Accenture and Oracle have expanded their partnership to further integrate generative artificial intelligence (AI) into financial operations. The collaboration focuses on enhancing financial planning and analysis, optimizing operations, and driving growth for chief financial officers and their teams.
Leveraging Oracle Cloud Infrastructure (OCI)’s Generative AI capabilities and Accenture’s proprietary technology, the partnership aims to provide real-time data analysis and tailored recommendations for financial teams.
Enhancing Financial Operations with AI
The newly enhanced collaboration between Accenture and Oracle aims to propel the use of generative AI beyond experimental phases into significant value generation.
Lan Guan, Accenture’s Chief AI Officer, emphasized the shift from experimentation with generative AI to realizing its potential benefits in practical applications. The initiative will utilize Oracle’s infrastructure and Accenture’s switchboard, which assists financial teams in selecting the most suitable foundation models based on factors like cost and accuracy.
These advancements are set to aid various financial functions such as procurement spend analysis, demand forecasting, and dynamic scenario planning. The partnership promises to equip finance professionals with the tools necessary to harness data effectively through AI and machine learning algorithms, aiming for more informed and dynamic financial decision-making.
According to a report by PYMNTS Intelligence titled “Banking on AI: Financial Services Sector Harnesses Generative AI for Security and Service,” generative AI is increasingly recognized as a transformative force in the finance and banking sectors. This technology is not only enhancing consumer interactions and service levels but is also refining methodologies for risk assessment. The report reveals that a significant 83% of financial professionals believe their institutions are keen on exploring generative AI technologies.
Investing in AI Education and Skills Development
In a broader strategic move, Accenture announced in March its plans to invest $1 billion over the next three years in LearnVantage, its new AI-driven learning platform. This investment aims to facilitate reskilling and upskilling of employees in emerging technologies, including generative AI. The acquisition of EdTech company Udacity is expected to enhance Accenture’s educational offerings to meet the growing demand for technology skills.
Similarly, Oracle’s commitment to embedding generative AI capabilities within its Fusion Cloud Applications Suite was confirmed in March. These capabilities are now integrated across various business operations including finance, supply chain, human resources, sales, marketing, and customer service, embedding advanced AI tools directly into everyday business workflows.
Through these initiatives, both Accenture and Oracle are setting a precedent for the future of financial operations, showcasing how integrated AI technologies can significantly alter and improve the landscape of financial decision-making and operations management.
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