Oracle Fusion Sales provides sellers with AI-powered recommendations and guided steps to close deals faster
AUSTIN, Texas, July 26, 2022 /PRNewswire/ -- Oracle today announced the next generation of Oracle Fusion Sales, a sales automation application that identifies high-quality sales opportunities and guides sellers to close deals faster. Part of Oracle Fusion Cloud Customer Experience (CX) and powered by artificial intelligence (AI), Fusion Sales automatically provides sellers with quotes, proposals, and recommended steps to help them increase productivity, close more deals, and instill confidence among buyers.
Nearly one third of sellers struggle to close deals and meet quotas, according to a accurate study conducted by CRM analyst firm Beagle Research Group in partnership with Oracle. The study, "Does Your CRM Leave Money on the Table," highlights the struggles that sellers face with customer churn and archaic sales processes. In turn, sellers have noted that they are open to greater automation and trust AI to take on greater responsibilities, including qualifying leads (70 percent), identifying priority deals (60 percent), and tracking deal progress (80 percent).
"Traditional CRM systems were designed to be a system of record for planning and forecasting versus a tool to help sellers sell more. As a result, sellers spend countless hours on data entry and administration that stunts sales productivity," said Rob Tarkoff, executive vice president and general manager, Oracle Fusion Cloud Customer Experience (CX). "Applying 40 plus years of data and business process expertise, we have done the heavy lifting to engineer the next era of CRM. Oracle Fusion Sales removes the manual steps in the B2B sales process to help sellers close more deals faster and more efficiently."
Oracle Fusion Sales provides sellers with:
Step-by-Step Guided Processes: Sellers can onboard faster and Boost productivity with a guided step-by-step process to help engage with accounts, progress opportunities, and close deals faster. Customers can choose to base the processes on best practices set by leadership or customizable, industry-specific templates.
Conversation Ready Opportunities: Sellers can automate the process of re-qualifying and converting marketing leads into opportunities. Connected to Oracle Fusion Marketing, Fusion Sales automatically creates highly qualified leads and then passes them to sellers for follow-up.
Automated Quotes and Proposals: Sellers automatically receive initial quotes, proposals, and implementation schedules when opportunities are created. The quotes are automatically updated throughout the sales process as a deal progresses and are based on historical data that includes prior successful deals, a customer's industry, and other account attributes.
Intelligent Content Recommendations: Sellers can automatically receive marketing-approved content that is most likely to progress the sale. This saves sellers' and buyers' time at each step in the sales process and puts the right offers and answers to commonly asked questions directly in the seller's hands.
Digital Sales Rooms: Sellers can Boost the buying experience and better engage buyers by building personalized microsites. Helpful resources like quotes, past contracts, reference stories, and details for past or upcoming Zoom meetings are aggregated to help move buyers closer to a purchasing decision. As buyers use Digital Sales Rooms, sales operations can capture buying signals and other customer engagement data that can inform sales insights, internal training and enablement, and drive future deal success.
Advanced Revenue Intelligence: Sales leaders can easily access and report on business trends, spot outliers, and monitor customer sentiment and sales performance with Oracle Fusion CX Analytics. Fusion Sales provides a complete view across the business being able to pull in data from sales, marketing, service, finance, and HR all without support from IT.
What Customers and Partners are Saying About Fusion Sales
"CRM is an integral tool especially as we sell complex and expensive equipment and software solutions in 180 countries across the globe. We used to stitch together sales insights from an array of applications, Excel spreadsheets, and post-it notes. It wasn't an efficient process," said Samantha Mohr, vice president, inside sales, Ricoh. "Oracle Fusion Sales provides our sellers with a guided experience that focuses their time and improves deal success by delivering better insights to help us adapt to market shifts faster."
"Our customers are always searching for new approaches that drive real value and instill confidence in buyers. Oracle Fusion Sales helps solve significant challenges of the B2B selling environment with a boundaryless, adaptable, and radically human engineered architecture" said Andrea Cesarini, Europe Oracle business group lead, Accenture. "Having partnered for over 30 years now, Accenture and Oracle bring unparalleled innovation, industry, and technology acumen to our joint clients."
To learn more, please tune into Oracle Live on July 26, 2022, here.
Part of Oracle Fusion Cloud Applications Suite, Oracle Fusion Cloud Customer Experience (CX) connects data across advertising, marketing, sales, and service to make every customer interaction matter. Going beyond traditional CRM, learn about how Oracle Advertising and CX helps businesses improve customer experience and build brand loyalty.
Oracle offers integrated suites of applications plus secure, autonomous infrastructure in the Oracle Cloud. For more information about Oracle (NYSE: ORCL), please visit us at oracle.com.
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“Access” is an increasingly major part of day-to-day life. By the time I sit down at my desk to start the workday, I’ve already gone through a dozen points of access control — including disarming and re-arming my house alarm with a code, unlocking my iPhone with Face ID, opening and starting my car with a key fob, logging onto my laptop with a biometric like fingerprint touch, and joining my first meeting of the day with a secure Microsoft Teams or Zoom link.
Be it physical or digital, access (particularly controlling access) is at its simplest the ability to grant, deny or restrict entry to something. That “something” could be your car, house, bank account, computer, mobile phone, apps, or just about anything else in today’s digital-first world.
