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Enterprise software is getting the ChatGPT treatment.
The multinational tech company Oracle is adding generative artificial intelligence capabilities to its suite of software offerings, bringing the technology within reach for the 14,000 companies that use its Fusion Cloud Applications. The products are used for financial management, human resources, supply chain management, marketing, sales, and customer service. Oracle said the update offers customers more than 50 ways to take advantage of generative AI, which is the same kind of technology that underpins programs like OpenAI's GPT-4.
"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," Oracle executive vice president of applications development Steve Miranda said in a statement.
Potential uses include helping finance professionals explain business trends and forecasts, assisting program managers with project planning, supporting product specialists in generating SEO-friendly product descriptions, creating uniquely tailored job listings, and aiding call center employees in summarizing interactions with customers.
"With the 50+ generative AI features embedded in Oracle Fusion Applications, there is always a human in the loop to approve the generative AI-recommended content," Natalia Rachelson, Oracle group vice president of applications development, said in an emailed statement.
Alongside the AI announcement, Oracle unveiled a new sustainability offering within its cloud-based financial management software suite. The new sustainability solution can help companies assess their environmental impact and take action to reduce it through consolidating and analyzing data, comparing the outcome of numerous possible scenarios, and even predicting performance, according to Oracle.
Sankar said in an emailed statement that Oracle's sustainability updates "will help organizations comply with the new rules as well as meet multiple disclosure requirements across geographies, industries and reporting standards." He added that the update can help companies "adapt to changing legislation so our customers can align with and adopt new standards as they are introduced."
Sankar also said various Oracle customers are already using the products to report sustainability metrics, including a $40 billion insurance company that is reporting upstream and downstream emissions.
The announcement comes on the back of new rules, approved by the Securities and Exchange Commission in early March, requiring publicly traded companies to disclose climate-related risks. The approved rules are less intensive than those originally proposed, due to the removal of a controversial requirement to report emissions generated throughout a company's supply chain and through customer use, but still require disclosure of climate-related risks by public companies and in public offerings. Still, SEC Chair Gary Gensler said in a statement that the rules will provide investors with "consistent, comparable, and decision-useful information" and require specificity in disclosures that "will produce more useful information than what investors see today."
California passed its own set of strict climate disclosure laws in October that surpass in scope even the SEC's rule. The executive director of the U.S. Chamber of Commerce Center for Capital Markets Competitiveness, which filed a lawsuit against the state in January, said at the time that the law "will be felt by businesses of all sizes, but especially small, Main Street businesses."
Controversy surrounding the new disclosure laws aside, environmental, social, and governance (ESG) standards have been criticized in recent years as "meaningless" due their overly broad reach and lack of standardization.
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Oracle Is Adding Generative AI Tools for Businesses
23
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15.03.2024
After Scaling Stax to Unicorn Status, Co-Founders Suneera Madhani and Sal Rehmetullah Unveil a New Mission-Driven F...
Oracle Is Adding Generative AI Tools for Businesses
How a 12-Year-Old AI Company That Boasts Netflix and PepsiCo as Clients Raised $25 Million
The House Just Approved a Vote to Ban TikTok
Bosses Trust Remote Workers More Than They Think
How Peach and Lily Founder Alicia Yoon Keeps Calm Amid the Chaos of Entrepreneurship
The Co-Founders of The Skinny Confidential on Their Marriage: 'Stay in Your Lanes'
Enterprise software is getting the ChatGPT treatment.
The multinational tech company Oracle is adding generative artificial intelligence capabilities to its suite of software offerings, bringing the technology within reach for the 14,000 companies that use its Fusion Cloud Applications. The products are used for financial management, human resources, supply chain management, marketing, sales, and customer service. Oracle said the update offers customers more than 50 ways to take advantage of generative AI, which is the same kind of technology that underpins........
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