Accenture and Oracle Collaborate to Help Clients Accelerate Generative AI Adoption, Starting with the Finance Organization

Rhea-AI Summary

Accenture and Oracle are collaborating to help clients accelerate generative AI adoption, starting with the finance organization. They are investing in new generative AI solutions to optimize operations and fuel growth, leveraging Oracle Cloud Infrastructure. The focus is on driving digital finance transformation, empowering CFOs with generative AI to simplify finance processes, accounting closes, filings, and planning. Specific solutions include procurement spend analysis, demand forecast, and dynamic scenario planning.

Positive

• Accenture and Oracle are investing in new generative AI solutions to help organizations maximize the value of their data, driving growth and innovation.

• The partnership aims to empower clients across industries with generative AI, moving from experimentation to adoption at scale.

• Clients can benefit from real-time data analysis and recommendations to transform decision-making processes and drive new value.

Negative

• Despite the promising outlook, there may be challenges in effectively implementing generative AI solutions at scale within organizations.

• There could be potential privacy and security concerns associated with leveraging Oracle Cloud Infrastructure for generative AI solutions.

• Financing the adoption of generative AI technologies and training employees on these new tools may require significant investment for organizations.

New solutions and use cases empower CFOs with generative AI to reinvent financial planning and analysis, helping to optimize operations and fuel growth

NEW YORK & AUSTIN, Texas--(BUSINESS WIRE)-- Building on their ecosystem partnership of more than 30 years, Accenture (NYSE: ACN) and Oracle (NYSE: ORCL) are investing in new generative AI solutions, tools, and trainings to help organizations maximize the value of their data to drive next-level growth and continuous innovation.

Building on their ecosystem partnership of more than 30 years, Accenture and Oracle are investing in new generative AI solutions, tools, and trainings to help organizations maximize the value of their data to drive next-level growth and continuous innovation. (Graphic: Business Wire)

Together, Accenture and Oracle will help clients across industries reinvent their businesses with generative AI, moving from experimentation to adoption at scale. The companies will leverage Oracle Cloud Infrastructure (OCI) Generative AI to help increase efficiency, improve resilience, and deliver superior customer and employee experiences, while keeping client’s data private and secure. With an initial focus on driving digital finance transformation across industries, new generative AI-powered OCI solutions can provide finance teams with real-time data analysis and recommendations, transforming how decisions are made.

“Our clients are laser-focused on moving beyond generative AI experimentation to value realization. In fact, according to new Accenture research, 85% of C-suite leaders are confident they will achieve the expected ROI on their generative AI investments this year,” said Lan Guan, chief AI officer, Accenture. “Together with Oracle, we’re delivering the enterprise-grade generative AI solutions organizations need to drive new value and completely reimagine business functions and processes.”

For chief financial officers (CFOs), generative AI can help speed tasks that were once arduous, time-intensive and manual, simplifying finance processes, accounting closes, filings and planning. Harnessing Accenture’s extensive experience -- in financial planning and analysis, corporate finance and risk, finance and accounting operations, and organizational design -- coupled with Oracle technology, specific solutions and use cases can include:

• Procurement Spend Analysis: Leveraging client-specific data and generative AI and machine learning (ML) algorithms, procurement teams can make data-driven decisions based on business-relevant insights. With generative AI agents, teams can identify strategic opportunities for savings across the enterprise and take action to reduce costs.
• Financial Planning and Analysis Demand Forecast: With generative AI and ML, organizations can get a clear explanation of variances, factors and impacts that enable them to assess the changing demand for their products and services, generating more accurate forecasts.
• Dynamic Scenario Planning: Through generative AI, historical and real-time data analysis and a curated knowledge base, finance teams can explore various financial scenarios, perform what-if analysis, identify and understand the impacts of different actions to optimize departmental spending and allocate resources more efficiently. This generative AI-augmented analysis can reduce the time and effort required to identify optimization opportunities, allowing organizations to respond promptly to market changes.

The finance solutions will leverage Accenture’s proprietary switchboard to help clients select a combination of foundation models based on factors such as cost or accuracy. Together, the companies are also exploring industry-specific generative AI solutions in the healthcare and public sector space.

