Oracle Introduces AI Tools to Simplify Pricing and Speed Up Sales Process with NetSuite

Oracle has launched a new set of AI tools for its NetSuite platform, designed to help businesses generate pricing quotes more efficiently. These AI-powered features aim to make it faster and easier to create customized quotes for products like bicycles or other configurable items, saving valuable time for both sales teams and consumers.

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Unlike other tech giants like Microsoft, which focus on broad AI applications like virtual assistants, Oracle is taking a different route. The company is rolling out AI features that target specific, repetitive tasks common in the business world. For example, creating a quote for a product that offers numerous options can be a slow and tedious process. Oracle's new AI tools aim to automate this process, speeding up the creation of pricing estimates and reducing the manual work required.

The AI works through a chatbot that interacts with customers or sales representatives, asking questions about the product configuration and generating an accurate price quote. This makes it easier for sales professionals to prepare quotes in less time, or for customers to generate their own quotes when purchasing products online.

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Evan Goldberg, Executive Vice President of Oracle NetSuite, compared the new feature to the way people configure products like cars or bikes online. "When you're buying something like a bicycle, you select the parts you want, and the system helps you put everything together," he said. "Making this process simpler means you can close more deals and save time in the process."

Rather than competing with others by developing massive AI models, Oracle has chosen to collaborate with smaller, specialized companies to build its tools. One such partner is Cohere, a Canadian startup that provides the underlying AI technology. Additionally, Oracle has been working with OpenAI, the creator of ChatGPT, to build large data centers, which may open the door to further AI partnerships down the road.

Goldberg mentioned that Oracle is excited about the possibility of working more closely with OpenAI in the future. “There’s a chance that OpenAI will be part of what we’re doing next,” he said. “We’re definitely looking forward to that collaboration.”

This move is part of Oracle’s ongoing effort to enhance its NetSuite platform with AI tools that make everyday business processes more efficient, helping companies save time and reduce costs. With these new AI capabilities, Oracle is positioning itself as a leader in improving the way businesses handle complex pricing and sales tasks.

Key Highlights:

• Oracle’s new AI tools for NetSuite simplify the process of generating custom product pricing quotes.

• The AI-powered chatbot interacts with customers to quickly create accurate quotes.

• Oracle partners with startups like Cohere and plans to collaborate more with OpenAI.

• Oracle’s approach targets specific business tasks to save time and reduce complexity.

Why AI in Business Matters

The integration of AI into business processes has proven to be a game-changer, especially for companies managing complex product configurations. With products that offer multiple customization options, like bicycles or even high-end electronics, providing accurate and timely price quotes is crucial. Without AI, this often means hours spent manually sorting through configurations, checking prices, and preparing documents for customers. Oracle’s new AI tools remove that friction, providing businesses with the ability to quickly generate quotes, enhance customer experiences, and close more deals in less time.

AI's role in streamlining pricing and sales isn’t just about automation; it’s about delivering better outcomes for customers. With these AI tools, consumers can interact directly with systems and receive tailored pricing, which can accelerate the buying decision. For businesses, this leads to higher customer satisfaction and, ultimately, greater revenue potential.

AI’s Future in Enterprise Solutions

The success of AI in platforms like Oracle’s NetSuite shows a growing shift in the way businesses are leveraging artificial intelligence. The focus on AI-driven productivity tools demonstrates that AI is not just a buzzword but a functional part of improving business operations. As Oracle continues to innovate and expand its use of AI, the potential for AI to transform other areas of business is vast.

Furthermore, partnerships with companies like Cohere and OpenAI point to a future where collaboration between tech giants and startups plays a pivotal role in creating next-generation AI tools. As Oracle looks toward further integration of AI in its offerings, we can expect even more groundbreaking features that will change the way businesses interact with customers and manage operations.

Oracle’s AI-enhanced NetSuite is just the beginning of a new era for business solutions powered by artificial intelligence, where tasks once considered labor-intensive can now be handled quickly and efficiently, freeing up valuable resources for growth and innovation.

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