Let’s focus on apps for a moment. They are at the heart of our daily digital lifestyle. The mobile app market is expected to generate over $935 billion in revenue by 2023. Perhaps that’s not surprising given the average person uses around 10 apps per day just on their smartphone.
Today’s enterprises are also heavily reliant on apps to drive their business as well as support it. And think of all the people who may access these business apps from their mobile phones or their home offices. With today’s hybrid work world, not to mention a hybrid-cloud-powered one, managing all these different apps (let alone securing and controlling access to them) has become increasingly complex.
We’re aware that with all the benefits of digital transformation there are also new risks to consider. But there are serious consequences today for businesses, their employees and their customers as this risk increasingly centers around bad actors targeting user identity and access. If you’re a fan of stats like I am, there are many out there to help drive home the enormity of this issue. For me, two of the more alarming findings are these:
Attacks targeting a user’s identity impact enterprises across the globe and across industries, though financial, IT and manufacturing are impacted the most. This, paired with the prevalence of broken access controls, make it critical to employ a zero-trust security model.
The zero-trust mantra of “never trust, always verify” addresses today’s hybrid cloud, hybrid work and hybrid access scenarios. Securing access to all apps and resources, eliminating implicit trust, and granting least privileged access are all tenets of a zero-trust model. A key access vulnerability is in the breakdown of this approach. As OWASP describes, it’s the “violation of the principle of least privilege or deny by default, where access should only be granted for particular capabilities, roles, or users, but is available to anyone.”
Perhaps one of the biggest challenges businesses will face when it comes to avoiding this vulnerability is extending a zero-trust app access model across all their applications, specifically their legacy and custom ones. We’ve found some organizations can have anywhere from hundreds to thousands of legacy and custom apps that are critical to their daily business.
Many of these apps (for example, custom applications, long-running apps from vendors like SAP and Oracle, and legacy systems) leverage legacy protocol methods like Kerberos or HTTP headers for authentication. These apps often do not or cannot support modern authentication methods like SAML or OAuth and OIDC. And it’s often costly and time-consuming to try and modernize the authentication and authorization for these particular apps.
Many cannot support multifactor authentication (MFA) either, which means users must manage different credentials and various forms of authentication and access for all their different applications. This only perpetuates the cycle for potential credential theft and misuse. There are also additional costs for the business to run, manage and maintain different authentication and authorization platforms.
Modern authentication is key to ensuring per-request, context- and identity-based access control in support of a zero-trust model. Bridging the authentication gap is one of the most critical steps an organization can take to avoid the “violation of least privilege” by enabling “never trust, always verify” (per-request, context- and identity-based app access) for their legacy, custom and modern applications.
Having an access security solution that can serve as an identity aware proxy (IAP) will be key for extending modern auth capabilities like SSO and MFA to every app in the portfolio, including the legacy and custom ones. As mentioned earlier, it’s not feasible for the majority of businesses to modernize all their apps built with legacy or custom authentication methods.
The ability to take advantage of all the innovation happening in the cloud with IDaaS providers plus the improvements that come with OAuth and OIDC frameworks, all without having to modernize apps right away, is a game-changer for the business. It can reduce their risk exposure and enable innovation without disruption. The workforce can remain productive and securely access their apps regardless of what authentication method is used on the backend, no matter where those apps are hosted (or where the user is located).
While I’ve been stressing the importance of access in a zero-trust security model, having a truly holistic approach to zero trust requires organizations to go beyond access and identity alone. That’s because zero trust is the epitome of a layered security approach. There are many security technologies that need to be included as part of a zero-trust environment, including:
It’s also important to note that adopting a zero-trust approach and delivering a zero-trust architecture is best accomplished through an incremental implementation of zero-trust principles, changes in processes, and technological solutions (across various vendors) to protect data and business functions based off core business scenarios.
This zero-trust approach requires a different perspective and mindset on security, especially when it comes to access. Zero trust should, at best, augment what is already in place to secure and control access in your existing environment.
Businesses will need to protect against advanced threats, including encrypted threats (especially since 90% of today’s traffic is encrypted). It’s also critical to have visibility into the state of apps themselves, including how they’re performing, how secure they are, and the context within which apps are accessed. This also means protecting APIs which serve as the connective tissue between applications and have increasingly become too easily accessible and available entry points for attacks today.
All that said, how do you start to tackle this? There are a few clear steps you and your organization can take to begin your holistic zero-trust journey:
It may seem overwhelming to successfully control access and secure apps in today’s digital-first world. But it doesn’t have to be. If you start by taking simple steps to enable secure, least-privileged access to all your apps, you can then start phasing in a zero-trust model across your entire environment. In doing so, your business will be secured with zero trust faster than you realize.
Erin Verna is principal product marketer, access control & authorization at F5.
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In the last few years, we’ve seen a huge shift in customer expectations. Customers are more digital than ever, communicating with brands across a number of platforms from social media and apps to email and texts. We are in a customer-centric world, and while this isn’t exactly news, brands aren’t fully ready for it. According to a soon-to-publish study completed by Futurum Research in partnership with Microsoft, 85% of companies report their customers are significantly more digital than expected. And 90% of companies say their existing systems for tracking customer journeys need improvement.
