by Centroid
The Artificial Intelligence Revolution for Finance
Oracle stands at the forefront of innovation, harnessing the power of Artificial Intelligence (AI) to revolutionize its Cloud EPM platform. At CloudWorld 2023, our team had the honor to interview Matt Bradley, Oracle’s SVP of Development and understand how Oracle is seamlessly integrating AI into its finance solutions. The conversation defines the intricacies of Generative and Traditional AI, illuminating their crucial roles within Oracle’s environment.
The interview contains compelling insights on Oracle’s AI security and its collaborative partnership with Cohere, focusing on solving real-world business challenges with AI. Matt also sheds light on how users will interact with Artificial Intelligence across Oracle’s connected products, measures of readiness for customers, and how to test AI’s impact on company-specific datasets using Oracle IPM Insights. To understand Oracle’s AI strategy and its transformative impact on the future of finance, read the post below.
Understanding Traditional vs Generative Artificial Intelligence
Matt Bradley explores the dichotomy between Generative Artificial Intelligence and Traditional Artificial Intelligence. While conventional methods like regressions and classifications continue to serve their purpose, Generative AI is poised to revolutionize the qualitative aspects of finance, offering the potential for automation and improved quality in processes like reconciliation and note generation.
However, challenges accompany Generative AI, as it can generate misinformation or hallucinations, exposing biases in the model and its training data. In finance, where accuracy and transparency are paramount, the responsible integration of Generative AI for narrative-driven tasks is carefully considered by Oracle. Oracle’s partnership with Cohere secures customer data while delivering accurate solutions for finance organizations.
Artificial Intelligence Use Cases for EPM
The Oracle Cloud EPM product roadmap features integrating data from multiple sources, elevating the capabilities of assistants, and generating text and queries. Oracle is actively addressing challenges like voice recognition, adapting AI to finance’s specialized language, and data security. Oracle’s product development strategy prioritizes trust and data privacy, thereby eliminating potential issues related to corrupted data.
Is Your Organization Ready for Artificial Intelligence?
Achieving the full potential of Artificial Intelligence hinges on having excellent data quality. Matt Bradley suggests starting customer AI journies by activating Oracle IPM Insights, a Machine Learning feature currently available in Oracle Cloud EPM. Insights will quickly illuminate any potential data quality issues. This initial step is a cost-effective way to uncover valuable anomalies and unearth concealed patterns in datasets. The ultimate goal is to identify issues early, allowing for timely corrective actions during the reporting cycles.
Oracle’s development team is currently integrating AI and Generative AI across the EPM suite along with systems like ERP, SCM, and more! Therefore, the time is now to align your data so your organization can leverage Oracle’s AI features now and the sweeping innovations to come!
Embrace the Future of Finance with Oracle Cloud EPM
In the era of Artificial Intelligence, Oracle’s visionary approach is setting the standards for a more efficient, secure, and forward-looking financial industry. By exploring the intricacies of AI, use cases, and readiness measures, organizations can position themselves at the forefront of this transformative wave. Don’t miss out—embrace the future of finance with Oracle!
As always, please connect with Centroid on how to best leverage Oracle Cloud EPM.