Oracle adds AI -price functions to financial software

By Stephen Nellis

(Reuters) – On Thursday, Oracle added a series of artificial intelligence (AI) tools to NetSuite, one of the offers of the company financing software, including some who can make it faster for consumers to get a quote on purchases such as adapted bicycles.

Oracle has taken a different tack with AI than rivals such as Microsoft. Instead of racing to virtual assistants of the general goal, Oracle has decided to add targeted functions that accelerate common but suitable tasks, such as entering a brief description of how a sales meeting went into a business record system.

Another such task that is common in the business world is to give a customer a price quote for a complicated purchase that may have many options, when a sales professional should search through materials to come up with a price.

NetSuite announced a position on Thursday to compile such a quote through a conversation with a chatbot in which the customer wants, which can either be used by sales professionals behind the scenes to accelerate their work, or directly by consumers in The case of e-commerce companies.

“If you buy something like a bike, you have to configure it – find out which parts you want and which parts work together. We all do it when we now buy our cars on the internet,” Evan Goldberg, Executive Vice President of Oracle NetSuite, Reuters told .

“If you can configure (products) more easily for customers, you can do more deals in a day, or each deal costs less.”

To provide these functions with power, Oracle has decided to skip the expensive race to develop huge AI models and works with partners such as Canadian Startup Cochere instead.

Goldberg said that Oracle’s recent agreement to build mass data centers with Chatgpt Creator OpenAi could also lead to working with it, although the two companies have not made any formal announcements.

“I think you could safely say that there is a possibility that OpenAi will be part of this,” Goldberg told Reuters. “We would like to work with OpenAi.”

(Reporting by Stephen Nellis in San Francisco; Edit by Stephen Coates)