There’s a huge disconnect happening right now between what customers want and how companies are providing it. The bridge between the two? The customer engagement platform. Yes, it’s one more platform for today’s businesses to consider as they seek to create a winning post-pandemic tech stack. But this platform has a global purpose: creating a unified and effective way to maintain a lifelong relationship with one’s customers. As we move further into a first-party, cookie-less world, I truly believe most companies will not be able to succeed without one.
In the past few years, we’ve seen the rise of the customer relationship platform, the customer data platform, and now a platform dedicated to managing—and mastering—customer engagement. The purpose of the customer engagement platform is to Boost upon the disconnected, disjointed stack of applications that businesses have traditionally used to engage and interact with customers. Each of these apps collects different sets of data, and often these data sets never “speak” to one another. This causes customers to get incredibly fragmented experiences in dealing with the company—and to get incredibly frustrated at the same time.
The customer engagement platform is meant to bring all of those tools together in a streamlined, cohesive way so that companies have not just a unified, single point of truth about every person buying their product but also a way to engage with them better because of it. The customer engagement platform allows businesses to reach those consumers wherever they are — on email, social media, live chat, etc. If the customer starts shopping on an app and then moves to their laptop, the customer should be able to check out seamlessly. No more poorly aimed sales emails. No more poorly answered customer support chats. Just a single, seamless communication with every customer, every time.
Over the next few quarters, I expect to see and hear a lot more about Customer Engagement Platforms from enterprise software leaders like Twilio, Microsoft, Adobe, Oracle, and Salesforce among others. This will be an evolution of those above-mentioned tools and stacks, and it will be important to pay attention as they will likely be introduced with different nomenclatures. However, I believe the Customer Engagement Platform will largely be what is instantiated as enterprises look to move from relationships to deep meaningful engagements.
That’s easy. We’ve seen recently that cookies and third-party data have taken a plunge. With so many companies and even governments making user privacy a priority, it’s harder than ever to get meaningful and reliable data from web browsers and other methods of online tracking. And, with so many new methods of interaction, it’s increasingly challenging for companies to manage all of those channels well. Believe it or not, in a accurate Twilio study, it was found that 75% of businesses believe they’re offering a good or excellent personalized customer experience while more than half of consumers think their shopping experiences are average, bad or even poor. They’re disjointed. They’re fueled by bad AI. And customers are having none of it. Customer engagement platforms can help create alignment between expectation and reality by:
And obviously, the more you know your customer and their preferences for your specific brand, the better you will be able to market your brand to them in a way that feels authentic and true. In our early evaluations, we’ve identified the customer engagement platform as a key investment for enterprises trying to manage the shifting data landscape. For instance, our early readout on Twilio’s Customer Engagement Platform is that it is well-designed and comprehensive in its capabilities and with proper implementation can enable a company to better serve its customers throughout its entire lifecycle from sales and marketing to customer support. And in today’s customer-centric world where repeat sales and customer loyalty matter more than ever, this power can’t be overlooked. I expect to continue tracking and evaluating the CEP landscape over the next year as this space rises, much like the CDP did over the past few years.
To wrap up, any enterprise can use its martech stack to send its customer a notification about a new program, service, or product. But in today’s modern digital journey, that’s not true engagement. Engagement means creating a deeper connection with your customers about the products and programs that are relevant to them. Engagement builds trust. It builds real relationships. And that is what will keep your customers coming back for more—CEPs appear primed to be the next critical tool to help enterprises deliver on the promise of true engagement.
Future Market Insights (FMI) recently published statistics showing that the demand for insights-as-a-service would grow at a CAGR of 23.4 percent from 2021 to 2031. By the end of 2021, the market is expected to be worth more than US$ 2.5 billion, according to the analysis. Rapid technical improvements and more adoption of cloud computing across numerous enterprises, according to the FMI study, have opened up opportunities for the implementation of insights-as-a-service solutions.
Offerings for insights-as-a-service include data on equities, finances, the performance of keywords, employee information, and business processes. Having access to this data enables businesses to make wise decisions. In addition, it aids in the identification of prospective threats in the near future.
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Key Takeaways: Insights-as-a-service Market
Who is Winning?
Competition in the market is expected to intensify with the entry of new players. The emergence of new startups such as Atlan, testAIng, Bewgle, Zume, Ritual, Coda, Bird, and others will drive the insights-as-a-service market in the near future.
As per insights from KDNuggets, the investments towards other cloud-based and Insights-as-a-Service offerings is expected to increase to 35% from 15% by 2021 owing to stringent government rules and regulation to promote startups in the developed as well as developing countries.
This is expected to encourage key players to focus on the expansion of their global footprint. Some of the leading companies operating in the market are Capgemini, GoodData, GAVS Technologies, Oracle Corporation, and IBM Corporation among others.
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OTW spoke with former U.S. Army Logistics Officer, Ethan Lauer, about the logistics of Orthopedic and Spine products and he highlighted two massive problems.
According to Lauer, “The problem that orthopedics has is tons and tons of orders. The same rep has 20 surgeries a month, the distributor has 400, the manufacturer has 3,000…and all at different stages in this process.”
