How AI will shape the future of the finance department

As artificial intelligence adoption gathers pace, CFOs need to envisage how it will transform their finance departments and the work they do. AI frees finance teams from low-level tasks that consume their workday, and enables them to focus on higher-level strategic activities that directly contribute to the growth and success of the organisation…

Finance departments are undergoing digital transformation. The dual and dynamic pressures of Brexit and slower UK growth are forcing CFOs to compete harder than ever on cost and productivity, and to provide new products and services for new markets.

To survive and thrive, CFOs need to run more efficient departments. Only then will they have the capacity to provide higher-value services. Efficiency is about cutting costs, saving time and scaling services. Cognitive automation holds the answer: providing finance professionals with more time to grow their capabilities and make better use of data and insight. Powered by decision automation, this will enable Finance to:

Deliver better financial performance. Execute better analysis of risks and opportunities through real-time monitoring and predictive analytics.

Prioritise client requirements. AI helps integrate and monitor data from a huge set of sources and identify what is important to individual clients and stakeholders.

Use digital assistants for fast insights. Like Apple Siri and Amazon Echo, CFOs can have a conversation with a cognitive robot to identify anomalies without having to open a dashboard.

Achieve error-free data entry and management. Data entry is usually riddled with errors, but automated decision systems can pick up on conflicting and missing information, cross reference new data with historical data, and apply any other rules as defined by the business.

 Access automated analytics. Any deviations in analysis and results currently need to be scrutinized in time-consuming and painstaking detail. AI improves on this by drilling into the numbers to quickly and easily explain the source of the deviation and what it means to the business.

As advanced technologies like cognitive automation continue to impact the finance function, the question now is not whether CFOs should adopt AI but about how fast they can do so. AI enables finance teams to spend more time conducting analysis and joining the dots between customer behaviour, financial outcomes and strategic decision making.

How ERPaaS can help

With our cognitive intelligence platform, you can:

  • Achieve error-free data. Our platform eliminates the need to manually check data across each system by updating and validating changes across all connected systems.
  • Drill into the numbers to deliver fast insights. Reliable and error-free data that’s been automatically verified and compliance checked frees you up to focus on higher-value insight tasks.
  • Access real-time analytics. Any non-compliances are automatically flagged so Finance doesn’t have to spend time checking every data deviation.
  • Solve issues that demand your attention. Our platform resolves common errors and performs routine tasks without human input, so finance teams can make better use of their expertise and contribute directly to the growth of the organisation.

Contact Colin King on 01463 710 816 or email info@erpaas.com today to find out how ERPaaS can power better financial performance.

 

Published by

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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