Oracle ERP Updates 24D: Procurement
Medium Impact
Feature Enablement
Redwood Features
Generative AI
24D Update Features Covered:
- Redwood Experience
- Generative AI
- Procure Items from Oracle Healthcare Marketplace
- Select Agreement on Smart Form-Based Requisitions
- Manage Contract Requests
1. Redwood Experience
Redwood continues to evolve with new features and capabilities that enable users and businesses to upgrade their processes and streamline how they do business with suppliers and buyers. With the 24D update new features coming to the Redwood Experience include an enhanced self-service supplier registration experience allowing for the ability to register new suppliers, the ability to create and search buyer/supplier messages using the new search functionality, an enhanced supplier negotiation page where suppliers can quickly find all negotiations that need attention, and a questionnaire which can be presented to internal users when requesting a new supplier. The new Redwood features improve existing functionality and further improve business & supplier relationships.
2. Generative AI
As Oracle continues its investment into AI, new features and functionality become available with Generative AI. With Generative AI, automated summaries of attached documents in a supplier registration are created which can expedite the approval process and reduce supplier registration cycle times. Generative AI now also supports the ability to create qualification questions for new suppliers. This feature creates questions for suppliers which determine their qualifications, governance, financial viability, and various supplier risks.
3. Procure Items from Oracle Healthcare Marketplace
Quick Notes:
Oracle Healthcare Marketplace allows users in Oracle’s Responsive Self Service Procurement application to access a comprehensive catalog of healthcare products. It simplifies the procurement process by enabling users to search first through their local catalog, then any preferred contracts, and finally the Oracle Healthcare Marketplace — all without switching between applications. This feature enhances purchasing efficiency by integrating different product sources into a streamlined workflow.
4. Select Agreement on Smart Form-Based Requisitions
Quick Notes:
Users are now able to select or update contract purchase agreements directly on smart form-based requisition lines in the Responsive Self Service Procurement application. Previously, agreements were pre-defined and could not be modified. Now, users can search for eligible agreements by agreement number, supplier, or site while adding items to their shopping cart.
This update also realigns the Create Request and Line Delivery and Billing pages, improving the user experience with better organization of sections and allowing for additional customizations like adding notes or capturing descriptive flex field information. To enable this feature, users must opt into the parent feature “Procure Goods and Services Using the Responsive Self Service Procurement Application.”
5. Manage Contract Requests
Users now can create, approve, assign, and manage contract requests, streamlining the contract lifecycle. Employees without permission to author contracts can submit requests with details like contract type, party, and dates, along with supporting documents. Requests can be auto approved or follow a configured approval workflow, then assigned to the appropriate team for review. The benefit of this new feature is a streamlined contract lifecycle, faster contract creation, transparency, and east of use through a user friendly interface.
