Oracle Upgrades Finance Software with AI-Powered Pricing Features
Artificial intelligence is changing most sectors worldwide, including Oracle. As of February 7, 2025, Oracle announced the implementation of new AI products in the corporate finance application NetSuite, which include features like improved pricing and easier business processes. Unlike its competitor, Microsoft, which puts much emphasis on the large-scale AI model, Oracle thinks that the power of the effectiveness of embedding the AI tool lies in the proper placement within some applications to serve the needs.
Another exciting feature of NetSuite is its AI-based pricing feature, which makes it easy to produce quotes for intricate purchases. It finds its applicability in businesses that have customers configuring products with numerous options, like bicycles or automobiles. In place of scouring for compatible parts and then determining prices manually, businesses can now depend on AI-powered chatbots to provide quotes in real time.
According to Goldberg, executive vice president at Oracle NetSuite, the new feature provides a number of advantages :"When you buy something like a bicycle, you have to configure it – figure out what parts you want and which parts work together. We all do it when we buy our cars on the web these days. If you can configure products for customers more easily, you can do more deals in a day, or each deal costs less."
AI for Automation of Business TasksTedious
Oracle is going beyond merely the pricing tool with its AI strategy. Corporate records, including sales meetings summarization, will be automated in this regard. By using AI to automate some of the very time-consuming activities, businesses would increase productivity to concentrate on value-added activities.
Unlike other companies that have spent billions developing proprietary AI models, Oracle has used a different approach: collaborating with AI startups to integrate AI capabilities into its software instead of devising general-purpose virtual assistants from scratch. Oracle is thus able to provide AI solutions that specifically aim to solve business-specific problems without the heavy price that comes from developing large-scale AI models.
Potential Partnership with OpenAI
Oracle also hinted at the possibility of collaborating with OpenAI, which developed ChatGPT. While there has been no official announcement so far, Goldberg said there is a chance that the company could collaborate in the future to build large data centers with OpenAI.
"I think you could safely say that there's a possibility that OpenAI will be part of this. We are eager to work with OpenAI," Goldberg said in an interview with Reuters.
Implications for Businesses
Businesses will have a number of advantages with AI-enabled pricing tools, as well as the automation of various features in Oracle NetSuite:
Faster Sales Process: AI-enabled chatbots can configure and price the complex product quickly, hence the deals get closed faster.
Increased Efficiency: The mundane work such as the meeting summary could be automated and thus employees get to make strategic decisions in the organization.
Cost-Efficiency: Oracle involves partnerships with other AI firms while creating proprietary AI models, in an effort not to make high priced products.
Competitiveness: These firms that invest in AI help increase productivity. For instance, for pricing as well as automatic automation, one increases the benefit through customer relationships and experiences with productivity.
AI and Finance of E-commerce's Future
Oracle's AI-driven features are a silver lining that will change the way AI is applied to financial software and e-commerce altogether. The focus here is on developing targeted, high-impact solutions that meet specific business needs, which reduces costs while ensuring that AI is seamlessly integrated into real-world applications.
The faster the deployment of AI gets, the stronger the company will be in its handling of the increasingly digitized, competitively priced market. Oracle's pursuit of innovation becomes its point for future efficiency, intelligence, and friendliness towards customers in financial software.
