B2B Payments

Oracle Launches New Project Management And Procurement Solution

Yesterday, Oracle announced a solution for businesses that have high procurement spend or that rely significantly on subcontracts to deliver results to their customers, and want to do so in a cost-effective manner. According to a company statement, Oracle launched Oracle Project Procurement, the latest addition to the Oracle E-Business Suite Project Portfolio Management and Procurement applications.

The new solution lets project teams and stakeholders share information on project requirements and schedule product specifications, budget and quality standards to provide the necessary information to meet their organization’s objectives and deliverables.

Furthermore, Oracle Project Procurement helps businesses eliminate silos around project management and procurement by creating and measuring strategic objectives, according to the company statement. This will help enforce accountability for value to the customer, and thus optimizing procurement planning and execution throughout the lifecycle of a project.

“Functional silos and communication gaps between project management and procurement can increase project risk, create inefficiencies and make a significant impact on the bottom-line of projects,” said Cliff Godwin, senior vice president, Applications Development, Oracle. “Oracle Project Procurement addresses this challenge by enabling project management and procurement to closely collaborate throughout the lifecycle of the project. This not only helps project teams to establish and measure strategic project objectives, but importantly helps improve project procurement planning, decision making and execution.”

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The pressure on banks to modernize their payments capabilities to support initiatives such as ISO 20022 and instant/real time payments has been exacerbated by the emergence of COVID-19 and the compelling need to quickly scale operations due to the rapid growth of contactless payments, and subsequent increase in digitization. Given this new normal, the need for agility and optimization across the payments processing value chain is imperative.

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