Advice and Information for Finance Professionals

If You Struggle With AI in Finance, Then Read This

Emma Hitzke
Senior Product Marketing Director, Emerging Tech
This is a syndicated post, view the original post here

Advanced technologies are already part our everyday life, from e-commerce product recommendations to smart home devices. Why can’t they power your organization’s finance function the same way?

They can. Embedding artificial intelligence (AI), machine learning, and smart chatbots into your financial solutions means your day-to-day business processes run more smoothly, compliance and security risks decrease, decision-making improves, and your team has more time and mind-share for strategic thinking. Oracle ERP applications with AI-embedded and  Oracle Adaptive Intelligent Apps for ERP can help you realize these competitive advantages today by leveraging data across your entire operation with a suite of AI and data-driven features to improve financial performance, optimize cash flow, and increase agility across payables, receivables, procurement, and inventory.

Our latest video, Future Ready Finance, shows how Oracle can help you automate common operations such as source-to-pay and record-to-report, as well as help you remain in compliance with financial and data-governance regulations in jurisdictions around the globe.

Improve Efficiency, Optimize Processes, Think Strategically

Oracle AI Apps for ERP improve usability and efficiency by smartly automating core processes and providing guided actions for users. They deliver organizational insights and operational agility by optimizing a wide range of business processes so the Office of the CFO can step up to a larger role in driving corporate initiatives, optimizing outcomes, and exercising influence over the strategic direction of the business.

Need proof? Here are just two examples of Oracle AI Apps for ERP that work in concert to streamline your operations and deliver actionable insights:

Automated Supplier Categorization: Gaining insight into your suppliers can help you save money and remain in compliance with regulations and corporate policy. Supplier Categorization ranks suppliers along multiple factors to optimize the entire procure-to-pay process. By combining ERP application data about suppliers, purchase orders, invoices, payables, and other details with external sources of company and business data, Supplier Categorization delivers unparalleled insight into your company’s supplier ecosystem.

Intelligent Payment Discounts: Among the many insights provided by Supplier Categorization, one subset delivers smart input to the discount negotiation process. Oracle Intelligent Payment Discounts uses this input to automatically and intelligently generate vendor-specific discount offers in exchange for early payment based on real-time supplier profile and risk data. The outcome of each offer, whether accepted or rejected, is then used by machine learning (ML) algorithms to optimize the discounting program for your organization’s supplier portfolio and procurement practices.

Connect to the World with Chatbots, IoT, and Blockchain

The more your financial solution can learn about your company’s internal and external environment, the better it will be at streamlining processes, informing decisions, and even communicating. Oracle Blockchain and IoT applications can improve visibility, traceability, and compliance across financial and supply chain processes and integrate seamlessly with Oracle ERP. Similarly, Oracle Digital Assistant can help you engage customers and employees in a proactive, personalized way at scale quickly and efficiently. You can build a sophisticated conversational interface in an hour with declarative and visual design tools augmented with built-in ML to understand customer intent and maintain context. Prebuilt skills can help save even more time by providing a quick and easy way to access Oracle Cloud apps.

By leveraging artificial intelligence, machine learning and other emerging technologies across your organization’s data, you have the power to reveal insights and opportunities that might never come to light otherwise. Oracle Cloud applications enable your people to do what they do best: focusing on strategic initiatives that drive your business forward.

To learn how Oracle Artificial Intelligence can bring new efficiency and insights into your organization’s finance function, visit https://www.oracle.com/applications/erp/products.html and https://www.oracle.com/applications/ai-apps/financials/.

To hear more about how transformational technologies can impact the Finance function, check out this webcast replay.  

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