Oracle (ORCL.N) announced on Thursday that it is enhancing its corporate software portfolio with generative artificial intelligence features, stepping up its rivalry with Microsoft and other tech companies to market the technology to corporate clients.
Many businesses rely on Oracle’s cloud-based software solutions to manage their finance, supply chains, and human resources departments. The Austin, Texas-based company stated that the new features are made to save time for those individuals by doing tasks like creating job descriptions, summarizing complex data, and generating reports.
The features are an essential component of Oracle’s strategy to overtake corporate software competitors like Microsoft (MSFT.O), which is also vying for business with its “Copilot” AI features. Oracle entered the cloud computing space somewhat late.
Oracle has teamed with Cohere, an AI startup started by former Google employees, and has invested billions of dollars in Nvidia chips.
Oracle has identified about 50 different features where the AI system has been tuned to handle specific tasks, such as writing up a product description in a catalog based off data in a company inventory system or summarizing a lengthy chain of back-and-forth price negotiations with a supplier. This is in contrast to consumer apps like ChatGPT, where users simply type requests to a chatbot. The information produced by AI is always reviewed by a human employee before it is finalized.
The strategy, according to Oracle executive vice president of applications development Steve Miranda, was intended to sidestep some of the drawbacks of existing AI technologies.
“We believe we have a wide range of use cases that we launched swiftly. That will provide us with some excellent input, but it will be done very carefully to minimize any potential problems, according to Miranda.
According to Miranda, Oracle does not intend to impose additional fees for the new functionality.
