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Oracle has announced the integration of generative artificial intelligence capabilities into its suite of software offerings, bringing the technology within reach for the 14,000 companies that use its Fusion Cloud Applications. These products are utilized for financial management, human resources, supply chain management, marketing, sales, and customer service. Oracle stated that the update offers customers more than 50 ways to take advantage of generative AI, which is similar to the technology underlying programs like OpenAI’s GPT-4.
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 mentioned Steve Miranda, Oracle’s executive vice president of applications development, in a statement.
The potential uses of the generative AI capabilities include helping finance professionals explain business trends and forecasts, assisting program managers with project planning, supporting product specialists in generating SEO-friendly product descriptions, creating uniquely tailored job listings, and aiding call center employees in summarizing interactions with customers.
Natalia Rachelson, Oracle’s group vice president of applications development, highlighted that “with the 50+ generative AI features embedded in Oracle Fusion Applications, there is always a human in the loop to approve the generative AI-recommended content.”
Oracle also unveiled a new sustainability offering within its cloud-based financial management software suite. The new sustainability solution can help companies assess their environmental impact and take action to reduce it by consolidating and analyzing data, comparing the outcome of numerous possible scenarios, and even predicting performance.
According to Sankar, an Oracle spokesperson, Oracle’s sustainability updates “will help organizations comply with the new rules as well as meet multiple disclosure requirements across geographies, industries, and reporting standards.” He added that the update can help companies “adapt to changing legislation so our customers can align with and adopt new standards as they are introduced.”
Sankar also noted that various Oracle customers are already using the products to report sustainability metrics, including a $40 billion insurance company that is reporting upstream and downstream emissions.
The announcement coincides with new rules approved by the Securities and Exchange Commission (SEC) in early March, requiring publicly traded companies to disclose climate-related risks. The approved rules, while less intensive than originally proposed, still require disclosure of climate-related risks by public companies and in public offerings. SEC Chair Gary Gensler stated that the rules will provide investors with “consistent, comparable, and decision-useful information.”