“In the orthopedic industry, when you ship finished goods out of SAP or Oracle, it goes out to the field and for the manufacturer it kind of disappears into a big gray smoke cloud. They don’t know where it is.”
“Manufacturers don’t have any idea of the stuff they have on the field that’s not being used in this place but could be used over in this other place. There’s a tremendous amount of inefficiency. The simplest way to describe it is this industry has billions of dollars of inventory invested and shipped into the field that’s rattling around in the trunks of sales reps and in their garages and in distributor offices and they don’t have any visibility of it anymore.”
Lauer explained, “The vast majority of inventory on these companies’ balance sheets is sitting out in the field and they have no system to track it, no visibility to track it.”
So, Lauer decided to light that up.
A U.S. Army Logistics Officer Tackles Orthopedics and Spine
Automation infrastructure from the 1970s and technology from the 1990s probably don’t make you think of operational efficiencies. However, for Lauer, they capture the essential logistical issues creating inefficiencies and cost in Orthopedics and Spine today.
“What we’re doing today started almost all the way back in 1994 or ‘95”, explained Lauer. “At that time I was an Army officer, I was a logistics officer in the cavalry. That job is all about making sure that bullets and ice and repair parts and medical supplies and other things are in the right place at the right time.”
Lauer continued, “So from a very young age I was kind of programmed in my thinking. In my operations-type thinking, I was programmed around systems. And we had systems in the Army, although they were 1970s automation infrastructure.”
Lauer explained, “So you had a computer that was in one location that you processed some stuff in and then you wrote a floppy disk out of that and you ran it up to the next location, whether that was down the street or 20 miles across the desert. Then you put that into another computer, as did like 20 other people, then all of that information got compiled together and then that got turned into a disk and it got sent somewhere else.”
Lauer added, “On those disks was all the same types of information that is being transferred now in Orthopedics. So, there’s a surgery scheduled somewhere and there’s some equipment that is needed at that surgery. Well, that’s no different than when there’s 20 soldiers in a location and they need to eat dinner tomorrow night, so we need to make sure the right number of MREs [meals ready-to-eat] get there when those guys are ready to eat.”
Learn Orthopedics From the Ground Up
“Roll forward to early 2000 when I got to the Orthopedic industry as a sales rep and you know at the time, and even today, corporate America hired a lot of junior military officers. Corporate America loves these guys and girls because they have all this experience doing things way above their age range.”
Lauer continued, “I got to this job as a sales rep and my boss says take this clipboard and this piece of paper and this pen over to Brackenridge Hospital and write down what Dr. Spann used today.”
Lauer chuckled as he added, “I thought I was getting hazed.”
It didn’t take long before Lauer began to use database tools to try to organize and automate the processes for his sales rep job. While he was there, the distributorship went through significant growth and according to Lauer, “I became a sales manager and an ops manager, so I was managing all of these processes. So, the system that we were developing—even more and more so—matured.”
Building Software for Ortho Sales Reps
A few years later, Lauer stopped selling implants and started a surgical neuromonitoring company where he also utilized his operations experience to solve logistics problems. Lauer told OTW, “I got over to neuromonitoring and I had all the same problems. All those logistics problems—what surgeries are tomorrow, what equipment needs to be there, what supplies got used, who needs to be billed, what person needs to go do this, who’s assigned to this—all the same exact problems except for now I owned the company, and I had the purse strings.”
Lauer continued, “I said I’m going to get some real software guys, not me being just a sorta hacker putting these things together. So, we developed a solution there and it was called NeuroStream, and we started selling that to other neuromonitoring companies. That’s really how I got bitten by the software bug basically.”
In 2010, Lauer began the process of selling his neuromonitoring company and he became reunited with his orthopedic buddies. “When I circled back to my orthopedic buddies, they were all still doing the same thing—handwriting stuff, making lots of phone calls, sending lots of text messages, doing that kind of thing. So, in 2009, we created ImplantBase.”
Building Logistics Systems From the Rep Up, What a Concept!
Lauer’s ImplantBase approach was different than the approach taken by other Orthopedic and Spine companies. Instead of creating a system for manufacturers that sales reps had to use, Lauer decided to create something just for the sales reps.
Lauer explained OTW, “We said let’s build something that’s just a really fast way for a sales rep to create a sales order from their phone and turn that sales order in—because that’s ultimately the main thing that a rep cares about.”
During the first few years, sales reps would pay to use this very straightforward and yet very valuable service. As the rep’s reliance on the system grew, so did their needs. Lauer told OTW, “What happened after that was that other features started to get requested. So now they wanted to manage their inventory in ImplantBase, now they wanted to be able to submit loaner requests, then they wanted to be able to do sales reporting, then they wanted to be able to calculate commissions.”
After a while, manufacturers started paying attention to what ImplantBase was doing. Up until that point, manufacturers had struggled with getting sales reps to adopt their systems.
Lauer explained to OTW, “So manufacturers started coming to us, rolling this out to their sales force and then putting layers of manufacturer functionality on top of that sales rep functionality because that sales order function, it’s just two sides to the same coin.”
“So that’s the backstory. You know that thinking I learned in the Army about how to organize things and how to get things where they need to be on time and on target is what led me to experiencing this problem firsthand and then deciding to do something about it.”
