Business software giant Oracle Corp. said Tuesday it has launched a new version of its warehouse management system (WMS) software that the firm said can help businesses handle challenging omnichannel fulfillment issues.

Redwood Shores, Calif.-based Oracle says enhancements in Version 8 of the Oracle Warehouse Management Cloud product help provide a comprehensive view of inventory from supplier to the distribution center (DC) to store shelves.

Originally known as LogFire, Oracle's WMS product represents the enterprise resource planning (ERP) vendor's record of expanding its footprint in supply chain technology by acquiring smaller companies. Oracle purchased Atlanta-based LogFire Inc. in 2016 as part of an effort to compete with established logistics specialists like Manhattan Associates Inc. and JDA Software Group Inc.

By continuing to invest in logistics software, Oracle is making a bid to claim a piece of a cloud WMS market that could grow from $1.2 billion in 2015 to $4.1 billion by 2024, Oracle said, citing a forecast from Albany, N.Y. market research firm Transparency Market Research.

The Version 8 release uses a 100 percent cloud-based architecture to help users access the easy software updates found in consumer applications, as well as offering links to other software products found in Oracle's supply chain management (SCM) cloud, the company said.

"LogFire has conclusively proven the viability and compelling value proposition of their cloud-based WMS," Jon Chorley, CSO and group vice president of SCM product strategy at Oracle said in a release. "The Oracle WMS Cloud is a no-compromise solution built from day one for the cloud. It enables companies to thrive in today's dynamic, interconnected, omnichannel fulfillment economy."