Oracle rolls out generative AI services and updates at CloudWorld 2023

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Oracle rolls out generative AI services and updates at CloudWorld 2023
Credit: © Reuters.

At the annual CloudWorld conference held in Las Vegas last week, Oracle Corporation (NYSE: ORCL ) introduced a range of products and updates centered around generative AI, a technology that co-founder and CTO Larry Ellison considers one of the most significant technological innovations. This move is in line with the company's strategy to cater to the rising demand from enterprises for generative AI-related workloads, which Oracle anticipates will boost its revenue in upcoming quarters.

The conference saw several important announcements. Oracle revealed the addition of generative AI services to its healthcare portfolio, allowing customers using Oracle's Electronic Health Record (EHR) solutions access to the Oracle Clinical Digital Assistant. The company also announced a partnership with Uber (NYSE: UBER ) and how AMP (OTC: AMLTF ) Limited consolidated its HR systems onto Oracle Fusion HCM.

On the analytics front, Oracle introduced the Fusion Data Intelligence Platform, a next-generation data, analytics, and AI platform designed to help Oracle Fusion Cloud Applications customers achieve better business outcomes. New AI-powered capabilities were added within Oracle Analytics Cloud, leveraging the Oracle Cloud Infrastructure (OCI) Generative AI service.

In terms of applications, Oracle enhanced its employee experience platform within Oracle Fusion Cloud Human Capital Management (HCM) with new recognition and rewards capabilities. It also added generative AI-powered capabilities within Oracle Fusion Cloud Customer Experience (CX) to aid marketers, sellers, and service agents in growing revenue and delivering exceptional customer experiences. A new partnership with Mastercard (NYSE: MA ) was also announced to automate end-to-end business-to-business (B2B) payment transactions.

Oracle also updated its Access Governance, enabling IT teams to better assign, monitor, and manage user access to applications and tech resources. The company expanded its Oracle Banking Cloud Services portfolio as well to help banks launch comprehensive transaction banking offerings.

Several higher education institutions are deploying 'Oracle Student' to simplify processes and drive student success. Oracle also announced significant enhancements to MySQL HeatWave, including support for vector store, generative AI, new in-database machine learning features, and MySQL Autopilot enhancements.

In the healthcare sector, Oracle introduced new cloud-based electronic health record (EHR) capabilities, generative AI services, public Application Programming Interfaces (APIs), and back-office enhancements designed for the healthcare industry. New workforce management capabilities within Oracle Fusion Cloud Human Capital Management (HCM) were also introduced to help healthcare organizations adapt to changing labour markets.

Finally, Oracle announced the limited availability of Oracle Cloud Infrastructure (OCI) Generative AI service. The new generative AI service will support large language models (LLMs) to help organizations automate end-to-end business processes, improve decision-making, and enhance customer experiences while keeping their data secure and private.

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