Accenture and Oracle Collaborate to Accelerate Generative AI Adoption for Finance Teams
Accenture has been one of Oracle’s leading systems integration partners over the last decade. However, the partnership dates back to the early days of both companies. The combination of Accenture’s expertise in consulting and technology services and Oracle’s outstanding enterprise software has enabled the partnership to deliver transformative digital solutions around the globe.
Accenture and Oracle have announced a new collaboration to help clients accelerate generative AI (GenAI) adoption in the financial sector. One of the key goals of this collaboration is to help organizations maximize the value of their data by leveraging Oracle Cloud Infrastructure (OCI) Generative AI.
The initial focus will be on the finance industry, helping customers use GenAI for improved data analysis and recommendation capabilities. Some of the key use cases include financial planning and analysis, risk management, and dynamic scenario planning.
Combining Accenture’s extensive experience in financial services and the latest Oracle technologies, the partnership aims to make it easier for Chief financial officers (CFOs) to better manage time-intensive and manual tasks such as accounting closes, filings, and financial planning.
“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.
Guan further added, “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 collaboration will use Accenture’s proprietary Switchboard platform, which is a centralized hub for integrating and orchestrating various technology solutions, to develop solutions tailored for the finance teams. The Switchboard platform allows users to select foundation models based on cost, accuracy, and other factors. According to the press release, Accenture and Oracle also plan on exploring industry-specific GenAI solutions for the healthcare and public sector space.
The partnership will also use a new GenAI-powered Oracle assistant, trained to add context to large language models (LLMs) for more relevant and accurate output. The assistant is also designed to guide users through the various processes of deploying and using Oracle products and services. According to Oracle, the tool helped Accenture reduce the effort required for business process design by up to 70%.
Both tech giants have been keen to capitalize on AI technologies. Earlier this year, Oracle extended AI across its stack with new GenAI cloud features, becoming one of the few tech giants that is taking a full-stack approach to enterprise AI. Last year, Oracle also added AI vectors to Oracle Database 23c.
Accenture has also shared its plans to invest $3 billion in AI. The investment includes doubling its headcount for data and AI experts and developing of a new AI-driven learning platform, LearnVantage, over the next three years.
The two companies also plan on launching a specialized Oracle training program for Accenture AI academy clients to promote AI skills and accelerate digital transformation using OCI. The latest announcement for the new collaboration is a reminder of the unwavering commitment of both companies to leverage AI for innovation and growth and to enable organizations to adapt to the ever-evolving digital landscape.
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