97% Sales Rep Adoption
As of today, according to the company, the ImplantBase platform has a 100% implementation success rate with 50 medical device companies, processing over $5 billion of revenue and a 97% sales rep adoption rate.
Lauer explained how the company views its implementation success, telling OTW, “Our 100% success is every project that we have started, we have finished, and we have got them to go live.”
While implementation success is at 100%, field adoption is a few percentage points lower. That lower rate is because, as Lauer told OTW, “The Orthopedic sales force is largely a distributor-based sales force so they’re 1099s. They’re not direct employees.”
This means that essentially they can choose whether to take on new technology or keep doing what they are doing. For seasoned reps, this may mean that they choose to stick with their Day-Timer as Lauer explained. A Day-Timer, for younger readers, is a personal organizer and planner.
A distinctive feature of ImplantBase is that its implementation is very flexible. That is perhaps one of the key reasons that ImplantBase can boast 100% implementation success. Lauer explained to OTW, “Our system is designed so that customers can phase their implementation. You can do it by when you’re going to your field rollout phase, you can do it by rep, you can do it by region, you can do it by distributor, you can do it by enthusiastic sales manager that wants to get this in place for all their reps and distributors. You can do it in a lot of different ways but still have inventory transaction and visibility continuity as well as revenue continuity.”
Scalability Without Throwing More Bodies at Problems
“There are a number of areas that people find ROI [return on investment] by using the ImplantBase approach, but number one is headcount stabilization within their internal operations.”
Lauer continued, “With ImplantBase, the inventory request gets entered one time from the phone and those people inside customer service go from being data entry people to data analysis people and really customer service people.”
“They don’t have to type in anything, they don’t have to verify lot numbers or do any of that stuff and so the efficiency as they grow is that the company doesn’t have to keep throwing bodies at problems inside customer service, inside field inventory, inside asset management. They don’t have to do any of that because we streamline. It’s the promise of digital transformation. And it’s nothing special about ImplantBase. It is just what digital transformation does for companies.”
Lauer elaborated, “It's not headcount reduction…it’s headcount stabilization. You can grow. We have companies that have grown four to seven times and haven’t added a single person in their field support operations. So that’s really where the ROI is, it’s in people. And in any one of these companies, it’s inventory and people that are their two top expense lines.”
A key component of ImplantBase is its versatility. Lauer described to OTW, “ImplantBase serves all different sizes of orthopedic manufacturers. From very small companies that are just running on QuickBooks or QuickBooks online all the way up to 1,000 plus person implementations in companies that have big, comprehensive Oracle and SAP. We sell the product in a way that is modular, and it’s priced for each different size of customer. So we have SMB pricing, enterprise pricing.”
Lauer added, “ImplantBase is not a static thing. We put out a new version of ImplantBase every two weeks and in those versions are customer requested enhancements. We’re constantly wrapping ImplantBase around the needs of our customers. Both from their individual needs, whether that’s reporting or workflow processes or anything like that, as well as based on industry trends or regulatory changes, things like that.”
Lauer finished, “ImplantBase it’s not a one size fits all. It is a 450 sizes fits 450 people. Our feature set is 99.99% customer driven.”
Amateurs Talk Tactics, Professionals Study Logistics
As former U.S. Army logistics officer Ethan Lauer understands so well, “Amateurs talk about tactics, but professionals study logistics” (General Robert H. Barrow USMC).
And for mission critical jobs like surgery, well, again, we reach back to the great military leaders for guidance: “…in its relationship to strategy, logistics assumes the character of a dynamic force, without which the strategic conception is simply a paper plan.” (Theo Vogelsang, USN)
So, in conclusion, gentlemen and women of the Orthopedics and Spine Industry: may the (logistics) force be with you.
To reach former U.S. Army Logistics officer Ethan Lauer, please contact his company ImplantBase at: https://us.implantbase.com/company/contact-us.
The total cost of the Department of Veterans Affairs' new electronic medical records system could be more than triple its current $16.1 billion budget when factoring in delays, maintenance and other expenditures that aren’t part of the contract, a new report has found.
The Oracle Cerner Millennium electronic health records system, originally estimated to cost $10 billion and later revised to $16.1 billion, could run $39 billion higher if the rollout takes three years longer than anticipated, and may require another $17 billion to sustain it over its lifetime, according to an Institute for Defense Analyses report delivered to Congress on Monday.
During a hearing Wednesday on the troubled program, members of Congress called the potential cost outrageous given that the system has been introduced at just five VA medical centers and their affiliated clinics and all have experienced problems with the software.
"VA already considers the system unsafe to roll out at large complex medical centers, and the path to make it safe is unknown," said Kansas Sen. Jerry Moran, the ranking Republican on the Senate Veterans Affairs Committee, during a hearing Wednesday.
According to the report, the VA's $16.1 billion estimate does not include associated costs such as long-term maintenance, increased staffing, and funding for expanded community care while VA medical center staff learns the new system.
"For nearly two years, [medical center staff has] done all they can to provide health care to veterans in the middle of a pandemic, and with an electronic health record system that is not delivering," Senate Veterans' Affairs Committee Chairman Sen. Jon Tester, D-Mont., said during the hearing.
