Oracle is rolling out new mobile apps deploying artificial intelligence (AI) targeted at chief financial officers (CFOs) and other corporate finance professionals.
The company issued a press release on Tuesday (Feb. 13) announcing the launch of its new Oracle Adaptive Intelligent Applications for ERP (enterprise resource planning). The tools aim to enhance existing solutions in the enterprise via automation and can be applied to an array of processes, including procurement, financial management and order management.
“To increase their agility, organizations need to leverage the right tools to help improve process efficiency and uncover insights that can guide a business forward,” said Oracle Applications Development Senior Vice President Rondy Ng in a statement. “Oracle helps finance leaders drive business transformation with ready-to-go applications that combine advanced machine learning with the industry’s most comprehensive suite of cloud applications to deliver immediate value and results.”
Oracle pointed to AI and machine learning’s abilities to improve payables, receivables, procurement and other financially driven processes and to provide deeper insight into these processes to help companies mitigate fraud and vendor risk. The solutions also deploy robotic process automation to reduce human error.
The new apps use existing data from the Oracle Data Cloud to boost analytics capabilities, enabling CFOs to make better decisions, the company added.
“By applying advanced data science and machine learning to Oracle’s web-scale data and an organization’s own data, the new Adaptive Intelligent Apps can react, learn and adapt in real time based on historical and dynamic data, while continuously delivering better business insights,” the company said in the release.
Last year, Oracle launched a new API (application program interface) tool, its Oracle Banking Payments API service, for financial institutions (FIs). The solution enables banks and other FIs to leverage the ISO 20022 payments messaging standard and enhance straight-through processing and real-time settlement.