“Oracle continues to be at the forefront of enterprise AI, making generative AI available throughout our stack—from infrastructure to data and applications—to meet customers’ unique needs,” said Greg Pavlik, senior vice president, AI and Data Management Services, Oracle. “We’re excited to be partnering with Accenture to deliver enterprise-class generative AI-powered solutions that address real-world business problems.”

Accenture has developed a new generative AI-powered Oracle assistant, which is transforming how the two companies can develop and deliver Oracle solutions. By contextualizing large language models (LLMs) with Oracle- and Accenture-specific data to make them more relevant and useful for Oracle-specific tasks, the assistant can generate responses for queries associated with Oracle products and services. In addition, the assistant provides guidance throughout the software delivery lifecycle, from ideation to deployment, through use cases such as automating tasks, generating documentation, enhancing code quality and accelerating development.

For a client in the resources industry, Accenture used the tool to reduce the effort required for business process design by up to 70%. The tool is also being used for code development and testing systems, helping to reduce time spent on implementing new Oracle technologies and features, reducing risk and enabling them to focus on other strategic tasks. For example, the assistant was used to augment test case creation for a global telecommunications company to help ensure high quality data and save time and effort.

Accenture was one of the first ecosystem partners to access OCI Generative AI in beta. Leveraging its extensive AI engineering capabilities and drawing on its experience from hundreds of generative AI client engagements, Accenture provided early feedback to help shape and evolve the OCI Generative AI and product roadmap.

As part of the relationship, Accenture is committed to training its people on OCI Generative AI Service. Accenture and Oracle plan to launch a specialized Oracle training program for clients within Accenture's AI academy to help cultivate future-ready talent and accelerate transformation with OCI.

Today’s announcement builds on Accenture’s $3 billion investment in AI. To learn how Accenture and Oracle can help organizations unlock value with generative AI, read the joint perspective, Unlocking Enterprise Value: Are You Prepared for the Gen AI Revolution?.

About Accenture

Accenture is a leading global professional services company that helps the world’s leading businesses, governments and other organizations build their digital core, optimize their operations, accelerate revenue growth and enhance citizen services—creating tangible value at speed and scale. We are a talent- and innovation-led company with approximately 742,000 people serving clients in more than 120 countries. Technology is at the core of change today, and we are one of the world’s leaders in helping drive that change, with strong ecosystem relationships. We combine our strength in technology and leadership in cloud, data and AI with unmatched industry experience, functional expertise and global delivery capability. We are uniquely able to deliver tangible outcomes because of our broad range of services, solutions and assets across Strategy & Consulting, Technology, Operations, Industry X and Song. These capabilities, together with our culture of shared success and commitment to creating 360° value, enable us to help our clients reinvent and build trusted, lasting relationships. We measure our success by the 360° value we create for our clients, each other, our shareholders, partners and communities. Visit us at www.accenture.com.

About Oracle

Oracle offers integrated suites of applications plus secure, autonomous infrastructure in the Oracle Cloud. For more information about Oracle (NYSE: ORCL), please visit us at www.oracle.com.

Oracle, Java, MySQL and NetSuite are registered trademarks of Oracle Corporation. NetSuite was the first cloud company—ushering in the new era of cloud computing.

Copyright © 2024 Accenture. All rights reserved. Accenture and its logo are registered trademarks of Accenture.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240506473293/en/

Hannah Unkefer

Accenture

+1 206 839 2172

hannah.m.unkefer@accenture.com

Calin Gunn

Oracle

+1 802 779 7040

calin.gunn@oracle.com

Source: Accenture and Oracle

FAQ

What is the focus of the collaboration between Accenture and Oracle?

The collaboration focuses on helping clients accelerate generative AI adoption, starting with the finance organization.

What specific solutions are included in the partnership between Accenture and Oracle?

Specific solutions include procurement spend analysis, demand forecast, and dynamic scenario planning.

How can generative AI benefit CFOs according to the press release?

Generative AI can help CFOs speed tasks that were once manual and simplify finance processes, accounting closes, filings, and planning.

What industry-specific generative AI solutions are Accenture and Oracle exploring?

The companies are exploring industry-specific generative AI solutions in the healthcare and public sector space.

What is the main goal of leveraging Oracle Cloud Infrastructure (OCI) Generative AI?

The goal is to increase efficiency, improve resilience, and deliver superior customer and employee experiences while keeping client data private and secure.