Oracle (ORCL.N) said on Thursday that it is expanding its corporate software line 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 products 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 creating job descriptions, describing complex data, and generating reports.
The features are a vital part 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 relatively late, aiming to catch up.
Oracle is working with Cohere, an AI start-up 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 on data in a company inventory system or summarising a protracted price negotiation process with a supplier.
This is in contrast to consumer apps like ChatGPT, where users simply type requests to a chatbot. A human employee always reviews the information produced by AI before it is final.
According to Steve Miranda, executive vice president of applications development at Oracle, the strategy was designed to boost efficiency while avoiding some of the drawbacks of existing AI technologies, such as the propensity to fabricate information.
“We think we have a broad spectrum of use cases and that we launched them quickly. That will supply us with some great input, but it will be done very carefully to prevent any possible issues, according to Miranda.
