Separating Hype from Reality: Real-World Transformations of AI in the Finance Function
“AI allows us to elevate the work that humans do to be more valuable and lets humans focus on the unique skills that AI will never be able to replicate.”
Aaron Harris, CTO, Sage
Artificial Intelligence (AI) has garnered significant attention in recent years, generating both excitement and skepticism. In the finance function, the practical applications of AI have proven to be more than just hype. Real-world applications showcase how AI revolutionizes financial operations, streamlines processes, and drives innovation.
Sage Intacct recently took up this subject in a webinar, Beyond the Hype—Learn How AI is Already Transforming Financial Management. (We also weighed in in this blog.) The webinar explores the tangible transformations brought about by AI in the finance function and separates the hype from reality.
Automating routine tasks and process optimization
AI’s impact on automating routine tasks in finance is more than mere speculation. Financial teams are leveraging AI technologies such as machine learning (ML) to automate processes such as data entry, document processing, and invoice reconciliation. A McKinsey report estimates that 45% of work activities could be automated by AI and related automation.
For example, Sage Intacct Accounts Payable Automation leverages smart technology to automate routine, manual tasks, including invoice capture and approval routings—freeing staff for more strategic tasks.