By Jennifer Toomey, Senior Director, Cloud Business Group, Oracle
The news never stops coming: artificial intelligence, machine learning and other emerging technologies are continually in the headlines. In fact, one of the biggest announcements at Oracle OpenWorld 2018 was about the new capabilities available in Oracle ERP and EPM Cloud.
As technologies such as AI, machine learning and intelligent process automation become more widely available, finance leaders want to know: How can these technologies help me in my business?
When it comes to enterprise performance management (EPM), emerging tech can be applied to analyze huge data sets, identify patterns and make predictions that might take a human days or weeks of painstaking analysis. Planning and forecasting cycles can be greatly accelerated, helping the business to identify new market opportunities—and act on them—more quickly than their competitors.
Emerging tech can also provide higher levels of automation, freeing finance staff from the burden of account reconciliation, consolidation and close, and helping them put their skills to better use in more strategic areas of finance. One example:
An accounts reconciliation system might kick out 30 percent of reconciliations for human intervention. In such cases, a finance team member must tell the software what to do (accept, reject, escalate, etc.). With machine learning, the system learns from these instructions over time. Eventually, it might ask if it should treat similar anomalies the same way in future. In this manner, the number of reconciliations kicked out for human intervention might drop from 30 percent to 15.
The difference between Oracle’s approach to emerging technologies, and the way that other vendors approach them, is that we don’t just give you an AI platform to develop finance applications and use cases yourselves. We design the use cases for you and build them right into our cloud applications—so you can start using them right away. You get immediate value from emerging technologies, right out of the gate.
In an upcoming CFO webcast, you’ll have the opportunity to hear how companies are innovating and automating with these new capabilities—across planning and forecasting, financial consolidation and close, process orchestration, account reconciliation, and performance reporting.