Oracle (ORCL) Adds Healthcare Inventory Management Capabilities

Oracle ORCL announced that it is introducing new mobile features to its Fusion Cloud Inventory Management, which is part of Oracle Fusion Cloud Supply Chain & Manufacturing (SCM).

These features are designed to facilitate various inventory transactions within healthcare organizations. This includes support for mobile devices and barcode scanning for processes, such as receiving, putaway, picking, cycle counting, material transfers and issuing of materials across different stocking locations within a hospital.

These enhancements are designed to assist healthcare organizations in improving inventory management and, consequently, supporting better patient outcomes.

Oracle aims to achieve this by reducing errors, enhancing restock efficiency and providing greater visibility to help predict demand and optimize stock availability.

Oracle Corporation Price and Consensus

Oracle Corporation Price and Consensus

Oracle Corporation Price and Consensus

Oracle Corporation price-consensus-chart | Oracle Corporation Quote

New Mobile Capabilities Added to Oracle Cloud SCM

The company has introduced a Periodic Automatic Replacement (PAR) Management Workbench, which enables healthcare organizations to monitor inventory levels across all locations, predict demand and proactively manage replenishment. Bulk-maintenance capabilities are also introduced to streamline bulk stock ordering processes and enhance user productivity.

The Mobile PAR Counting App facilitates efficient PAR management from any location. Its offline mode allows hospitals with poor connectivity to track inventory and trigger a restock once connected to the Internet.

The latest Last-Mile Logistics App focuses on improving the efficiency of logistics management, materials delivery and restocking. It records proof of delivery to increase transparency during stock hand-offs. Like the PAR Counting App, it also features an offline mode to optimize logistics in areas with poor connectivity.

These new inventory management capabilities complement other healthcare-specific supply chain features that Oracle has introduced over the last 12 months. This includes capabilities in logistics, product lifecycle management, planning, procurement and channel revenue management.

Oracle Cloud SCM is part of the broader Oracle Fusion Applications Suite. This suite encompasses applications for finance, supply chain, HR and customer experience. The integrated cloud platform is designed to help organizations connect supply chain processes seamlessly and respond quickly to changing market conditions.

The company emphasizes its self-updating platform and provides customers with access to continuous innovation. New features are introduced every 90 days, ensuring that customers stay current with the latest capabilities.

Oracle’s Healthcare Capabilities to Fend Off Competition

Oracle Fusion Cloud ERP, Oracle Fusion Cloud EPM and Oracle Fusion Cloud SCM are receiving healthcare-specific capabilities to help organizations consolidate systems and automate processes. This supports various healthcare delivery models, including telehealth and home- and community-based care.

The company has introduced generative AI services for healthcare organizations, which are integrated with Electronic Health Record solutions. The Oracle Clinical Digital Assistant leverages generative AI and voice commands to reduce manual work for providers, allowing them to focus more on patient care. Patients can also use voice commands for self-service actions like scheduling appointments and checking clinical information.

Shares of this Zacks Rank #2 (Buy) company have gained 42% year to date compared with the Zacks Computer and Technology sector’s rise of 40.8%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The global healthcare cloud computing market is anticipated to reach $206.08 billion by 2032, at a CAGR of 17.9%, according to a current analysis by Emergen Research. This creates significant growth prospects for Oracle and other market leaders, including Microsoft MSFT, International Business Machines IBM and Amazon AMZN Web Services.

MSFT utilizes its cloud technology, Microsoft Cloud for healthcare, to integrate features from Microsoft Azure, Dynamics 365, Microsoft Power Platform and Microsoft 365.

IBM offers healthcare clients a secure, open and enterprise-level environment that accommodates various workload needs and the stages of cloud adoption. This platform enables healthcare institutions to accelerate research initiatives and maintain compliance with stringent security standards.

Amazon Web Services enables healthcare entities to craft patient-focused digital interactions through cloud services that support the creation of mobile apps and engagement portals for patients.

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