US computer software company Oracle has released a set of generative AI (GenAI) capabilities to its Fusion Cloud Applications Suite, allowing businesses to use GenAI to manage their finances, HR tasks, supply chain and other functions.
Oracle stated that these functions were intended to save businesses time and improve their daily productivity.
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Oracle’s GenAI can create contextual commentary for financial forecasts, helping financial departments easily explain their work to the rest of the company. Its GenAI can explain key factors driving financial predictions, which Oracle stated can help build trust in business forecasts.
For supply chain needs, Oracle’s GenAI can generate recommendations for suppliers and create customised negotiation summaries. These negotiation summaries can then be used by Oracle’s customers to save money, reduce risk and maximise a supplier’s output.
In HR, Oracle’s GenAI can create manager surveys to quickly gain intelligence into how employees are working.
It can also be used in the hiring process, creating job landing pages and providing recruiters with immediate feedback on a candidate’s CV or application.
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By GlobalDataOracle stated that other than these use cases, its GenAI can assist businesses in over 50 tasks and assured that its AI was designed to respect business data and privacy.
Oracle’s executive vice president of applications development Steve Miranda stated that Oracle was committed to providing best-in-class AI to its customers.
“We have been using AI in our applications for several years and now we are introducing more ways for customers to take advantage of generative AI across the suite,” he said.
“With additional embedded capabilities and an expanded extensibility framework, our customers can quickly and easily take advantage of the latest generative AI advancements to help increase productivity, reduce costs, expand insights, and improve the employee and customer experience,” Miranda said.
AI is becoming ubiquitous in business workflows across a variety of industries.
In a 2023 survey conducted by research and analysis company GlobalData, around 17% of businesses answered that they already had a high adoption rate of AI.
As AI matures, GlobalData expects this demand to continue, forecasting that demand will increase for smaller, more niche AI models to meet specific business needs.
