Oracle has made great strides in incorporating AI into Cloud Financials in several ways to improve user experience by enhancing financial management processes. A few of the remarkable ways AI has been woven into the apps are:
1. Automation of Core Processes: to automate up to 96% of standard financial transactions, improving efficiency and reducing manual errors.
2. Intelligent Document Recognition: AI helps process supplier invoices more quickly by automatically recognizing and extracting information from documents.
3. Advanced Forecasting: Machine learning is used to refine forecasts and recommend the most likely outcomes, increasing forecast accuracy. Automatically seed comparison forecasts based on actual performance.
4. Cash Flow Optimization: Predictive algorithms are used to improve the speed and accuracy of daily or weekly cash forecasts.
5. Invoice Processing: Automates invoice matching to purchase orders and reduces manual work in invoice entry.
6. Automated Reconciliations: AI is used to automate high-volume, labor-intensive, and complex reconciliations.
7. Narrative Generation: AI can generate narrative insights in reports based on financial data.
8. Conversational Interfaces: Digital assistants powered by AI are used for tasks like expense submission.
9. Generative AI Applications: GenAI is being used to provide insights, draft descriptions, and create visuals for financial reports. It can also help in quickly assembling project plans that balance various requirements.
10. Fraud Detection: AI-based systems can monitor user behavior, detect anomalies, and identify potential security threats.
11. Intelligent Account Combination Defaulting: – AI and machine learning algorithms predict and automatically default segment values of account code combinations.
12. Continuous Learning: The AI models in Oracle Cloud Financials continuously learn from user interactions and data patterns to improve their accuracy over time.
13. Risk Assessment: AI is used to assess risks in financial operations and identify potential issues early.
14. Real-Time Insights: AI analyzes data quickly to provide timely information for decision-making.
These AI capabilities are embedded directly into Oracle Cloud Financials applications. Finance teams can leverage advanced technology for more efficient, accurate, and strategic financial management.
Enchant Apps has a team of Oracle Cloud experts across all modules. If you are interested in learning more or have a project where you need Oracle cloud expertise, feel free to contact us!