How AI for Finance is Elevating Efficiency – Download the Infographic
|Artificial intelligence (AI) is expected to radically transform the nature of finance work. Advances in AI is paving the way for a whole new way to meet the demands of customers who want smarter, more convenient and more efficient ways to manage their financials. Although AI for finance is still in the process of being fully realized, many advances are already changing the way we work in significant ways.
In a typical organization, finance staff will spend hours manually checking invoice accuracy, getting internal approvals, checking payment status, tracking invoice accruals, and moving invoices through internal processes. Their time is bogged down with manual tasks that could be automated. With the implementation of a finance system with AI capabilities, spreadsheet-heavy manual reporting is replaced by automations, allowing team members to shift their focus to more important tasks.
Today, CFOs are ready to work smarter. According to research from CFO 3.0 – Digital Transformation Beyond Financial Management Enterprises, 93% of CFOs say they are happy for tech to carry out daily accounting tasks and 60% will seek AI use cases in financial management solutions. With the adoption of AI for finance, the role of the CFO transitions to a more strategic stand point rather than a role focused on transactions and reporting.
AI capabilities can also free up time by automatically detecting anomalies, human errors, and potential fraud, allowing you to increase control while only addressing the most concerning areas. For companies who bill for time, AI is able to create a continuous flow of time entries by using an AI assistant to reconstruct activity for timesheets, leading to more accurate and timely entries for billing, estimating, and financial visibility.
Finance teams are integral to the success of any business. Making sure they’re equipped with the most up-to-date technology is critical for your organization’s future success.
Download the infographic to learn more about how AI is transforming the way financial teams work today.