“Oracle Supports Over 50 Generative AI Use Cases Embedded Within Oracle Fusion Applications”

“Oracle Supports Over 50 Generative AI Use Cases Embedded Within Oracle Fusion Applications”

Artificial Intelligence is fundamentally reshaping the financial landscape, offering transformative potential for Chief Financial Officers worldwide. This technology is not just a tool for efficiency but a catalyst for strategic change. The AI-powered solutions empower CFOs to move beyond traditional roles, becoming strategic partners in driving business growth. Oracle is leading the way with cutting-edge solutions, delivering value to financial institutions. In an exclusive conversation with Digital Terminal Editor Rajeev Ranjan, Kaushik Mitra, Senior Director and Pillar Lead of SaaS Cloud at Oracle India, discusses the evolving role of AI in the finance sector and how Oracle is empowering CFOs to achieve their digitalization goals.

Rajeev: How is AI reshaping the financial landscape, driving better decisions, enriching customer interactions, and streamlining operations?

Kaushik: AI has been a game-changer, transforming traditional processes and pushing the boundaries of what's possible. From robotic process automation (RPA) to AI to ML and blockchain – new digital tools are giving the finance function a modern way where finance professionals can create unprecedented opportunities to streamline and automate their operations, do financial planning and forecasting. 

Through advanced AI systems, finance functions can analyse vast amounts of data in real-time, providing valuable insights to make more informed and timely decisions. This translates into better risk management, more accurate pricing models, and improved investment strategies. Moreover, it improves customer experience and retention by letting businesses deliver personalized, proactive, and integrated interactions across various touchpoints.

Additionally, AI-powered chatbots and virtual assistants are redoubling the efforts of enhancing the experience and providing personalized recommendations. In a 2024 report by Forrester, 42% of executives surveyed identified the hyper-personalization of customer experience as a top use case for AI.  AI can help deliver personalization by analyzing customer data, preferences, and behaviour to provide the right product recommendations, content suggestions, and offers. On top of it, AI in finance can help reduce errors, particularly in areas where humans are prone to mistakes. Finance professionals are leveraging AI based advanced algorithms, data analytics, and automation capabilities to identify and correct errors common in areas such as data entry, financial reporting, bookkeeping, and invoice processing.

Rajeev: Amidst concerns like privacy and compliance, how does Oracle navigate the adoption hurdles in finance, ensuring seamless integration and regulatory adherence using AI?

Kaushik: Data privacy is a fundamental need for organizations across sectors and organizations need help to reduce the risk of security threats for cloud workloads. With simple, prescriptive, and integrated security capabilities built into the stack, Oracle helps customers easily adopt and secure their cloud infrastructure, data, and applications. Oracle prioritizes privacy and compliance in navigating threats and mitigate the ever-changing security landscape to support the compliance and regulatory requirements. We implement stringent data security protocols to safeguard sensitive information, ensuring that customer data remains protected at all times. This includes encryption mechanisms, access controls, and data anonymization techniques to prevent unauthorized access or misuse.

In terms of compliance, Oracle stays abreast of industry regulations such as GDPR and CCPA, ensuring that its AI solutions adhere to these standards. This involves incorporating compliance features directly into its AI offerings, such as data governance controls and audit trails to track data usage and ensure accountability. Additionally, Oracle provides transparent AI algorithms, enabling customers to understand how data is processed and ensuring ethical usage of AI technologies. 

Our Oracle Fusion Cloud Applications Suite comes with embedded AI and ML capabilities to generate great predictive insights. The security approach within Oracle Fusion Applications supports a reference implementation of roles and security policies that addresses common business needs. We own the entire technology stack powering our cloud applications and able to add security to every layer, which is critical in the face of rising cybersecurity threats. Various banking and financial services organisations in India such as Federal Bank, IDFC Bank, Bajaj Finance, Bank of Baroda Cards, SBI Cards, IndusInd Bank, HDFC ERGO, Bajaj Finance, India First Life Insurance etc, run on the Fusion platform.

Rajeev: Could you elaborate on Oracle's role in empowering CFOs to meet their digitalization goals and optimise financial workflows through AI-driven solutions?

Kaushik: As per PwC’s Pulse Survey undertaken in 2023, 43% of finance leaders say establishing finance as a partner to the business is one of the top three priorities for the finance function in the next 12 months. In today’s age, the role of the CFO has become one of the most complex and demanding. From financial guardian to strategic decision-making to risk taking and sometimes stakeholder management, a successful CFO should possess a diverse skillset to help guide companies through ever more complex business landscapes and financial and regulatory environments. Oracle plays a pivotal role in empowering Chief Financial Officers (CFOs) to modernize their role and achieve their digitalization goals which will support them in optimizing the financial workflows through the power of AI-driven solutions.

