Finance processes best suited for cognitive tools

As the finance function comes under increasing pressure to shrink costs, support growth and provide business insights, there is enormous potential for cognitive automation to support CFOs and finance directors in informing strategy and making suggestions in real-time.

Cognitive automation gives organisations a competitive advantage by meeting the key challenges today’s finance function faces. Here’s how:

  • It radically improves cost efficiency
  • It helps Finance remain in control of a constantly changing environment
  • It allows Finance to focus skilled resource on driving value creation for the business.

Implementing intelligent technologies allows CFOs and finance directors to easily ask questions of their data analytics to make educated decisions with confidence. But how can CFOs ensure they are implementing cognitive automation so it delivers economic success? The best results can be achieved when artificial intelligence is applied to the right processes. Finance can take full advantage of automation by allowing cognitive technology to…

  • Take the guesswork out of sales forecasts. A missed forecast can lead to low employee morale, potential job losses, weaken shareholder value and ultimately compromise the success of a company. Cognitive automation enables finance teams to make more precise predictions by collating accurate revenue forecasts in real-time to paint a clear picture of a company’s financial data.
  • Simplify invoicing. Matching incoming payments with invoices has long been a frustration for accounting teams – spending valuable time tracking down missing information and who’s paying for what. However, cognitive automation can combat this persistent headache by reading documents and searching for relevant and missing information to match payments with invoices, freeing up employees to spend time on higher-value tasks.
  • Help CFOs answer more questions in boardroom. Finance teams often say they are drowning in data but starving for information. When the board is asking questions like: “How do you plan to grow the company?” “What’s holding growth back?” “Are there any uncertainties facing the business?” and “What are the greatest areas of spend and return?” making sense of the data to answer these business-critical questions is often hopeless. Cognitive automation can solve this dilemma by turning the tsunami of data into meaningful answers the board needs.
  • Unlock unstructured data. Cognitive automation can identify underground trends impacting businesses. From unlocking rich insights from sources like social media, emails and even call-centre transcripts, artificial intelligence holds the key to helping Finance develop and scale customer-centric services to advance their competitive position.
  • Take care of continuous accounting. Finance teams no longer need to sweat the small stuff – daily accounting transactions, budgeting and compiling spreadsheet reports. Instead, cognitive automation will do the work so they can focus on providing informed insights and delivering higher-value inputs that add real benefit to the business.
  • Handle strategic risk management. Cognitive computing lends itself particularly well to risk management, as threats usually include unlikely or unclear events. Cognitive capabilities are surpassing traditional analytics to tackle massive data sets by identifying any indicators of known and unknown risks.
  • Complete sophisticated planning and forecasting. Artificial intelligence can save employees from days of historical data analysis by scanning reports and compiling results in seconds – even while employees are sleeping. Thanks to cognitive tools, Finance can respond and adjust to changes in the economy and across industries incredibly fast.
  • Meet the increasing demands of stakeholders, investors and boards. Producing corporate reports which satisfy the needs of key stakeholders in the business is critical. Cognitive tools can pull the relevant data from multiple systems to present meaningful data which helps stakeholders make informed decisions on how best to grow the business.

How ERPaaS can help

With our cognitive intelligence platform, you can:

  • Easily validate invoice data to ensure the format is compliant and consistent.
  • Answer more questions from the board with reliable and error-free data that’s been automatically validated and compliance-checked.
  • Unlock more unstructured data within emails and FAQs for analysis. Questions are then automatically answered or redirected to the appropriate department without human input.
  • Focus on higher-value tasks that demand your attention whilst automation takes care of continuous accounting.

Contact Colin King on 01463 710 816 or email info@erpaas.com today to find out how ERPaaS can drive value creation for your business.

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ERPaaS

The ERPaaS Platform enables managers and employees to focus on the things that matter. By capturing the knowledge and expertise of your people and linking it to data, we automate decisions to deliver a new breed of AI business applications that we call ‘Intelligent Services’. People-Friendly. Agile. Secure. Visit www.erpaas.com for more info.

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