Last week, the VA Inspector General released the results of two investigations into the health records system, finding that a portion of its design led to the effective disappearance of 11,000 medical orders or referrals, resulting in 149 cases of patient harm, including at least one life-threatening incident.
The IG also found that two VA training leaders at the Mann-Grandstaff VA Medical Center in Spokane, Washington, where the system premiered, provided incomplete or inaccurate information to the Office of Inspector General, hampering ongoing work by the office.
Recent troubles at Mann-Grandstaff -- as well as outages and slowdowns across the system, including nearly 50 computer crashes or disruptions -- have resulted in implementation delays.
Just before the hearing Wednesday, VA Secretary Denis McDonough confirmed that a launch planned for Boise, Idaho, on Saturday has been placed on hold.
The delay is the third pause in a month; in June, the VA said it would delay the system's introduction in the Puget Sound area of Washington for up to seven months and the VA Portland Health Care system in Oregon until next year.
"We continue to assess every day the reliability of the system at each of the sites where it's currently deployed, as well as decisions about onward deployments," McDonough said during a press conference in Washington, D.C. "We are closely in touch with providers on the ground."
VA officials said the estimates in the Institute for Defense Analyses report included costs that aren't associated with purchase and implementation of the system. They called any comparison between the $16.1 billion contract and a $50 billion-plus cost estimate an "apples to oranges" contrast.
"That’s a life-cycle cost estimate. It includes a 25-year horizon, as well as a risk premium in case certain things don't happen, they will cost more. They also include reductions in operations. It's really difficult to compare that. I work with the deployment budget, and we are doing everything we can to ensure efficiencies within that budget," said Dr. Terry Adirim, VA’s program executive officer for the Electronic Health Record Modernization Integration Office.
During the hearing, Oracle Cerner officials told lawmakers that the company has established a "war room" to study the problems, adding that there were none that could not be overcome.
Last month, McDonough said his "confidence in the system has been shaken," but he added on Wednesday that the department is committed to the program and "realizing the promise at the heart of a modernized electronic health record."
Those include interoperability with the Defense Department for medical records that will follow service members from boot camp through the end of their lives, are accessible and can support medical research and treatment.
"We take very seriously the challenges that have been outlined, and we will continue to wring those out of the system," McDonough said.
-- Patricia Kime can be reached at Patricia.Kime@Military.com. Follow her on Twitter @patriciakime.
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Technology leader and co-founder of Opkey — a continuous testing platform redefining test automation for web, mobile and ERP applications.
Many business and technology leaders realize that their digital transformation initiatives can’t be utilized without modernizing their enterprise resource planning (ERP) software. Incorporating new technologies such as artificial intelligence and machine learning is essential to modernizing ERP solutions.
Through a 2019 study of ERP migration and transformation projects, McKinsey revealed that two-thirds of enterprises did not get the ROI they were looking for from their migration project. The common reasons for this dissatisfaction are delays in ERP implementations and misaligned project goals. Intelligent test automation, which powers a continuous testing approach, will help ERP transformation projects run on time and stay within budget.
Continuous testing for ERP applications: Why do you need it?
Next-gen ERPs and digital operations platforms require innovative software to be released rapidly, with minimal business risk. Leading analysts from Gartner, Forrester (paywall) and IDC (registration required) now recognize that software testing in its current form cannot handle the challenges posed by ERP applications. These analysts have concluded that software testing must be aligned with DevOps and AgileOps practices to handle giant ERP transformation projects.
The Agile/DevOps approach is incomplete, inefficient and ineffective without continuous testing. In ERP migration projects where platforms are extended to incorporate new features, functionalities and technologies, continuous testing helps you transparently validate the performance of critical business processes. This significantly reduces the risks associated with a new implementation, along with scheduled software updates. By catching bugs early in the development cycle, continuous testing ensures minimal time and budget overruns while providing advantages in risk reduction.
What are the testing challenges of ERP transformations?
According to a report by Bloor (registration required), more than 80% of migration projects ran over budget in 2007. While I have seen that statistic Boost over the years, I know migration projects regularly face issues of running over budget and over time. A 2019 ERP report from Panorama Consulting Group (registration required) shows that 45% of respondents had an average budget overrun of 30%.
Here are some specific testing challenges.
• Unclear Testing Scope: Determining what to test remains a major challenge for QA teams. The business risk grows every time too little testing is done. If you test too much, it wastes the time and resources of your business users.
• Inadequate Test Coverage: There are many moving parts in any ERP migration project. Functional and nonfunctional attributes get added, updated or removed with these migrations. Testing needs to pass various stages, from a unit test to a volume test, and eventually a mock go-live cutover.
• Change Frequency: In a accurate Deloitte CIO survey, almost 45% of respondents reported that managing changes in an ERP project scope is one of the top frustrations in planning their ERP journey (pg. 10).
• Testing Fatigue: ERP projects are long and tedious processes. Using a manual testing methodology for ERP transformations can be inefficient and error-prone. Ask yourself: “Can my business users deliver their full effort to testing?”
Continuous testing for ERP applications: How can I make it work?
To incorporate continuous testing for a digital transformation, leaders must utilize automation. Teams should now focus on next-generation automation platforms that allow them to quickly build test cases, automate them and build the infrastructure to run them in a continuous fashion. Let’s review the four pillars of a continuous testing strategy.