Our Fusion Cloud ERP solution is giving the edge to CFOs to gain access to advanced AI and machine learning capabilities wherein they can streamline processes such as financial forecasting, cash management, and risk assessment. These AI-driven solutions enable CFOs to take data-driven decisions with greater accuracy and agility, driving operational efficiency and maximising financial performance. Additionally, Oracle provides comprehensive support and expertise to help CFOs harness the full potential of AI technologies and navigate the complexities of digital transformation in finance.

Recently, a large health insurance company, Star Health Insurance has embarked into a strategic partnership with Oracle to modernize its financial operations which involves automation of financial processes as well as enhancing workforce efficiency and productivity. For example, Star Health Insurance also implemented a lease module within Oracle Financials, with 840 offices, Star Health is dealing with around 1500 landlords. At the time of renewal of these contracts, there are separate maintenance or parking charges which were previously managed in an excel, but are now seamlessly integrated into the system.

Thus, Fusion Cloud ERP is enabling CFOs to automate routine tasks, gain actionable insights, and optimize financial operations. This empowers the role of CFOs to focus on more strategic initiatives and drive sustainable growth for their organizations in an increasingly digitized and competitive landscape.

Rajeev: What distinguishes Oracle Fusion Cloud ERP in delivering advanced finance solutions, particularly with its AI and machine learning capabilities integrated?

Kaushik: Oracle Fusion Cloud ERP stands out in delivering advanced finance solutions due to the seamless integration of AI and machine learning capabilities throughout its platform. Unlike traditional ERP systems, Oracle Fusion Cloud ERP leverages AI to automate routine tasks, provide actionable insights, and optimize business processes in real-time. The platform's AI-driven features, such as intelligent account combination defaulting, predictive cash forecasting, and predictive planning, enable organizations to make data-driven decisions with greater accuracy and agility. Oracle releases updates four times a year. Given the size and breadth of our offerings, most major industries benefit from Oracle Fusion Cloud ERP offerings.

Oracle supports over 50 generative AI use cases that are embedded within Oracle Fusion Applications and designed to respect customers’ enterprise data, privacy, and security. We have recently announced new generative AI capabilities within the Oracle Fusion Cloud Applications Suite that will help customers improve decision making and enhance the employee and customer experience. The latest AI additions include new generative AI capabilities embedded in existing business workflows across finance, supply chain, HR, sales, marketing, and service, as well as an expansion of the Oracle Guided Journeys’ extensibility framework to enable customers and partners to incorporate more generative AI capabilities to support their unique industry and competitive needs.

Over the past few years, we have witnessed a significant shift in the approach that enterprises are taking towards planning, from functioning in silos to working in a more integrated manner. The intent is to stay ahead of their curve and therefore they are making investments towards adopting connected solutions which are integrated in nature to better align with their goals. At Oracle, we provide a layer to businesses wherein they can associate financial, operational, and line of business planning on a single cloud.

With additional embedded capabilities and an expanded extensibility framework, our customers can quickly and easily take advantage of the latest generative AI advancements to help increase productivity, reduce costs, expand insights, and improve the employee and customer experience. Recently, Apollo Health & Lifestyle Limited, one of India’s largest retail healthcare companies and a subsidiary of Apollo Hospitals Enterprise Limited, has selected Oracle Fusion Cloud Enterprise Resource Planning (ERP) to optimise its financial operations and increase productivity. Our Cloud ERP solutions have enabled Apollo Health & Lifestyle to eliminate manual processes and embrace continuous innovation to improve speed and accuracy in reporting, align financial and operational planning, and gain insights to drive better decisions.

Rajeev: Looking forward, how do you foresee AI shaping the future of finance, and what strategic steps is Oracle taking to lead this evolution?

Kaushik: From chatbots to mixed reality to Generative AI, Artificial Intelligence has entered all markets and systems that mimic four out of the five senses—sight, speech, listen and touch—and have entered the mainstream. Oracle has invested in applying its AI—capabilities embedded into the entire stack. Oracle recognises the transformative potential of AI in various verticals and sectors including finance and is strategically positioned to lead this evolution.

Oracle is investing in research and development to advance its AI capabilities, collaborating with industry partners to develop cutting-edge solutions that are tailored to the needs of financial institutions and organisations meeting all the compliance requirements. Our commitment is to provide comprehensive support and expertise to our customers and help them navigate the complexities of AI adoption and maximise its value.  With this aim, we are prioritising innovation, collaboration, and customer success to harness the full potential of new age technologies to drive sustainable growth in the financial function.

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