Oracle unveils AI innovation to revolutionize finance and supply chain

With the advent ofartificial intelligence, more and more companies are adopting innovative solutions to improve their financial operations and manage supply chains more efficiently. Oracle, one of the leaders in the software industry, recently announced the launch of new AI capabilities for its Fusion Cloud suite of applications.

New artificial intelligence capabilities

According to a press release issued by Oracle on March 14, 2024, the new AI capabilities include automated generation capabilities integrated into existing workflows in finance, supply chain, human resources, sales, marketing, and customer service. These new capabilities will enable companies to automate and optimize complex processes, improving operational efficiency and reducing costs.

In addition, Oracle has extended the Oracle Guided Journeys extensibility framework to enable customers and partners to integrate additional generative AI capabilities. This means that companies will have the ability to customize AI capabilities to their specific needs, further improving the effectiveness of Oracle’s solutions.

Protecting customer data

A crucial aspect of Oracle’s new AI capabilities is the protection of customer data. According to the company, the offering is built using Oracle’s cloud infrastructure, which ensures that customer data is not shared with large language model providers or viewed by other customers. In addition, each customer is the only party authorized to use custom templates trained on their data. To further protect sensitive information, role-based security is built directly into Oracle’s Fusion application workflows, allowing only access to content that end users are authorized to view.

The potential of generative artificial intelligence

Generative artificial intelligence is revolutionizing the way people and businesses interact with computers and do their work. According to a PYMNTS article, computers can now behave like humans, communicate and write like a human being. This opens up new opportunities for improving efficiency and productivity in various areas.

Generative AI offers a wide range of applications and a speed that exceeds the capabilities of previous AI models in automating repetitive tasks and leveraging data to make more robust decisions. However, the first three years of a new technology are often overestimated, while the 10-year time horizon is underestimated. This means that generative AI will continue to develop and improve over time, opening up new possibilities for companies.

Collaboration between banks and FinTech in the age of digital innovation

Meanwhile, digital innovation is transforming the banking and financial industry. According to a March 19, 2024 PYMNTS article, the push toward open banking is leading traditional banks and FinTechs to collaborate in an atmosphere of “coopetition.” This term denotes a combination of cooperation and competition, in which banks work together with FinTechs to innovate and improve the user experience.

Many traditional banks are facing challenges in meeting consumer and business expectations of faster payments and access to working capital. Some banks are still struggling with the limitations of their aging infrastructure and technologies. To remain competitive, banks are forging partnerships with FinTechs that offer innovative solutions and a better user experience.

Open banking, which has had a significant impact in Europe, is beginning to make its way into the United States. However, the different size and number of banks in the United States make the implementation of open banking more complex. Partnerships with FinTechs offer an advantage to both banks and FinTechs. Banks can expand their customer base without incurring significant customer acquisition costs, while FinTechs can benefit from banks’ regulation and banking infrastructure.

The future of the ‘financial industry and supply chain.

Artificial intelligence is transforming the financial and supply chain industries, offering new opportunities to improve efficiency and productivity. Oracle ‘s new AI capabilities will enable companies to automate complex processes and make more robust data-driven decisions. This will lead to optimized financial operations, more efficient supply chain management and a better user experience.

Collaboration between traditional banks and FinTech in the age of digital innovation will be key to maintaining competitiveness in the financial sector. Open banking offers new opportunities for cooperation between the two parties, improving the customer experience and offering innovative solutions.