Technology is having an impact on how we do business, and how we do business is impacting technology. Oracle, the third largest software company worldwide, decided to take advantage of this changing business landscape and created a model to keep up with these ongoing developments.
During the Oracle Open World Convention 2018, Oracle has shared their latest technologies and announced some of the newest App releases.
Here are the TOP 5 things Oracle wants you to know about their new AI-powered technologies:
1. Predictive systems are replacing input systems
Oracle is moving from rules-driven applications to model-driven applications, going from an input type system where you define the rules and outputs, to a predictive system that is able to record data, recognise transactions and suggest solutions and default actions going forward to create a more efficient process.
Oracle has built their Apps with machine learning, the solutions are not pre-set and the results are based at a user level, not a company level, meaning that even if different companies use the same software, the solutions will be different for each of them depending on their actions and adapting to what is relevant to them. It also adjusts with time as it learns, following new trends and providing new solutions as data changes.
2. The value of Oracle Apps
To be able to develop further software and applications, Oracle has learned very valuable information through AI across different Clouds:
- ERP Cloud – In finance, 30% of the time is spent moving spreadsheets from one place to another or from one person to another and reconciling spreadsheets.
- HCM Cloud – Recruiters spend 35% of the time sourcing and processing candidates.
- SCM Cloud – 65% of the time is spent tracking the shipment of goods.
- CX Cloud – 60% of the time is spent gathering information about who is calling, what the problem is, or the reason for the call rather than finding ways of solving the problem.
3. How Oracle Apps increase productivity
Oracle is providing solutions to tackle the challenges faced by businesses across the globe, with the aim to improve efficiency and increase productivity.
Some of the most important features of Oracle Apps are:
- The SCM Cloud is now able to recognise what has been bought in the past and make suggestions going forward. It also includes IoT applications that predict monitoring, fleet, workers and service to improve supply chain.
- The CX Cloud is able to suggest the next best action in customer service environments based on what has been successful before.
- In the HCM Cloud, the machine learns which candidates have been the most successful in the past and looks for those based on attributes you determined made applicants successful, to ensure these are at the top of the list and are interviewed first.
- The ERP/EPM system can learn payment transactions and how to deal with suppliers based on feedback.
4. New Oracle App releases
During the OOW, Steve Miranda, Vice President of Oracle Applications Product Development, announced some of the newest App releases:
- The Expenses Chatbot that allows employees to claim for expenses in a more efficient way. Employees simply need to take a photo of the receipt and the app categorises the expense depending on the information on the receipt. The chatbot also enforces policies and rules to approve or reject the expenses and recognises unusual or suspicious transactions. The added value of the app is that it is not a standalone app but part of a suite.
- A Digital Assistant for the sales suite that creates dynamic suggestions for the next order.
- An Intelligent Switch for marketing that chooses the best campaign and channel for each individual, sending the right content to the right person at the right time. Oracle suggests that the success of the marketing apps is because although many customers say they do not want to be marketed to, they do not mind receiving information about things that interest them.
- A brand new set in the public sector and community development which includes permits, inspections, code enforcement, planning and zoning.
5. The future of Oracle Apps
As quoted by the Vice President of Oracle Apps during the OOW: “Oracle would like to deliver a better experience with deeper integrations, zero downtime, predictable updates and opt-in features. We are currently moving thousands of customers to the Cloud including Oracle itself. We are now running the Oracle business in Oracle Cloud which will allow us to continue to work also based on the experience we have with the Cloud ourselves. This will be the last upgrade you’ll ever do”.
Mark Hurd, CEO of Oracle also shared his expectations during his keynote session at the event, predicting that by 2025 all of the Cloud Apps will include artificial intelligence, most interactions with customers will be automated and that a range of IT jobs will be invented, from Data professionals to Robot Supervisors.
Oracle’s motto: Fast innovation, fast adapt, fast change, through machine learning.