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Advice and Information for Finance Professionals

AI Looks Hard, But It Isn't

Lynne Sampson
Managing Editor

When we talk to finance leaders about AI and other emerging technologies, such as blockchain or the Internet of Things (IoT), we hear a common refrain: "We know we need it. We just don't know why we need it."

This is largely a problem created by the traditional delivery model of emerging technologies, which goes something like this:

  • Figure out what business problems you want to solve—often with the help of expensive consultants
  • Buy an AI development platform
  • Use the platform to build a smart solution
  • Implement the solution and integrate it into your other software systems (ERP, HR, supply chain, etc.)

Here at Oracle, we take a different approach. We identify the most common use cases, based on customer needs. Then we develop the AI capabilities for you and embed them right into our cloud applications—so that you can immediately put emerging technologies to work for your organization. 

Today at Modern Business Experience, attendees heard about the latest AI innovations in the Oracle Cloud. Among them:

Oracle ERP and EPM Cloud

  • Expense Reporting Assistant: Streamlines expense report processing by automatically creating, classifying and matching expense items. Users can interact with the assistant through a powerful voice interface, or simply by sending receipt images to the assistant via email, SMS, Slack or Microsoft Teams. The assistant uses machine learning to improve the automatic classification of expense items, monitor policy violations and reduce audit risks.
  • Project Management Digital Assistant: Provides instant project status updates and enables users to update time and task progress using a digital assistant. The digital assistant learns from your past time entries, project planning data, and the overall context to tailor interactions and smartly capture critical project information.
  • Advanced Financial Controls: Provides continuous analysis of transactions, setups, and configurations to automate audits and help prevent financial leakage. The solution uses self-learning algorithms to examine critical configuration changes and transactions against a library of proven rules leveraging built-in algorithms for fuzzy matching, anomaly detection, Benford analysis, clustering etc. This approach uses data science techniques to allow incidents to be directed to analysts for tracking, investigation and closure.
  • Advanced Access Controls: Automates user security analysis using AI techniques to help protect business data from insider threats and fraud. The solution uses graph-based analysis to accurately and reliably assess violations hidden inside complex, recursive and dynamic security configurations. This technique includes a robust library of configurable, best practice data privacy and SOD rules that can continuously monitor users, roles, privileges, setups and transactions.
  • Intelligent Supplier Management: Oracle DataFox integration enriches supplier profiles with AI-sourced and validated company data to power supplier scoring and categorization. It uses AI techniques to extract dynamic supplier risk signals from news articles and press releases, which are then combined with DataFox’s company data sources to automatically manage supplier risk, by identifying which suppliers are at risk and recommending alternative suppliers.

(Read the press release)

Oracle Supply Chain Management (SCM) Cloud

  • Field Service Logistics: This new solution enables organizations to quickly resolve customer issues by connecting customer service teams and field service teams. This connection enables customer service to order parts from within a service request, coordinate timely delivery, and manage service technician trunk stock.
  • Project-Driven Supply Chain: This new capability facilitates accurate and timely billing upon fulfillment by integrating and automating the tracking of project attributes and related costs from a sales order.
  • Supply Chain Collaboration: This new vendor-managed inventory assists with replenishment and ensures clear, accurate, and efficient engagement by allowing users to securely share on-hand quantities with selected suppliers.

(Read the press release)

Oracle Human Capital Management (HCM) Cloud also has new capabilities to help HR teams reimagine the workplace, while Oracle Customer Experience (CX) Cloud is helping teams master the new science of sales.

As we identify more use cases and roll them out via our cloud, we'll be talking more about practical business problems that AI can help you solve, without a burdensome development effort. Oracle's vision is to make emerging technologies real, and easy. Watch this space for more.

Learn how agile finance leaders are putting digital technologies to work. Download the global survey.

 

 

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