Summary
Oracle organized this year’s Oracle Retail Industry Forum (ORIF) retail industry event at the Intercontinental hotel in Vienna, Austria last week. As in previous years, the event was full of insightful presentations shared by retailers and partners on experiences learned. Oracle shared significant updates on the latest features added to the Oracle Retail solution portfolio.
Oracle presenting autonomous AI and automation capabilities in Oracle’s Retail platform at ORIF 2023 in Vienna, Austria
Oracle updates – Retail Home Automation
Oracle’s retail cloud solutions come with a dashboard tool called Retail Home that provides a highly configurable portal for retail business users to quickly and effectively gain insight into ongoing business performance, potential problem areas, and action items requiring attention.
A couple of examples were shared by Oracle at the event for effective use of retail homes such as adding AI capabilities to a dashboard and adding automated reactivity to data reported in the dashboard.
In the first example, Oracle’s AI capability was used to train AI insight on a large set of retail point-of-service transactions which then were used to identify outliers that are suspicious for fraud. Such outliers were then reported on the dashboard in a list as seen in the above demo at the event.
In the second example, Oracle has created a report in the dashboard which listed all items from the merchandising system that are eligible to be inactivated. As a second step, Oracle demonstrated its capability to add automatic actions to be applied to items in the list, in this example setting those items to inactive status in the merchandising system, demonstrating how regular data maintenance activities can be automated in the new platform, saving valuable time for retail business teams to deal with problems requiring deeper analysis and understanding.
Conclusion
Oracle’s cloud platforms have reached a key milestone in maturity, based on improvements from several years of growing deployment count in various formats and segments. Oracle has invested wisely in improving its platform and solution capabilities relying on industry feedback and key consumer trends driving retail evolution.
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