With Oracle Digital Assitant, retailers gain more data insights and are able to optimize customer experience. [shutterstock: 535399954, Zapp2Photo]
With Oracle Digital Assistant, Oracle aims to accelerate data insights for retailers. The integtration of core retail technology with conversational AI powers and targeted and contextual offers engage customers and drive results.
Oracle Retail solutions are now integrated with Oracle Digital Assitant. This enables retailers to build personalized customer experiences as well as voice-enabled assistants to help employees work smarter and more productively. Together, these offerings empower retailers to find answers to critical business questions faster.
Oracle Digital Assistant leverages AI to understand context and identify user behaviors to automate routine tasks.
Oracle made the corresponding announcement at Oracle OpenWorld 2018.
It is possible to integrate the technology with Oracle Retail Offer Optimization Cloud Service. Consequently, analysts can streamline location-specific sales forecasting, promotional deployment, approval automation and target prioritization.
“Most retailers think about conversational AI in the context of the store or e-commerce. However, retailers can now apply conversational AI to their core operations via voice or text. This allows them to accelerate productivity and optimize processes,” said Mike Webster, Senior Vice President and General Manager of Oracle Retail. “This latest integration between Oracle Digital Assistant and Oracle Retail Offer Optimization Cloud Service brings the power and simplicity of voice to retail operations, speeding time to insight and, consequently, action.”
Oracle Digital Assistant’s foundation is Oracle Cloud Infrastructure. It goes well beyond standard chatbots available today that provide simple, linear responses.
Oracle is applying AI for natural language processing (NLP), natural language understanding (NLU) and machine learning (ML). It therefore positions itself to leverage AI in enterprise-wide applications.
“Going forward, digital assistants will transform how merchants, planners, and marketers collaborate, engage their company’s information assets, and how they work,” said Greg Girard, program director of intelligent product merchandising and marketing, IDC Retail Insights. “Digital assistants are becoming more conversationally and analytically skillful and more aware of their users’ intent and context. Consequently, they are able to make more incisive decisions quicker to deliver better business outcomes. Retailers should bring digital assistants into their digital transformation planning assumptions now.”
In April, Oracle launched Oracle Retail Offer Optimization Cloud Service, the next generation of offer optimization capabilities. With these new updates, retailers can analyze promotion and pricing decisions for the entire product lifecycle while also providing consumers with targeted and contextual offers.