• Know your ideal coverage: Here are some questions to ask yourself: “What’s my current test coverage? Am I testing all of our critical processes? If something goes seriously wrong, is it because I didn’t test enough?”
If the test cases you are automating only cover 30% of your core business processes, the automation might not be good enough. Emphasize knowing your ideal coverage and leverage a process mining technology to validate your ideal coverage. Test mining techniques surface your existing test cases, business processes and configurations from your system process log to determine your existing testing baseline.
• Apply continuous test development: Test assets require considerable reworks to keep pace with the frequent ERP changes typical in an accelerated release cycle. This speed cannot be achieved with continuous testing.
• Monitor changes continually: Ask yourself: “What has changed in the most accurate ERP quarterly update? What business processes or test cases are going to be impacted?”
Emphasize the importance of knowing whether you are testing what is needed. Before the updates are pushed to production, use automation tools that deliver better change visibility to users by alerting them of processes that will be impacted.
• Test execution at scale: Prepare a scalable infrastructure to run thousands of tests on-demand with every change. Opt for a platform that can run your tests continuously on-premises, in the cloud and on mobile seamlessly.
What do you need from a test automation tool?
Three key capabilities must exist in a test automation tool to support an ERP transformation’s continuous testing paradigm.
• Autonomous Configuration Of Tests: Many changes happen at the configuration level for any ERP transformation. Leaders should leverage an automation tool that can autonomously create relevant data sets for test execution.
• Continual Impact Analysis: In the ERP world, updates are rolled out frequently. QA teams can find it difficult to decide the minimum number of test cases that need to be executed to ensure business continuity in post-application updates. AI-based impact analysis recommends a minimum number of test cases that need to be executed based on highlighted risks, keeping business application disruptions at bay.
• Autonomous Self-Healing Tests: QA teams often struggle to continuously maintain test scripts with each new release. Through leveraging AI-powered self-healing capabilities, changes can be identified automatically and test scripts can be fixed autonomously.
Continuous Test Automation: A Summary
The key to successful AgileOps is releasing updates as early and as often as possible.
With enterprise application vendors like Oracle, Microsoft and SAP rolling out updates on a weekly, monthly or quarterly basis, enterprises need to embrace those updates as early as possible. However, supporting your software testing initiatives will only be achieved with the right continuous testing strategy.
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By Khalid Aziz
ISLAMABAD, Aug. 4 (Gwadar Pro)- The Sindh government has confirmed to issue a Letter of Intent (LoI) to Oracle Power Plc for its 1,200 megawatts wind and solar power plant and a 400 MW green hydrogen project in the Thatta district of the province.
The letter, issued by the Sindh Directorate of Alternative Energy, stated that it will issue LoI for the project subject to a performance certain by Oracle Energy Ltd., a joint venture of Oracle Power with Shaikh Ahmed Dalmook Al Maktoum, a member of the Royal Family of Dubai.
Oracle Power has signed a non-exclusive cooperation agreement with the Power China Int'l Group for the implementation of the project. Power China has already carried out a preliminary technical study to establish key technical and commercial contours of the project to produce green hydrogen with electrolyzers powered by photovoltaics and wind energy in Pakistan.
Oracle has also signed a non-binding MoU with Jiangsu Guofu Hydrogen Energy Equipment Co. for exploring hydrogen storage and refueling infrastructure facilities as part of the project.
Under the MoU, both parties will jointly investigate hydrogen storage solutions to facilitate the delivery of hydrogen to the international markets including South Korea, Japan, China, and Europe, Oracle said. Jiangsu Guofu will offer its hydrogen refueling solutions for both light- and heavy-duty applications, it added.
The project aims to deploy 700 MWs of solar power, 500 MWs of wind energy, and 450 MWs of battery energy storage capacity to power the proposed 400 MWs green hydrogen plant.This article originally appeared on Gwadar Pro.
The MarketWatch News Department was not involved in the creation of this content.
NEW YORK, United States, Aug 01, 2022 (GLOBE NEWSWIRE via COMTEX) -- NEW YORK, United States, Aug. 01, 2022 (GLOBE NEWSWIRE) -- Facts and Factors has published a new research report titled "Anti-Money Laundering Market Size, Share, Growth Analysis Report By Type (Solution, Services), By Deployment Mode (On-premises, Cloud), By Organization Size (SMEs, Large enterprises), By End-User (Banks and Financials, Insurance Providers, Gaming & Gambling), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 - 2028" in its research database.
"According to the latest research study, the demand of global Anti-Money Laundering Market size & share in terms of revenue was valued at USD 2,582.5 million in 2021 and it is expected to reach around USD 6,014.7 million mark by 2028, growing at a compound annual growth rate (CAGR) of approximately 15.7% during the forecast period 2022 to 2028."
What is Anti-Money Laundering? How big is the Anti-Money Laundering Industry?
