By Julie Knight, Oracle
Wouldn’t it be nice if before you made any major financial decisions online, a super-smart AI digital assistant—informed by your personal finance history and industry best practices—popped up on your screen, offering helpful advice?
For example, you’re about to pay off the zero-percent credit card you got thanks to a special promotion. The digital assistant sees where you’re going and before you click, “make payment,” it might say something along the lines of, “Whoa. Why are you paying this off when you have a total of $5,000 in high-interest debt on your other credit cards?”
You’d benefit from expert, insider financial wisdom—when you needed it—before you made your next purchase, payment or billing decision. That would be cool, right?
The good news is—that’s exactly what our enterprise resource planning (ERP) application, Oracle ERP Cloud, offers our financial customers. Thanks to Oracle AI Apps for Oracle ERP Cloud, our customers get help making more informed financial and procurement decisions—in real time.
We asked Charles Homs, Vice President, Applications Competitive Intelligence at Oracle, to tell us more about how Oracle AI Apps help our customers, many of whom are CFOs.
Homs: Our ERP Cloud solution is the most complete in the market. Many of our competitors also offer AI, but what makes our solution different is that we completely rebuilt our application to take full advantage of machine learning. AI is deeply embedded in our application. That’s not the case with our competitors. For example, they first process all of a customer’s data and store the results in a data warehouse. Then they apply machine learning logic. But if you have to wait for the data to be stored in a data warehouse after you’ve already made a transaction, you’re too late. Our solution gives customers direction and insight before they even have a chance to ask for it.
Homs: Say, for example, I decide to pay this invoice or borrow money just because I’ve been doing it this way for the last 10 years or my gut instinct says it’s a good idea.
AI helps customers by providing context. It might say, if you wait another four days, it will be better for overall cash flow of the company, for example.
Because AI is embedded throughout all of our cloud applications, it knows a lot about what’s going on in the organization, what others are doing—even in other business units—and how the decisions of coworkers will impact the decision you need to make right now.
Our customers greatly benefit from these alerts that help them lower costs and risk.
The application automates routine and manual tasks, which frees up CFOs to focus on more strategic initiatives.
What’s great is we’re continually adding features and improvements, which benefit customers but without disruption to their business. They don’t have to endure a major system upgrade. Because the application is in the cloud, these updates often happen while customers are sleeping, and they wake up to see cool new features.
Homs: ERP used to be a very boring topic for the past 10-15 years. AI has changed that pretty dramatically, and our customers are starting to really understand all the possibilities that come with moving to the cloud, thanks to AI. It’s a big game changer.