Oracle Adds AI Pricing Features to Financial Software

Hey there! If you’ve ever been frustrated by how long it takes to get a price quote for a custom product, Oracle has some exciting news for you. The tech giant just rolled out a new set of AI-powered tools for NetSuite, its popular corporate finance software. These tools are designed to make pricing and quoting faster and easier, especially for complex purchases like custom bicycles or cars. Let’s dive into what this means for businesses and consumers alike.

What’s New with Oracle’s AI Features?

Oracle is taking a unique approach to AI compared to competitors like Microsoft. Instead of focusing on general-purpose virtual assistants, Oracle is targeting specific, everyday tasks that can be time-consuming and tedious. For example, one of the new features allows sales teams to quickly generate price quotes for customers through a conversational chatbot.

Here’s how it works: The chatbot asks the customer what they’re looking for, gathers the necessary details, and compiles a quote in record time. This feature can be used behind the scenes by sales professionals to speed up their workflow or directly by consumers in e-commerce settings.

“When you buy something like a bicycle, you have to configure it—figure out what parts you want and which parts work together. If you can configure products for customers more easily, you can do more deals in a day, or each deal costs less.”

Why This Matters for Businesses

Let’s face it: pricing complex products can be a headache. Sales professionals often have to sift through tonnes of materials to come up with an accurate quote. With Oracle’s new AI tools, that process becomes seamless. Businesses can save time, reduce costs, and close deals faster.

For e-commerce companies, this is a game-changer. Imagine a customer shopping online for a custom bike. Instead of waiting hours or days for a quote, they can get one instantly by chatting with an AI-powered bot. This not only improves the customer experience but also boosts sales efficiency.

Oracle’s Smart AI Strategy

Here’s where Oracle stands out. While other companies are racing to build massive, expensive AI models, Oracle is taking a more practical approach. Instead of developing everything in-house, they’re partnering with innovative startups like Cohere to power their AI features.

But that’s not all. Oracle recently signed an agreement with OpenAI, the creator of ChatGPT, to build massive data centers. While there’s no official announcement yet, Goldberg hinted that OpenAI could play a role in Oracle’s AI strategy moving forward. “We are eager to work with OpenAI,” he said.

The Bottom Line

Oracle’s new AI pricing features are a win-win for businesses and consumers. By automating tedious tasks like generating price quotes, Oracle is helping companies save time, reduce costs, and improve customer satisfaction. And with potential collaborations on the horizon, this is just the beginning of what Oracle’s AI tools can do.

So, whether you’re a business owner looking to streamline operations or a consumer tired of waiting for price quotes, keep an eye on Oracle’s NetSuite. These AI-powered updates are set to make life a whole lot easier.