle Fusion Cloud provides automated detection of fraud, discovery of duplicate invoices, smart documents identification, and run-time checks with policies. ML algorithms are used to learn from historical transaction data, identifying anomalies that help prevent financial irregularities. NLP is used to classify unstructured documents, such as receipts and invoices, using OCR and semantic extraction techniques. Oracle Fusion Cloud has an architecture of AI integration that is a combination of modular ML pipelines, NLP engines and ERP business processes based on diverse data sources, including invoices, expense reports, and procurement policies. Performance reviews and case studies have shown that AI integration has the potential to improve fraud detection accuracy by more than 20%, decrease voice processing by up to 80%, and improve overall compliance. The efficiency and the cost savings supported by intellectual automation are further demonstrated by the findings of the comparative analyses with non-AI-based approaches. The paper also deals with such issues as interpretability of the model, data quality, and ERP integration. It describes future directions where AI can be extended more broadly in ERP modules. The findings uphold the transformative power of AI in contemporary enterprise systems.

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