Business software giant Oracle Corp. has updated its Supply Chain Management (SCM) Cloud platform with features that could help global organizations become more responsive and efficient, the company said Tuesday.

Oracle's SCM Cloud is a suite of tools that invest the digital supply chain with capabilities that include product innovation, strategic material sourcing, outsourced manufacturing, integrated logistics, omnichannel fulfillment, and integrated demand and supply planning, the firm says.

The newest features will enable organizations to reduce costs and stay ahead of ever-changing customer expectations by connecting customer service and field technicians, aligning orders and invoicing with a project and/or an organization, and improving the orchestration of vendor-managed inventory,Redwood Shores, Calif.-based Oracle said.

These changes are enabled with artificial intelligence, blockchain, and Internet of Things capabilities that help users to enhance productivity, reduce costs, and minimize risk, the company said.

Together, they will help lay the foundation for a coming era of blockchain-enabled supply chain transparency, Jon Chorley, chief sustainability officer and group vice president, supply chain management, Oracle, said in an interview. "People are looking for ways to maximize their investment in inventory," Chorley said. "When you look at ways to optimize that, the collaboration aspect is so important, including trust factors and making sure that information exchange is timely."

Blockchain can be a crucial tool is reaching that goal, but since it is still a new technology, many users need to get an education in how it can impact their supply chains by running pilot projects instead of jumping immediately to broad implementations, he said. "That way you can understand where you might fit within a blockchain ecosystem. The technology will be so foundational going forward, but folks right now are looking for examples of how it gives value," Chorley said.

Future uses of blockchain technology within supply chain workflows could include the exchange of accurate and non-repudiatable information for transportation, logistics, and inventory management solutions, he said.

"I predict more than 50% of all enterprise #data will be managed #autonomously, and will be more #secure. That same capability will migrate into all of our #applications." -Oracle CEO @MarkVHurd at #OracleMBX Keynote pic.twitter.com/qmtjFRAfKC

— Oracle (@Oracle) March 20, 2019