Oracle has announced the addition of generative AI-powered capabilities known as Oracle Fusion Cloud Human Capital Management (HCM) to boost their HR functions and productivity.
These capabilities will be embedded in their existing HR processes with the help of Oracle Cloud Infrastructure (OCI) gen AI service. The aim is to enhance HR functions, drive faster business value, improve productivity, facilitate HR strategies, and enhance candidate and employee experience.
Chris Leone, Executive Vice President for Applications Development and Oracle Cloud HCM shared, "With the new embedded generative AI capabilities in Oracle Cloud HCM, our customers will be able to take advantage of large language models to significantly reduce the time required to complete tasks, improve the employee experience, enhance the accuracy of workforce insights, and ultimately increase business value."
How will the generative AI capabilities of Oracle Cloud HCM be helpful?
Oracle Cloud HCM is designed to allow customers to utilize their data and filter models according to their business requirements. It runs on dedicated generative AI models in synchronisation with each customer's proprietary data. Furthermore, Oracle has declared that the control of data used by generative AI rests solely with the customers, ensuring protection from data theft for sensitive and proprietary information. Therefore, Oracle Cloud HCM will assist Oracle's HR processes for candidates, employees, managers, and recruiters in a streamlined and secure manner.
How will the Gen AI capabilities of Oracle HCM boost HR efficiency?
Deepa Param Singhal, Vice President of Applications at Oracle India, explained, "Despite significant strides in the business landscape, several HR challenges persist in enterprises, hindering their ability to create an efficient work environment for their employees." She added, "As we move forward into an increasingly digital era, our generative AI-embedded Oracle Cloud HCM will emerge as an intelligent tool that is set to elevate the employee experience by equipping them with built-in modern, intelligent tools and features that automate mundane daily tasks."
Furthermore, during a quarterly meeting for Oracle's Q4 2023 earnings, Larry Ellison, Chairman, and CTO, announced the launch of a new generative AI cloud service in partnership with Cohere, a Canadian startup specializing in large language models (LLMs). He added, "Over the next few years, lots of companies are going to train their own specialized large language models." Oracle predicts that specialized LLMs will become a significant part of generative AI in the near future.