The market's optimistic growth prospects might be ascribed to an increase in money laundering incidents around the world. The increased number of worldwide transactions has fuelled the implementation of anti-money laundering (AML) solutions in banks and other financial institutions. The industry is likely to increase as rules and compliance requirements for businesses become strict. Various government entities around the world have established legislation and laws to combat terrorism funding and money laundering. AML rules vary by nation, making it critical for financial institutions to ensure that their operations are in accordance with policies particular to the country of operation. These policies are driving up demand for AML solutions in the industry.
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Global Anti-Money Laundering Market Dynamics
During the projected period, growing artificial intelligence technology in AML solutions and increased acceptance of cloud-based solutions are expected to deliver attractive prospects for AML software market advancement. Adopting compliance management systems like AML in the coming years is expected to provide a large potential due to the increased demand to analyze risk indicators across numerous industrial verticals. However, a shortage of AML expertise is expected to stymie the expansion of the anti-money laundering software market. Various legislation in different nations requires financial institutions to detect and report customers who engage in fraudulent behavior. Even after implementing AML solutions, it is difficult to identify frauds owing to the increasing frequency of sophisticated assaults such as phishing, card fraud, skimming, identity fraud, money laundering, investment fraud, terrorism funding, and sanction breaches.
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Anti-Money Laundering Market: COVID-19 Impact Analysis
COVID-19 has accelerated the advancement of digital technologies. Due to political restrictions around the world, everyone is now reliant on digital platforms to meet their everyday needs. The primary application is digital payments. The use of digital wallets, often known as eWallets, has grown. As a result of this transition, the likelihood of unlawful money transactions has grown. The FATF has issued a warning to banks regarding unlawful money transactions. As a result, the need for AML solutions has increased, and this factor has a significant impact on market growth. Due to the increased use of digital platforms, the amount of data on networks is increasing, putting a strain on the infrastructure security of banks and financial institutions. Despite several safeguards, banks are being attacked by hackers, resulting in massive losses.
As a result, the need for improved AML solutions is increasing, influencing the market growth. Cybercrime, such as financial fraud, is on the rise as data on networks grows. Banks and financial institutions are increasingly using data analytics tools to Boost their security procedures. This is projected to have a significant impact on market growth.
Anti-Money Laundering Market: Segmentation Analysis
In terms of Deployment Mode, the on-premise segment led the market, accounting for more than 50.0 percent of worldwide revenue. Anti-money laundering solutions deployed on-premise deliver enterprises complete control over applications, platforms, data, and systems, which can be easily managed by the organization's in-house IT personnel. At the same time, the segment is in high demand in enterprises where user credentials are crucial for business operations. To protect themselves from unwanted attacks, the firms deploy on-premise anti-money laundering.
On the basis of end-user, banks and other financial institutions had the greatest market share in the forecast period. This can be attributed to the growing global acceptance of banking and financial services such as commercial banking, pension funds, and retail banking, as well as developments in digital banking technology. The increased usage of banking and financial services has increased the frequency of fraud and money laundering, which is propelling the global anti-money laundering industry forward.
Browse the full "Anti-Money Laundering Market Size, Share, Growth Analysis Report By Type (Solution, Services), By Deployment Mode (On-premises, Cloud), By Organization Size (SMEs, Large enterprises), By End-User (Banks and Financials, Insurance Providers, Gaming & Gambling), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 - 2028" Report at https://www.fnfresearch.com/anti-money-laundering-market
Some of the main competitors dominating the global Anti-Money Laundering market include -
Key Insights from Primary Research:
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North America is predicted to contribute the greatest market share in terms of revenues throughout the projection period because it is a technologically advanced region with a high number of early adopters and the presence of key market players. Factors such as the proliferation of inorganic growth methods among key AML vendors, advances in the deployment of AI, ML in AML solutions, and rising demand for cloud-based AML solutions are projected to fuel the demand for anti-money laundering solutions.
Europe is predicted to contribute to the fastest-growing region with the greatest CAGR throughout the projection period due to its technological advancements and early acceptance of new technologies. Continuous regulatory landscape developments, such as new stringent data privacy laws such as AMLD5, GDPR, and PCI DSS, as well as emerging trends related to trade-based money laundering and virtual currencies, such as a shift towards the non-bank financial sector and non-financial profession, are expected to fuel the demand for AML solutions in the European region.
The global anti-money laundering market is segmented as follows:
By Deployment Mode
By Organization Size
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|Market Size in 2021||USD 2,582.5 Million|
|Projected Market Size in 2028||USD 6,014.7 Million|
|CAGR Growth Rate||15.7% CAGR|
|Key Market Players||ACI Worldwide (US), BAE Systems (UK), Nice Actimize (US), FICO (US), SAS Institute (US), Oracle Corporation (US), Experian (Ireland), LexisNexis Risk Solution (US), Fiserv (US),FIS (US), Dixtior (Portugal), TransUnion (US), Wolter's Kluwer (The Netherlands), Temenos (Switzerland), Nelito Systems (India), TCS (India), Workfusion (US), Napier (UK), Quantaverse (US), Complyadvantage (UK), Acuant (US), FeatureSpace (UK), Feedzai (US), Finacus Solutions (India), CaseWare RCM (Canada), Comarch SA (Poland), and Others|
|Key Segment||By Type, Deployment Mode, Organization Size, End User, and By Region|
|Major Regions Covered||North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa|
|Purchase Options||Request customized purchase options to meet your research needs.|
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