Accenture and Oracle expanded their partnership to help clients accelerate their adoption of generative artificial intelligence in the finance organization.
The new solutions offered through this collaboration aim to help chief financial officers reinvent financial planning and analysis, optimize operations and fuel growth, the companies said in a Monday (May 6) press release.
“Our clients are laser-focused on moving beyond generative AI experimentation to value realization,” Lan Guan, chief AI officer at Accenture, said in the release.
The collaboration will use Oracle Cloud Infrastructure (OCI) Generative AI to provide finance teams with real-time data analysis and recommendations, and Accenture’s proprietary switchboard to help these teams select foundation models based on cost, accuracy and other factors, according to the release.
Together, the capabilities of the two companies will help finance teams use data, as well as AI and machine learning algorithms, for procurement spend analysis; financial planning and analysis demand forecast; and dynamic scenario planning, per the release.
PYMNTS Intelligence found that generative AI represents the latest in a line of transformative technologies that are reshaping finance and banking.
The applications of this technology in the financial sector include everything from enhancing consumer interactions to refining risk assessment models, according to PYMNTS Intelligence’s “Banking on AI: Financial Services Sector Harnesses Generative AI for Security and Service.”
The report also found that 83% of financial professionals believe their institution is interested in generative AI.
Accenture said in March that it will invest $1 billion in its new AI-driven learning platform, LearnVantage, over the next three years to help clients reskill and upskill employees in technology. The company acquired EdTech company Udacity to boost its learning capabilities and meet the rising demand for tech skills like generative AI.
Oracle announced in March that it added new generative AI capabilities to its Fusion Cloud Applications Suite, embedding them in existing business workflows across finance, supply chain, human resources, sales, marketing and service.
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