Oracle, Accenture Partner to Develop Generative AI Solutions

Starting with finance, the pair will jointly develop cloud-based AI solutions that leverage a combination of AI models

Ben Wodecki, Jr. Editor

May 7, 2024

2 Min Read
Two round blue-colored glass buildings. On the right, the Oracle logo is displayed
Justin Sullivan/Getty Images

Accenture and Oracle are jointly developing generative AI solutions and tools to improve business workflows.

The companies announced an expansion of their existing partnership in which Accenture will leverage generative AI solutions on Oracle’s Cloud Infrastructure (OCI).

The partnership will initially focus on AI technologies for the finance industry, developing solutions for finance teams to enable improved data analysis and recommendation capabilities.

Accenture and Oracle will develop generative AI solutions to tackle use cases including financial planning, scenario planning and analyzing procurement spending.

Customers would be able to use a variety of AI models via Accenture’s switchboard, which enables users to leverage a combination of systems to power their workloads.

“For chief financial officers, generative AI can help speed tasks that were once arduous, time-intensive and manual, simplifying finance processes, accounting closes, filings and planning,” according to a company announcement.

The pair will later look to develop generative AI solutions for other industries, including health care and the public sector.

“Our clients are laser-focused on moving beyond generative AI experimentation to value realization,” said Lan Guan, Accenture’s chief AI officer. “According to Accenture research, 85% of C-suite leaders are confident they will achieve the expected return on investment on their generative AI investments this year.

Related:Oracle Taps Palantir in New Cloud, AI Partnership

“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.”

The partnership’s initial finance focus follows Oracle’s recent launch of a cloud-based AI tool for banks to help detect money laundering risks.

“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, Oracle’s senior vice president for AI and Data Management Services. “We’re excited to be partnering with Accenture to deliver enterprise-class generative AI-powered solutions that address real-world business problems.”

Under the partnership Accenture and Oracle will create training programs to help customers train staff using Oracle’s cloud platform.

About the Author(s)

Ben Wodecki

Jr. Editor

Ben Wodecki is the Jr. Editor of AI Business, covering a wide range of AI content. Ben joined the team in March 2021 as assistant editor and was promoted to Jr. Editor. He has written for The New Statesman, Intellectual Property Magazine, and The Telegraph India, among others. He holds an MSc in Digital Journalism from Middlesex University.

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