Oracle adds asset-based service solution to cloud apps suite

In another application announcement from CloudWorld 2022, Oracle has announced it is introducing a new asset-based service solution for the Oracle Fusion Cloud Applications Suite.

Asset-Based Service for High Tech and Manufacturing is part of Oracle Fusion Service, and is pre-integrated with Oracle Fusion Cloud Supply Chain & Manufacturing (SCM).

The company says that this development is set to help businesses improve customer satisfaction, reduce costs, and grow revenues by optimising the service lifecycle management of an asset.

Demand for these types of services is increasing significantly, and a recent report found the average customer service organisation completes only 75% of service activities on the first try. 

As organisations look to grow revenues through "As-a-Service" business models, there needs to be a change in the way things are run. Successful outcomes require a connection between service agents, field technicians and assets, with automated and intelligent workflows helping prevent and fix issues and reduce costs.

Asset-Based Service for High Tech and Manufacturing will provide proactive monitoring and maintenance services, automated field service and depot repair automation, which can be utilised across multiple verticals.

An example showcased detailed how an IoT alert was sent directly to a customer whose solar panel was not working properly. The text included options like scheduling a service request, articles on knowledge and help, as well as intelligent device options.

Jeff Wartgow, Vice President Product Management, Oracle Service and Field Service, says having more control over the asset lifecycle will help create better outcomes for all.

"Connected devices and machinery are paving the way for new revenue models, which create a massive opportunity for businesses to transform customer service from a cost center to a growth engine," he says.

"With Oracle Asset-Based Service, manufacturers and high-tech businesses can better manage the service lifecycle of an asset to minimise unplanned downtime."

The Oracle Fusion Cloud Applications Suite provides a variety of business optimisation services, allowing for more opportunities for organisations to enhance their business. 

Oracle has said that it provides applications for finance, supply chain, HR, and customer experience and can offer a complete set of enterprise applications on a single integrated cloud platform.

Oracle's self-updating platform also gives customers access to continuous innovation, and the company has stated that new features are added every 90 days without downtime or business disruption. This is common in the Oracle applications space, as the company is constantly updating its services in line with customer requirements.