Accenture and Oracle have extended their partnership to accelerate the adoption of generative artificial intelligence (AI) in finance organizations. This collaboration aims to provide chief financial officers with innovative solutions to reinvent financial planning and analysis, optimize operations, and drive growth. Leveraging Oracle Cloud Infrastructure (OCI) Generative AI, the collaboration will offer real-time data analysis and recommendations to finance teams, supplemented by Accenture's proprietary switchboard for selecting foundation models based on cost, accuracy, and other factors.
The combined capabilities of Accenture and Oracle will empower finance teams to utilize data, AI, and machine learning algorithms for various functions such as procurement spend analysis, demand forecasting in financial planning and analysis, and dynamic scenario planning. According to PYMNTS Intelligence, generative AI is reshaping the finance and banking sectors, offering benefits ranging from enhanced consumer interactions to refined risk assessment models. Notably, both Accenture and Oracle have made significant investments in advancing AI capabilities, with Accenture committing $1 billion to its AI-driven learning platform, LearnVantage, and Oracle embedding new generative AI capabilities into its Fusion Cloud Applications Suite.
