With technology advancing at a rapid rate, global industry and business are being transformed. This digital transformation has changed multitudes of corporations and businesses for the better, creating lean, efficient processes, and reduced grunt-work for employees. The financial sector has seen these same developments, as have accounting and finance departments in all industries.
The AI technology available for corporate financial management
There are numerous AI and RPA tools available to improve how we budget, forecast, analyse, and report within finance departments, including IBM Planning Analytics and Cognos Analytics software, Disclosure Management tools, and Robotic Process Automation software which allow you to outsource your time-consuming processes to machines.
The firms who are adopting these technologies and transforming their financial planning and analytics processes are outperforming their competition, while banks and other financial institutions are finding ways to improve their customer service and offerings.
AI functions, benefits, and applications within finance departments
There are several applications of intelligent solutions, AI, analytics tools, and RPA software offerings available to your organisation:
- Bookkeeping tasks can be automated
- Data entry and categorization can be optimised and give valuable insights to analysts
- Businesses like insurance companies can use these intelligent business tools to process and analyse claims and policies
- Reporting can be streamlined and optimised
- Disclosure and regulatory reporting processes are automated and sped up
- Planning and forecasting can be done and adjusted in real-time, with immediate changes and events tracked and accounted for. This enables your organisation to maintain better accuracy and clarity on your forecasts.
- Areas of redundancy or processes which feature red tape as their mascot can be reduced or eliminated
- Costly, time-consuming activities can be automated and streamlined
- Accountants can take on an advisory role in place of their usual number-crunching duties.
Current challenges and pitfalls and the urgent need for Business Intelligence tools
However extensive your AI and BI integration is, it’s critical right now to ensure that you have the right processes in place to help your business survive the current economic conditions.
Consider augmenting your current tools with additional integrations with extended capabilities, reduce the strain on your workforce, and ensure that you have a clearer view of the day-to-day, month-to-month, and annual trends in your financial department and operations arena.
Consult with Cortell today to discuss a solution to your most pressing business requirement: the reduction of risk, and the continued survival of your business.