Oracle has introduced a new set of artificial intelligence features to its NetSuite corporate finance software, aiming to simplify routine business tasks.
Among the latest additions is an AI-powered tool designed to generate price quotes for complex purchases, such as custom bicycles, more efficiently.
Unlike competitors such as Microsoft, which are focusing on general-purpose AI virtual assistants, Oracle is taking a more targeted approach. Its AI enhancements are designed to accelerate tedious yet essential tasks, such as summarizing sales meetings in corporate records or quickly generating price estimates for customizable products.
One of NetSuite’s latest AI-driven features enables businesses to generate price quotes through a chatbot that interacts with customers. The tool can assist sales professionals behind the scenes or be used directly by consumers in e-commerce transactions.
“When you buy something like a bicycle, you have to configure it—choosing different parts that work together. We all go through a similar process when buying cars online,” said Evan Goldberg, executive vice president of Oracle NetSuite, in an interview with Reuters. “If you can configure products for customers more easily, you can close more deals in a day, or each deal costs less.”
Rather than investing in costly large-scale AI models, Oracle is working with partners such as Canadian AI startup Cohere to power these new features. The company is also exploring potential collaborations with OpenAI, following a recent agreement to build large data centers with the ChatGPT creator.
“I think you could safely say that there’s a possibility that OpenAI will be part of this,” Goldberg noted. “We are eager to work with OpenAI.”
Oracle’s latest AI-driven enhancements reflect its strategy of integrating AI to improve business efficiency while avoiding the high costs associated with developing large AI models in-house.
